Aug. 30, 2013, 10:19 AM
- 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)