Cumulus Media Inc. closed on its $260 million acquisition of WestwoodOne, Inc., formerly known as Dial Global.
The cash deal consists of about $45 million attributable to WWO equity and the retirement of $215 million of WWO debt.
Cumulus said it used cash on hand, including approximately $238 million in cash proceeds from its previously completed sale of 53 radio stations in 12 small- and mid-sized markets last month to Townsquare Media, LLC.
We had reported the acquisition of WestwoodOne would add sports, news, talk, music and programming services content — enabling Cumulus to provide more options to approximately 10,000 stations, other media platforms and international platforms. New content acquired includes NFL, NCAA, NASCAR, the Olympics, AP Radio News, NBC News, the Grammy Awards and other programming.
Additionally, Cumulus expects the combination of new content assets, along with the infrastructure to create new content vehicles and local activation opportunities, will provide more solutions for radio advertisers.
The Antitrust Division of the Department of Justice is reviewing the deal.