A Pennsylvania-based radio company says it's acquiring the 15-station Lincoln Financial Media group from the insurance holding firm Lincoln National Corp.
Entercom Communications of Bala Cynwyd says Monday's $105 million cash and stock deal will grow its portfolio to more than 130 stations in 26 markets.
Continue Reading Below
Lincoln Financial Media's stations are in the Atlanta, Denver, Miami and San Diego markets. Entercom says it'll sell off a Denver FM station to comply with FCC ownership limits.
The deal is subject to regulatory approval. Entercom says it expects it to close in the second quarter of 2015.
Radnor-based Lincoln National entered the broadcasting business with its 2006 purchase of Jefferson-Pilot, a North Carolina-based insurance company.
Lincoln National previously sold off its three television stations and a sports production division to Raycom Media.