Cumulus Media has made a deal to sell its cluster of stations in Albany, GA, its smallest market.
InsideRadio reports Rick Lambert and Charles Spencer’s First Media Services is buying country WKAK, urbanAC WQVE, Rock WJAD, AC WEGC and “New/Talk WALG from Cumulus. The deal also includes the Albany, GA-licensed translator W257ED at 99.3 FM which simulcasts WALG. The deal is believed to be worth $450,000.
The purchase will grow the size of First Media Services by 50% and expand the company beyond its home base of West Virginia where it currently owns ten stations.
Cumulus has been shedding assets as part of its post-bankruptcy strategy. The company has so far paid down $275 million of debt since it emerged from chapter 11 in June 2018. Most notable was its move to sell six FMs to Educational Media Foundation for $103.5 million, followed by the $12.5 million sale of talk WABC 770 AM New York.
Abilene TX will now become the smallest marker for Cumulus.
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