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Cumulus/Susquehanna Deal to Be Completed in May, Company Hopes

Cumulus/Susquehanna Deal to Be Completed in May, Company Hopes

Cumulus Media Inc. said it expects the pending acquisition of the radio business of Susquehanna Pfaltzgraff to be completed in May. It issued an update to media and business analysts today.
Cumulus Media Partners is the buyer, a private partnership created by Cumulus, Bain Capital, The Blackstone Group and Thomas H. Lee Partners. The deal, announced last fall, is valued at $1.2 billion.
“In connection with the formation of Media Partners, Cumulus agreed to contribute its four radio stations … in the Houston, Texas and Kansas City markets in exchange for membership interests in Media Partners,” the company stated. “Cumulus will contribute three of the four stations to a wholly owned subsidiary of Media Partners, CMP KC, LLC, which expects to enter into a secured credit facility.”
Cumulus Media is the second-largest radio company in the United States based on station count. Once the deal is complete, it will own or operate 345 radio stations in 67 U.S. media markets.