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ANNUAL REPORT PURSUANT to SECTION 13 OR 15(D) of the SECURITIES EXCHANGE ACT of 1934

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ANNUAL REPORT PURSUANT to SECTION 13 OR 15(D) of the SECURITIES EXCHANGE ACT of 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2017 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________to ___________ Commission File Number: 001-14461 Entercom Communications Corp. (Exact name of registrant as specified in its charter) Pennsylvania 23-1701044 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 401 E. City Avenue, Suite 809 Bala Cynwyd, Pennsylvania 19004 (Address of principal executive offices and zip code) (610) 660-5610 (Registrant’s telephone number, including area code) SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: Title of each class Name of exchange on which registered Class A Common Stock, par value $.01 per share New York Stock Exchange SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [√] No [ ] Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ] No [√] Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes [√] No [ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [√] No [ ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [√] Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [√] Emerging growth company [ ] Non-accelerated filer [ ] Smaller reporting company [ ] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act and Section 13(a) of the Exchange Act. [ ] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [√] As of March 6, 2018, the aggregate market value of the Class A common stock held by non-affiliates of the registrant was $1,326,414,517 based on the June 30, 2017 closing price of $10.50 on the New York Stock Exchange on such date. Class A common stock, $0.01 par value 137,501,236 shares outstanding as of March 06, 2018 (Class A shares outstanding includes 3,213,935 unvested and vested but deferred restricted stock units). Class B common stock, $0.01 par value 4,045,199 shares outstanding as March 06, 2018. ii DOCUMENTS INCORPORATED BY REFERENCE Certain information in the registrant’s Definitive Proxy Statement for its 2018 Annual Meeting of Shareholders, pursuant to Regulation 14A, is incorporated by reference in Part III of this report, which will be filed with the Securities and Exchange Commission no later than 120 days after the end of the fiscal year. TABLE OF CONTENTS Page PART I Item 1. Business ....................................................................................................................................... 1 Item 1A. Risk Factors ................................................................................................................................. 5 Item 1B. Unresolved Staff Comments ........................................................................................................ 16 Item 2. Properties .................................................................................................................................... 16 Item 3. Legal Proceedings ........................................................................................................................ 16 Item 4. Mine Safety Disclosure ................................................................................................................ 17 PART II Item 5. Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities ...................................................................................................................... 17 Item 6. Selected Financial Data ................................................................................................................ 21 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations ....... 24 Item 7A. Quantitative and Qualitative Disclosures about Market Risk ...................................................... 46 Item 8. Financial Statements and Supplementary Data ............................................................................ 47 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ....... 47 Item 9A. Controls and Procedures .............................................................................................................. 47 Item 9B. Other Information ........................................................................................................................ 48 PART III Item 10. Directors, Executive Officers and Corporate Governance ........................................................... 49 Item 11. Executive Compensation .............................................................................................................. 49 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters ......................................................................................................................................... 49 Item 13. Certain Relationships and Related Transactions and Director Independence .............................. 49 Item 14. Principal Accounting Fees and Services ...................................................................................... 49 PART IV Item 15. Exhibits, Financial Statement Schedules .................................................................................... 50 Item 16. Form 10-K Summary ................................................................................................................... 129 Signatures ..................................................................................................................................................... 130 iii CERTAIN DEFINITIONS Unless the context requires otherwise, all references in this report to “Entercom,” “we,” the “Company,” “us,” “our” and similar terms refer to Entercom Communications Corp. and its consolidated subsidiaries, which would include any variable interest entities that are required to be consolidated under accounting guidance. With respect to annual fluctuations within “Management’s Discussion And Analysis Of Financial Condition and Results Of Operations”, the designation of “nmf” represents “no meaningful figure.” This designation is reserved for financial statement line items with such a significant change in annual activity, that the fluctuation expressed as a percentage would not provide the users of the financial statements with any additional useful information. NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains, in addition to historical information, statements by us with regard to our expectations as to financial results and other aspects of our business that involve risks and uncertainties and may constitute forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements, including certain pro forma information, are presented for illustrative purposes only and reflect our current expectations concerning future results and events. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws including, without limitation: any projections of earnings, revenues or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. We report our financial information on a calendar-year
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