Entercom/CBS Radio Employees To Receive Upgraded 401K Deal

 As the ENTERCOM/CBS RADIO inches closer to TOMORROW’s (11/17) expected completion, ENTERCOM Pres./CEO DAVID FIELD dropped some good news on staffers via a memo yesterday (11/15) regarding the company 401K plan and a stock purchase program.

FIELD wrote:

“As we close in on completing our historic and transformational merger, I wanted to reach out to share some good news on our progress.

As most of you know, on NOVEMBER 9th we received FCC approval and it looks like we will launch our new and enhanced company on NOVEMBER 17th. The new ENTERCOM will be a leading media and entertainment company reaching and engaging over 100 million people each week through a premier collection of highly rated, award winning radio stations, digital platforms and live events. As one of the country’s two largest radio broadcasters, ENTERCOM will deliver the power of local connection on a national scale with coverage of close to 90% of persons 12+ in the top 50 markets. ENTERCOM will be the #1 creator of live, original, local audio content and the nation’s unrivaled leader in news and sports radio.

On FEBRUARY 2nd, when we announced the merger, I promised that we would build a best-in-class leadership team that would include the best leaders from ENTERCOM, CBS RADIO, and beyond, based strictly on merit. While we had some tough choices to make, we are delivering on that promise. I could not be happier with the team that will lead us forward boldly, aggressively and confidently as we invest in our future and elevate our game to create a leading AMERICAN media and entertainment company with true national scale.

This past THURSDAY and FRIDAY, we gathered the leadership team of our new company together for the very first time for a terrific set of meetings in CHICAGO. The meetings could not have gone better. We shared a lot about the new company’s vision, strategies, values, and action plans and we took stock of our amazingly powerful talent, brands, content, capabilities, finances and more. The excitement for our future was palpable. Over the next couple of days, you will hear from your managers who attended the meetings and we will share some videos that will give you a greater sense of the special company we are building.

I am pleased to share some additional good news with you regarding our benefits program. As a company that aims to attract the best and most talented people and provide a great place to work, we made it a priority to build out a highly competitive and generous benefits plan. We worked hard to take much of the best of both the ENTERCOM and the CBS RADIO programs. In addition to continuing many of our current, unique benefits, we are adding several new benefits to our program and enhancing some others. In particular, I am pleased to announce that we will be doubling the company match to 50% of your eligible contributions up to 5% of your salary. And we will continue to offer our employee stock purchase program with a 15% discount on our stock, plus our student loan payment assistance program and our personal volunteer time benefit.

NOREEN MCCORMACK, our VP/Human Resources, will be providing additional information on our benefits plan later this week.

I look forward to sharing more about our plans for the future in the days ahead. Thanks for all you are doing to achieve our goals and lead us forward.”