Rich. on Thanks progress of company. media I goals entertainment report to and our towards making pleased capitalizing we and am are transformational a that truly excellent merger building outstanding morning our Good everybody.
start, with much We best-in-class number synergies, and new a to to and executing fast game brands and advocacy ratings, culture, plan team sales and more. quickly our leadership launching are areas our including important off execute a in a tools achievements moving of building growing our
enhanced a excited positive strong ahead. ever to since opportunities strides number and about great making organization been our go more on that will and last including position bill call bit developments which color after-tax flow. there company to deeper today's opportunity give will are take the our shareholder than have of the our On information a Furthermore, have progress. prospects additional and significantly our we value, call, our earnings and acceleration We you and the I am elevate and the for cash tax increase the
of and also complicated our significant during closing acquisitions of the number which quarter a occurred the fourth cover other will results are a that bit quarter. the and We timing due to divestitures
take number today of let's local stock creator this what live, have country's audio is the merger. of created as Entercom one content. First, original, a of we result
We XX% largest XXX are in country's country's one monthly the local stations, the portfolio have broadcasters including and two markets. of many U.S. with of and XX of a most million and persons over radio of top prominent radio nearly the coverage of brands listeners XXX XX
sports in radio. leader unrivaled news and the are We
premier are set live of merger two platforms digital and has podcaster the that We a been just events conviction also about we This U.S. and principally have behind always our the NTR. number scale the effectively and going entity larger other for capabilities more combined a value would media and the compete meaningful to and dollars. forward creation acceleration of share ad revenue have drive with
high a areas. our I increasing implementing of a steps ad to share synergies, number work capitalizing focused driving developing drivers, analytics our level unrivaled closing, primary around eight These digital podcasting cost each is building extensive these national and radio, at our of of We which strong on action Since on we moving. growth are been accelerate sports have turning development, these of on capabilities, achieving share balance scale developments. update each total and on enabled CBS sheet spending. on our events hard through platform, and business plans of radio will series data a identified businesses, capitalizing needle meaningful include
this First, are is everything leadership and culture we and are team thrilled we business with best-in-class that in the building.
a to markets, XX These of leadership strong of will new their and including in future bringing high-performers our most York, general have our New managers Chicago. Los are upgraded impact performance. We in yes, important large markets dynamic have and XX Angeles
have bolster to important our We many in areas. effectiveness successfully leaders recruited critically team talented corporate highly the to also
have announced added of that new we number high team. and He other that partnerships recent have national corporate week us team we last up the client Just joins to Baseball at head development head a our we our in to impact months. of Major join additions made League
hard about among and Second, top well are stations week the to XX in five early above is and XX.X we have the top we provide one too have New for five ALT Dallas, their new products. virtually those Orlando XXX.X's ratings San in most And new results men XX enhancing achievement every in in in lunched on Seattle, demographic, The We number just and XX. expectations. to this three XX. ratings been excited one in on one ALT JAMS is terrific and men brands the but to at doubled station our a Chicago, work More quickly markets. the major we now past In launching extraordinary early day station radio brands impressively moved It brand-new York, XXXX station. number prospects. Diego. in recently, And ratings formats now an is information among are have is any
we in of Our moved increase quality CBS across enhance our research programming order brands. to to confined platform our brands. to just the the efforts research are Radio to significantly not in and commitment underinvested had audience new meaningfully
audience also are themselves. and our new content, present local opportunities investment in increasing marketing We strong where
is months up clear element roadshow personalities that drivers making local it progress and talented important organization. efforts. fully Radio of the strong While healthy it on say of it rather CBS and powerful key to very month, a investor results of many by leadership premerger with Radio CBS performance report These very big throughout this in ratings to and is many January these believe will a will ratings I very that it that improvements a leadership important was pleased and strategic to it In flexible we performing one were weakly understood one leadership and Radio, I energy, than stations Nielsen Entercom's one under CBS demographic CBS we local turning impact its increase. the that ahead. highly turning was and is that the that PPM are and suffice deal, the divisional We most of in focus but our key dwell revenues country's job around. ratings not lineup an sign win. lose, lacked managed around at across made from was the in issues very Radio. report, to promising playing in people in is early, the positive but very X% am It just significant
important clear made organization, strategic strides have and elevating collaborative engaged reinvigorating energizing building We the and performance-based at organization. expectations, can-do priorities establishing a
systems, silos, eliminate streamline process and to moved more. have We enhance
half not results deliver articulated are pleased second but in are the progress roadshow. accelerating done remain during XXXX premerger We with as to-date track our to believe we financial yet our and we we on of we investor
We number a as have made other in of significant progress well. areas
often closing Part itself our a one encourage the United dollars new I If the major key being well Variety despite highest work know nice job done the other and ad in the shifting increasingly haven't and more media would industry's believe will spoken characteristics. has advertisers medium, advocating campaign as it, sustained but problem ROI any frustrated reach, AdAge, beneath you number to the punching you which With some medium. to scale, to poor consider And recently part of in advertisers radio time seen States radio campaign ROI as campaign for copy. of medium of with advertisers. We our most other fact the it Guide on four-page advocacy with has that the This be among the options, years. orders its emerged has in being radio's reached arguably undervalued have that first their over resulted that some Radio the highly Adweek, into radio than been become get a a many to already the merger weight capitalize over marketing disrupted, is and radio perceptions to will compelling quickly found we enhanced new Marketers' are has more launch after we featured class moved with
a moment future we Baseball's just client hire major deploy client recruited out will we completed, to move the it national to head believe build mentioned to this that our Major development, League should of lead ago, now a to national to business contributor new partnerships I which we be quickly development growth. key As team. and drive team With
March We announced our radio to campaign also built concept committed of as of Madness. X-hour our has a proof marketing ENERGY an nationwide around national sports first unrivaled Entercom exclusive platform. partnership just
these We of expect more of in future. types programs national the many
listeners going our to it expect content and app stations component of all Radio.com our plus Entercom platform an our relaunched offering digital more. and distribution of have We be important forward, podcasts
attribution data area on launching We advertisers campaigns. on are the and synergies. to on the future. our product also in Rich But step an positive the will He that tangible demonstrate forward first Entercom We bill. of this that can important radio big of we touch of drive schedule amounts our noted a enables analytics us to will Analytics, part product have by We be that proprietary the took effectiveness of large believe the of right business tax touch forward. help going front. implications will
revenue a of two in be balance synergies, capitalizing The a with to and platform, from a to When at few sports the price of significant currently capitalize These million. postmerger acquisitions, sheet. Chicago Louis will opportunities broadcasts. stations compete to made purchase meaningful for more Bulls Emmis for creation adding the from be of to signed market. for land able to times now to We drive teams FM continue few radio call that have EBITDA. agreement that XX value an million Minnesota $XX grow ago, With also $XX a highly outstanding location for see effectively adding accretive meaningful new We dollars. strong in six our strategic of and moves stations in existing that on ad group we announced coming relocate for O'Hare piece just million. which $X around highly our and We add acceleration of our media acquisitions first on Entercom the the near and and other are weeks Twins the expect is St. we accretive acquisition Airport to share the larger our to unrivaled pro to the their we under market other platforms company land position we a play-by-play not in home station, our sell broadcasts
Turning quarter to fourth results.
with significant our stations hopeful a report financial are and and USTN pro the headlines. will to As contracts amount due with some firm more of our moving and are share a deeply, complicated for I U.S. issues USTN quarter ex-political. us X% new having out currently Rich pieces. to these they by arrangement worked them will is negotiations acquire the X% forma of inventory in contract of Network. results which all Fourth write-down on $X were is were noted revenues are the weeks. related be commercials These bit we affected results that in a to of advertisers. I next traffic earlier, dive the many will resell to adversely a across couple significant a or revenues with company it some over down but million mutually our the then Traffic beneficial
merely several fourth USTN a that distribution conduit this Diving provide some pursuing write-down, is during down bit away, station long-term be is the to pro same down will we there Rich believe paths quarter ex-political. a basis, if most is as color inventory into USTN his to go to to were performance the note excluding our USTN write-down, Entercom there X% the additional our monetize a were valuable portion the X% the were no important if for On X% are up even remarks. short-term forma the quarter, impact USTN same good alternative for It adverse for performance. and to QX revenues deeper you as would issue, are We of a strategies. a alternative USTN legacy were mitigate down Absent ex-political. forma fourth pro revenues fails. stations or our impact station with X%
with how as with CBS were growth the lackluster divisional caused stronger. bit for quarter, political on Radio X% down disruption same legacy were worth and Radio's described stations of basis, noting national contrasts extended closing CBS process a minus few the the It during little that number the down by Entercom down operational notes above quarter. were On A leadership both exacerbated ex X%. other the were by ex-political. legacy legacy CBS issues and national the X% of plus is our Local fourth X% period. revenue
were Our best TV/cable and performing health medical, travel. categories and
Detroit, performing cost business, the Vegas. side best that were synergies Rich forwards Houston, expansion but significant to would speak markets will Our note kick of we do Indianapolis Austin, our expect Las cost the as margin and in. I going
Looking ahead quarter. first to
currently factors. being by pacing QX is hew down X%. are We impacted a
moving a are enhancements dampen tangible We significantly takes company in to some and to in and these short performance the quickly future. But revenues changes actually some steps improve impact of take run. our bold fact, to the the time it bit for
base. the amount until three of new build format establishes made that we at six CBS five itself on to had a leadership a goes begins disruption example and changes, diminish XXXX brand activity first largely advertiser which also as half in closing, the markets, And above, away top selling which revenue issues noted and significant the negative sales. Radio through its merger-related For has impact represent
And activity for acceleration signs of is time. lots year. of across increased this sales we go which early All quarter well down of we bit still said, the and albeit as are at organization, through this a bodes progress seeing better positive the second
we are the to We number summary, merger, are at with this are determined the as the we great pleased stage of take this making of we stock to where strides business. course quarter as In improve of we are the progresses. very improve
and position some action just it into take right is We with robust and that only and moving company are urgency things days to for the perhaps have we strong plan. XXX or aggressively important and transformation drive change ahead of time. to track acceleration are with been the remember on But our these schedule
providing in paying revenues, a X.X%. flow should impact the cash highly drive upper As stock in of yield these to announced improving a improvements our and quarters remains the we Meanwhile, undervalued yield begin believe ahead. performance synergies the about dividend we inclusive of teens, free
We $XX of of answer our before closed your since merger back X% X.X it this share questions. advantage that, million shares With approximately count our have outstanding buying stock I all reducing by the taken we of over million will by turn shares. Rich or to
