CONTINGENCIES, GUARANTOR ARRANGEMENTS AND COMMITMENTS (Tables)

	Years Ended December 31,
	2017		2016		2015
	(amounts in thousands)

Rent expense	$	23,742	$	17,892	$	16,116

		Future Minimum Annual Commitments
			Sale
		Rent Under	Leaseback		Programming
	Operating		Operating		and Related
	Leases		Leases		Contracts		Total
	(amounts in thousands)
Years ending December 31,
2018	$	51,675	$	895	$	210,691	$	263,261
2019		49,547		920		109,986		160,453
2020		44,962		948		80,699		126,609
2021		40,219		976		54,647		95,842
2022		34,853		1,006		34,529		70,388
Thereafter		154,963		7,733		28,579		191,275
	$	376,219	$	12,478	$	519,131	$	907,828

ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY BALANCE SHEETS
(amounts in thousands)

	2017		2016
ASSETS

Current Assets	$	96,530	$	7,228
Property And Equipment - Net		26,410		2,866
Goodwill - Net		1,221,021		-
Assets Held For Sale		114,278		-
Deferred Charges And
Other Assets - Net		3,467		1,813
Investment In Subsidiaries / Intercompany		750,692		456,161
TOTAL ASSETS	$	2,212,398	$	468,068

LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities	$	109,447	$	20,042
Long Term Liabilities		338,591		26,920
Total Liabilities		448,038		46,962
Perpetual Cumulative Convertible Preferred Stock		-		27,732
Shareholders' Equity:
Class A, B and C Common Stock		1,437		407
Additional Paid-In Capital		1,737,132		605,603
Accumulated Deficit		25,791		(212,636)
Total shareholders' equity		1,764,360		393,374
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY	$	2,212,398	$	468,068

See notes to condensed Parent Company financial statements.

ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY INCOME STATEMENTS
(amounts in thousands)

	YEARS ENDED DECEMBER 31,
	2017		2016		2015

NET REVENUES	$	(88)	$	2,131	$	1,536

OPERATING (INCOME) EXPENSE:
Depreciation and amortization expense		1,793		1,235		1,123
Corporate general and administrative expenses		47,787		33,218		26,395
Restructuring charges and transition services costs		11,314		-		2,858
Impairment loss		511		-		-
Merger and acquisition costs		41,313		708		3,978
Other expenses related to financing		(117)		565		-
Net (gain) loss on sale or disposal of assets		(601)		(601)		(601)
Total operating expense		102,000		35,125		33,753
OPERATING INCOME (LOSS)		(102,088)		(32,994)		(32,217)
Net interest expense, including amortization
of deferred financing expense		43		24		-
Net recovery of a claim		-		100		-
Income from equity investment in subsidiaries		(78,895)		(85,977)		(79,838)
TOTAL OTHER (INCOME) EXPENSE		(78,852)		(85,853)		(79,838)

INCOME (LOSS) BEFORE INCOME TAXES (BENEFIT)		(23,236)		52,859		47,621

INCOME TAXES (BENEFIT)		(257,085)		14,794		18,437
NET INCOME AVAILABLE TO THE COMPANY - CONTINUING OPERATIONS		233,849		38,065		29,184
Preferred stock dividend		(2,015)		(1,901)		(752)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS - CONTINUING OPERATIONS		231,834		36,164		28,432
NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS	$	231,834	$	36,164	$	28,432

See notes to condensed Parent Company financial statements.

ENTERCOM COMMUNICATIONS CORP.
PARENT COMPANY STATEMENTS OF SHAREHOLDERS' EQUITY
YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015
(amounts in thousands, except share data)

									Retained
	Common Stock						Additional		Earnings
	Class A			Class B			Paid-in		(Accumulated
	Shares	Amount		Shares	Amount		Capital		Deficit)		Total
Balance, December 31, 2014	31,862,294	$	319	7,197,532	$	72	$	608,515	$	(279,885)	$	329,021
Net income (loss) available to the Company	-		-	-		-		-		29,184		29,184
Compensation expense related to granting
of stock awards	738,195		7	-		-		5,517		-		5,524
Exercise of stock options	11,750		-	-		-		35		-		35
Purchase of vested employee restricted
stock units	(131,688)		(1)	-		-		(1,561)		-		(1,562)
Preferred stock dividend	-		-	-		-		(752)		-		(752)
Balance, December 31, 2015	32,480,551		325	7,197,532		72		611,754		(250,701)		361,450
Net income (loss) available to the Company	-		-	-		-		-		38,065		38,065
Compensation expense related to granting
of stock awards	1,095,759		11	-		-		6,528		-		6,539
Issuance of common stock related to the Employee
Stock Purchase Plan ("ESPP")	31,933		-	-		-		379		-		379
Exercise of stock options	134,238		1	-		-		264		-		265
Purchase of vested employee restricted
stock units	(232,297)		(2)	-		-		(2,266)		-		(2,268)
Payment of dividends on common stock	-		-	-		-		(8,666)		-		(8,666)
Payment of dividends on preferred stock	-		-	-		-		(1,788)		-		(1,788)
Dividend equivalents, net of forfeitures	-		-	-		-		(602)		-		(602)
Balance, December 31, 2016	33,510,184		335	7,197,532		72		605,603		(212,636)		393,374
Net income (loss) available to the Company	-		-	-		-		-		233,849		233,849
Conversion of Class B common stock
to Class A common stock in the Merger	3,152,333		32	(3,152,333)		(32)		-		-		-
Issuance of Class A common stock in the Merger	101,407,494		1,014	-		-		1,160,102		-		1,161,116
Equity awards assumed in the Merger	618,325		6	-		-		6,771		-		6,777
Stock options assumed in the Merger	-		-	-		-		1,007		-		1,007
Compensation expense related to granting
of stock awards	2,066,241		21	-		-		9,546		-		9,567
Issuance of common stock related to the Employee
Stock Purchase Plan ("ESPP")	14,833		-	-		-		182		-		182
Exercise of stock options	8,250		-	-		-		42		-		42
Common stock repurchase	(932,600)		(9)	-		-		(10,666)		-		(10,675)
Purchase of vested employee restricted
stock units	(169,279)		(2)	-		-		(2,563)		-		(2,565)
Payment of dividends on common stock	-		-	-		-		(29,296)		-		(29,296)
Dividend equivalents, net of forfeitures	-		-	-		-		(1,556)		-		(1,556)
Payment of dividends on preferred stock	-		-	-		-		(2,574)		-		(2,574)
Modified retrospective application of
stock-based compensation guidance	-		-	-		-		534		4,578		5,112
Balance, December 31, 2017	139,675,781	$	1,397	4,045,199	$	40	$	1,737,132	$	25,791	$	1,764,360

See notes to Parent Company financial statements.

ENTERCOM COMMUNICATIONS CORP.
CONDENSED PARENT COMPANY STATEMENTS OF CASH FLOWS
(amounts in thousands)

	YEARS ENDED DECEMBER 31,
	2017		2016		2015

OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$	(69,704)	$	(24,344)	$	(25,355)

INVESTING ACTIVITIES:
Additions to property and equipment		(528)		(1,849)		(304)
Additions to amortizable intangible assets		-		(182)		(1,142)
Proceeds (distributions) from investments in subsidiaries		116,127		44,527		29,030
Net cash provided by (used in) investing activities		115,599		42,496		27,584

Proceeds from issuance of employee stock plan		182		379		-
Payment of fees associated with the issuance of preferred stock		-		-		(220)
Payment of call premium and other fees		-		(5,977)		-
Proceeds from the exercise of stock options		42		265		35
Purchase of vested employee restricted stock units		(2,565)		(2,268)		(1,562)
Payment of dividends on common stock		(29,296)		(8,666)		-
Payment of dividend equivalents on vested restricted stock units		(1,556)		(94)		(7)
Repurchase of common stock		(10,042)		-		-
Payment of dividends on preferred stock		(2,574)		(1,788)		(413)
Net cash provided by (used in) financing activities		(45,809)		(18,149)		(2,167)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		86		3		62
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		198		195		133
CASH AND CASH EQUIVALENTS, END OF YEAR	$	284	$	198	$	195

See notes to condensed Parent Company financial statements.