Target Assets Purchase Peke Estimated Pr Multiple Combreed 243 slaloms .n 23 of lop 25 markets Rack, Broadcaumg 2/2/17 11/17/17 Crte,corn CBS Radio (46 market:total `54or. EV `8.4. 42 ciaions reach,r6 - 42% of the IrS and Seller. '8.6s VW IS) 1V &oadcaslog 5/8/17 1(118 Smdar Intx,ne

educed in 2018 (via restructuring), freeing management teams to operate and invest as they see fit. Further, the recent combination of Entercom and CBS Radio creates a new scaled national competitor that should be able to produce more attractive product at better margins and, the industry hopes, provide