PHILADELPHIA, May 3, 2018 /PRNewswire/ -- United States Traffic Network ("USTN" or "the Company"), the leading independent provider of broadcast traffic solutions in the United States, announced today that they have signed a new agreement with Entercom Communications Corp. (NYSE: ETM), one of the country's two largest radio broadcasters. The new deal includes an equity position for Entercom in USTN. Further terms of the transaction were not disclosed. This marks the first major USTN announcement since the completion of a management-led buyout in March that transitioned ownership of the company from an international, publicly-traded ownership to a private U.S.-based company.
"We are thrilled to continue our partnership with Entercom and look forward to their new role as an equity-holder as we continue to build out the new face of U.S. Traffic Network," said Ivan Shulman, Chairman and CEO, USTN. "Involving media groups at an equity level is an unprecedented move in the industry, and we couldn't be more excited about our prospects for the future. As one of the largest radio companies in the United States, Entercom is and will remain an invaluable part of our company, and this partnership is just the first step in revolutionizing the broadcast traffic industry."
Entercom is the first of many media groups with respect to which USTN intends to partner.
"We are pleased to announce our new partnership with USTN", said David Field, President and CEO of Entercom. "Their new management team has moved quickly to fix their issues and establish a solid business model following the company's separation from its former corporate parent. We look forward to participating in their future growth as they capitalize on the significant opportunities in this attractive market segment."
About United States Traffic Network (USTN)
United States Traffic Network is the leading independent provider of broadcast traffic solutions in the United States. With expertise in collecting and disseminating traffic information in audio and video formats, USTN's products are used by more than 1,100 television and radio stations USTN's traffic solutions and in-house traffic gathering staff analyze real-time data from more than one hundred sources including road sensors, traffic cameras, and official accident and incident reports to help viewers save time, fuel, and frustration every day.
SOURCE United States Traffic Network