CBS split off the radio assets into CBS Radio which were given to eligible CBS shareholders at about 5.6 shares per share of Class B stock. CBS Radio shares will convert to Entercom Class A shares. CBS will retire about 17 million shares of CBS Class B (Sumner Redstone controls CBS via his Class A shares with 10:1 super voting rights)
To satisfy the FCC and Department of Justice, a total of 19 stations are changing owners. iHeart (Clear Channel) is picking up 4 stations in Boston including WBZ-AM and WRKO-AM, but iheart has to also dump 4 existing stations it owns. In exchange, iheart gives up stations in Seattle and Richmond Virginia to Entercom (including heritage WRVA-AM)
As a bonus, Entercom is inheriting about $1.3 billion in long term debt from CBS Radio and negligible tangible assets ($157 million)
EMF (the parent of K-Love) is also picking up some useful stations.