Fernandez spent much of 2016 preparing his division for an initial public offering, but on Feb. 2, CBS Corp. announced that the radio group would instead merge with Entercom Communications. The combined company, which will retain the Entercom name, will become the second-largest radio group (behind iHeartMedia) in terms of revenue and will operate 244 stations in 47 markets. In a memo to employees, Fernandez wrote that the deal would remove "the inherent uncertainties associated with the IPO process." He will remain in his current role until the merger is finalized. Entercom president/CEO David Field will lead the combined company.