New York, December 10, 2014 -- Moody's Investors Service ("Moody's") says on December 8, 2014, Entercom Communications Corp. ("Entercom") announced its agreement to acquire Lincoln Financial Media for $105 million plus working capital from Lincoln Financial Group (the marketing name for affiliates of Lincoln National Corporation which is rated Baa1 stable). The company plans to finance the transaction with $77.5 million in cash plus $27.5 million in new perpetual cumulative convertible preferred stock held by Lincoln Financial Group. The cash portion of the purchase price is expected to be funded primarily from balance sheet cash plus advances under its $50 million revolver. There is no immediate impact to Entercom's debt ratings or stable outlook as we expect financial metrics and operating performance to remain solidly positioned in the B2 Corporate Family Rating. Closing is subject to regulatory approval expected to be received in the second quarter of 2015.

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