Cumulus Media has a buyer for the Bethesda, Md., tower site for WMAL(AM).
The broadcaster had put the 75-acre tract up for sale, as well as the site for KABC(AM), Los Angeles, we have reported.
The company has been going through “an intensely competitive sales process,” CEO Lew Dickey told Wall Street analysts last week in an earnings call. The buyer’s name has not yet been revealed.
“Our process and structure was designed to get as much cash as possible by the end of 2015, while also maximizing full value for the property long term,” said Dickey, according to a transcript from Seeking Alpha. Value will be delivered from what he characterized as a “non-core asset” and he hopes to have more information to share soon.
CBRE Group Inc. accepted bids for the Bethesda, Md., site until March 12. At the time, Dickey said there was interest in the WMAL tract from more than 100 parties, many of those offers were from developers who want to build luxury homes on it.
Cumulus inherited the properties with the Citadel Broadcasting acquisition in 2011. Cumulus has a contract to sell the KABC(AM) tower site in L.A. for $125 million.
The value of both the WMAL and KABC properties will “exceed $200 million,” according to Dickey. Cumulus acquired both sites as part of its Citadel purchase in 2011.
Proceeds will be used to reduce debt, we’ve reported. Cumulus wants to get that figure below $2 billion.