Cumulus Adds 21 Stations

Cumulus Adds 21 Stations
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Cumulus Adds 21 Stations

Cumulus Media Inc. said that it will acquire 21 stations in six markets. 18 of the new Cumulus stations will be Aurora Communications' properties. Cumulus will pay $93 million in cash or assumed debt and approximately 10.6 million shares of Cumulus' common stock for the Aurora stations. Cumulus stock was valued at $12.25 per share the day that the transaction was announced, Nov. 20.
Cumulus Chairman/CEO, Lew Dickey, said that the Aurora stations will give Cumulus an entrance into the New York Metro market. Aurora operates radio station clusters in Bridgeport, Conn., Danbury, Conn., Newburgh-Middletown, N.Y. and Poughkeepsie, N.Y. Aurora's management will remain unchanged, with Vince Cremona at the helm with oversight over the day-to-day station operations.