This Slide: #57 of 100 |
Slide #57. Cumulus Media Inc. — WestwoodOne (f/k/a Dial Global, Inc.)
Acquirer:
Cumulus Media Inc. (NASDAQ:CMLS)
Acquiree:
WestwoodOne (f/k/a Dial Global, Inc.)
Details:
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 an audio-first media company delivering content to listeners with local programming through an owned-and-operated radio stations; delivers nationally-syndicated sports, news, talk, and entertainment programming; and inspires listeners through the CUMULUS Podcast Network, its network of podcasts that are thought-provoking. Co. provides advertisers with personal connections, local impact and national reach, as well as integrated digital marketing services, influencers, full-service audio solutions, industry-leading research and insights, and live event experiences.
Open the CMLS Page at The Online Investor »
|
Open the CMLS Page at The Online Investor (in a new window) »
Free CMLS Email Alerts: Get SEC Filing Alerts Get Dividend Alerts |
Hold (2.00 out of 4) 0th percentile
(ranked lower than approx. 100% of all stocks covered)
Analysts' Target Price: CMLS Stock Forecast Based on Zacks ABR data; powered by Xignite |