Cumulus to Acquire Dial Global for $260M in Cash
Cumulus Media Inc. (NASDAQ: CMLS) ("Cumulus" or the "Company") announces a series of strategic transactions that solidifies the Company's position as a leading producer of high quality content and continues to reshape its footprint focused on the top 100 markets.
The transactions announced today include:
Acquisition of Dial Global, Inc. for $260 million in cash (consisting of approximately $45 million attributable to equity and the retirement of $215 million of debt)
Sale of 53 radio stations in 12 small & mid-sized markets to Townsquare Media for $238 million in cash (inclusive of the acquisition of net working capital)
Swap with Townsquare Media of 15 radio stations in two small & mid-sized markets in exchange for the receipt of five stations in Fresno, California (market #68)
"These transactions give us the necessary scale to provide the marketing and enterprise solutions our advertising and affiliate partners require," said Lew Dickey, CEO of Cumulus. "Our goal is to be the leading producer of premium audio content distributed through multiple platforms while continuing to build