- 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)
Cumulus Media acquires Dial Global, makes other strategic moves
Aug 30 2013, 10:19 ET