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Cumulus to Buy Fla. Stations For $30M

Cumulus to Buy Fla. Stations For $30M

Cumulus Media Inc. intends to acquire the broadcasting and related assets of Ft. Walton Beach, Florida stations WKSM-FM, WNCV-FM, WYZB-FM, WZNS-FM and WFTW-AM. Cumulus signed a purchase agreement with East Mississippi Broadcasters, Inc. that pegs the purchase price at around $30 million. Of that total, $28.5 million would be paid in cash and $1.5 million may be paid in shares of Cumulus’ stock.
Cumulus will operate the Ft. Walton Beach cluster under the terms of a local marketing agreement, effective Oct. 1. The transaction is subject to regulatory approval.
Cumulus CEO Lew Dickey stated, “We are pleased to announce Cumulus’ acquisition of the market leading cluster in Ft. Walton Beach. The majority owner, Clay Holladay, and his family are excellent broadcasters and they have assembled a terrific cluster in Ft. Walton Beach. This well-run cluster leads the market in both ratings and revenue and is an excellent strategic fit with our strong presence in the rapidly growing Southeast.”
Jeffery Group was the broker.