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Cumulus Media acquires Dial Global, makes other strategic moves

  • Cumulus Media (CMLS +4%) will acquire Dial Global (DIAL.OB +83.3%) for $260M in cash ($45M equity/ $215M to retire the company's debt).
  • CMLS will also sell 53 radio stations to Townsquare Media for $238M in cash. In addition, CMLS will trade Townsquare 15 stations "in two small and mid-sized markets" for five stations in Fresno.
  • The deal for Dial Global gives CMLS new "NFL, NCAA, NASCAR, Olympics, AP Radio News and NBC News" content as well as "other popular programming."
  • "These transactions give us the necessary scale to provide the marketing and enterprise solutions our advertising and affiliate partners require," CEO Lew Dickey says. (PR)
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