Cumulus-Suquehanna Deal Final

Cumulus-Suquehanna Deal Final
Author:
Publish date:
Social count:
0

The Cumulus-Susquehanna deal has closed and Cumulus is now the second-largest radio group by station count, with 345 stations.
The previously announced acquisition, valued at around $1.2 billion, was finalized Friday. Cumulus Media and investors formed a partnership to acquire Susquehanna Radio from its parent company, Susquehanna Pfaltzgraff Co.
Susquehanna Radio, the largest privately owned radio broadcasting company in the U.S., had 33 stations in eight markets including San Francisco, Dallas, Houston, Atlanta, Cincinnati, Kansas City, Indianapolis and York, Pa.
Now Cumulus Media, directly and through its investment in Cumulus Media Partners, owns and operates stations in 67 U.S. markets.
Cumulus Media Inc., contributed its two FM stations in Houston and two FM stations in Kansas City, in return for its membership interest in Media Partners. Cumulus Media Inc. will initially own approximately 25% of Cumulus Media Partners, with performance incentives that can increase that stake up to approximately 40%.
Lew Dickey, chairman & CEO of Cumulus, retains the same title with Media Partners.

Related