Cumulus Adds 21 Stations

Cumulus Adds 21 Stations
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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.