Cumulus buys Dial Global for $260M
Radio station owner Cumulus Media Inc. on Friday announced a series of deals designed to reshape the company into both a broadcaster and a provider of content to large markets.
Atlanta-based Cumulus said it would acquire Dial Global Inc. for $260 million in cash and assumed debt while selling 53 radio stations in 12 markets to Townsquare Media LLC for $238 million. Cumulus will also swap 15 stations in two small markets with Townsquare in exchange for five stations in Fresno, Calif.
Dial Global, of New York, is a provider of sports, news, talk and music content including National Football League and Nascar auto racing sports and news from the Associated Press and NBC. Dial in April completed an out-of-court restructuring with assistance from majority owners Gores Group LLC and Oaktree Capital Management LL...