Cumulus Media agreed to sell 55 radio stations in 11...
Cumulus Media agreed to sell 55 radio stations in 11 markets that it called “non-strategic” to Townsquare Media, which is giving it in return 10 Illinois stations total in the Bloomington and Peoria areas and $116 million cash. “The transaction…
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is part of Cumulus’s ongoing plan to focus on radio stations in top markets and geographically strategic regional clusters,” that company said Monday (http://xrl.us/bm5tbs). Markets where Cumulus is selling stations include Augusta, Bangor and Presque Isle, Maine; Binghamton, N.Y.; Grand Junction, Colo.; and Killeen-Temple and Odessa-Midland in Texas. Mergers and acquisitions were a top topic at the NAB Show last month (CD April 20 p16).