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Slide #57. Cumulus Media Inc. — WestwoodOne (f/k/a Dial Global, Inc.)
Cumulus Media Inc. (NASDAQ:CMLS)
WestwoodOne (f/k/a Dial Global, Inc.)
Cumulus Media Inc. (Nasdaq:CMLS) announced today that it has completed the previously announced acquisition of WestwoodOne, Inc. ("WWO"), formerly known as Dial Global, Inc., for $260 million in cash, consisting of approximately $45 million attributable to the equity of WWO and the retirement of $215 million of debt of WWO. Cumulus used cash on hand, including approximately $238 million in cash proceeds from the Company's previously completed sale of 53 radio stations in 12 small and mid-sized markets in November 2013 to Townsquare Media, LLC.
Cumulus Media is a holding company. Through its subsidiaries, Co. is engaged in radio broadcasting. Co. engages listeners with local programming through owned and operated stations across various markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from brands including the NFL, the NCAA, the Masters, the Olympics, the American Country Music Awards, and various partners across various affiliated stations through Westwood One. Co. provides advertisers with local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, influencers, and live event experiences.
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Buy (3.00 out of 4)
(ranked lower than approx. 59% of all stocks covered)
Based on Zacks ABR data;
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