Entercom Communications Corp. Announces Additional $100 Million Stock Buyback Authorization

Business Wire, Dec 13, 2005

BALA CYNWYD, Pa. -- Entercom Communications Corp. (NYSE:ETM) today announced that its Board of Directors has approved a fourth stock buyback authorization of up to $100 million of the Company's common stock, with the amount and timing of repurchases depending on market conditions. Under the existing $100 million authorization announced on March 13, 2005, the Company has repurchased 2.1 million shares for $68.5 million through December 12, 2005. Separately, under the two previous stock buyback authorizations, announced on May 13 and November 1, 2004, the Company repurchased an aggregate of 5.5 million shares for $200 million.

President and Chief Executive Officer David J. Field stated, "I am pleased to announce this additional stock buyback authorization reflecting the financial strength of the Company and our belief that current stock prices do not adequately reflect the fundamental values inherent in our Company. Since the launch of our buyback initiative in May 2004, Entercom has moved aggressively to generate shareholder value by retiring 7.6 million shares, or approximately 15% of the outstanding shares of the Company."

As of December 12, 2005, without considering any further share repurchases or share issuances, the outstanding basic shares of the Company is 44.1 million and the average weighted basic shares for the fourth quarter would be 45.0 million shares. Based on the share buyback completed to date, interest expense for the quarter is expected to be $8.3 million.

Entercom is the nation's fourth largest radio broadcaster, operating in Boston, Seattle, Denver, Portland, Sacramento, Kansas City, Indianapolis, Milwaukee, New Orleans, Norfolk, Buffalo, Memphis, Providence, Greensboro, Greenville/Spartanburg, Rochester, Madison, Wichita, Wilkes-Barre/Scranton and Gainesville/Ocala.

This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited pro forma information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in the Company's filings on Forms 8-K, 10-Q and 10-K with the Securities and Exchange Commission. Readers should note that these statements might be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting, in general. The unaudited pro forma information is presented for comparative purposes only and does not purport to be indicative of what has occurred or indicative of future operating results or financial position. Accordingly, the Company's actual performance may differ materially from those stated or implied herein. The Company assumes no obligation to publicly update or revise any unaudited pro forma or forward-looking statements.