Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Entercom: Image Check

Radio broadcasting, as pointed out by Contextuall, is perceived by the market to be in its death throes. However, it appears advertisers have not caught on to this story because broadcasters, relatively speaking, seem to still be achieving huge cash flows. This is despite the fact that many broadcasters have large debt loads representing mostly intangible assets, notably goodwill and FCC Licenses. It is within this context that we are looking at Entercom Communications (NYSE:ETM).

Entercom is a radio broadcaster with 112 stations in 23 markets. Seven of those markets -- Boston, Denver, Kansas City, Portland, Sacramento, San Francisco, Seattle -- represent over 50% of net revenue. As CEO David Field notes, "Roughly 30 million Americans tune

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