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Cumulus Media Inc. Completes Acquisition of Cumulus Media Partners, LLC
Atlanta - Aug 2, 2011 - Cumulus Media Inc. has completed the previously announced acquisition of the remaining equity interests of Cumulus Media Partners, LLC that it did not already own. CMP owns 32 radio stations in nine markets, including San Francisco, Dallas, Houston, Atlanta, Cincinnati, Indianapolis and Kansas City. Cumulus has operated CMP's business pursuant to a management agreement since CMP acquired the radio broadcasting business of Susquehanna Pfaltzgraff Co.
In connection with the acquisition, Cumulus issued 9,945,714 shares of its common stock to affiliates of the three private equity firms that had collectively owned 75 percent of CMP, Bain Capital Partners, LLC, the Blackstone Group L.P. and Thomas H. Lee Partners, L.P. Blackstone received shares of Cumulus' Class A common stock and, in accordance with Federal Communications Commission broadcast ownership rules, Bain and THL each received shares of a new authorized Class D non-voting common stock. Cumulus has owned the remaining 25 percent of CMP's equity interests since Cumulus, together with Bain, Blackstone and THL, formed CMP in 2005.
Also in connection with the acquisition, currently outstanding warrants to purchase common stock of a subsidiary of CMP were amended to instead become exercisable for up to 8,267,968 shares of common stock of Cumulus.
The acquisition of CMP was completed following receipt of approval by Cumulus' stockholders at its annual meeting of stockholders on Friday, July 29, 2011.
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