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Friday, December 13, 2013
Cumulus Closes On Westwood One Deal
Cumulus Media Inc. announced Thursday that it has completed the previously announced acquisition of WestwoodOne, Inc., formerly known as Dial Global, Inc., for $260 million in cash, consisting of approximately $45 million attributable to the equity of WWO and the retirement of $215 million of debt of WWO. Cumulus used cash on hand, including approximately $238 million in cash proceeds from the Company’s previously completed sale of 53 radio stations in 12 small and mid-sized markets in November 2013 to Townsquare Media, LLC.
The acquisition of WestwoodOne will add sports, news, talk, music and programming services content – enabling Cumulus to provide a wider variety of options to approximately 10,000 U.S. radio stations, other media platforms and international platforms. New content acquired includes NFL, NCAA, NASCAR, Olympics, AP Radio News, NBC News, the GRAMMY Awards and other popular programming.