- Swaps Stations With Connoisseur Media
Under the terms of the agreement with Meruelo Media, Meruelo Media will acquire KLOS-FM in Los Angeles, CA for a purchase price of $43 million. Meruelo Media will begin programming KLOS-FM under a Local Marketing Agreement on April 16, 2019.
Under the terms of the agreement with Connoisseur Media, Cumulus will receive WODE-FM, WWYY-FM, WEEX-AM and WTKZ-AM in and around Allentown, PA and Connoisseur Media will receive WEBE-FM in Westport, CT, and WICC-AM in Bridgeport, CT. The parties will begin programming each other’s respective stations under Local Marketing Agreements on May 1, 2019.
Moelis & Company LLC represented Cumulus as financial advisor in the sale of KLOS-FM to Meruelo Media. MVP Capital represented Cumulus as financial advisor in the swap with Connoisseur Media. Jones Day represented Cumulus as legal counsel on both transactions.