Most Popular Articles
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.
Acceptable Use Policy blog comments powered by Disqus
[an error occurred while processing this directive]
Today in Radio History
The history of radio broadcasting extends beyond the work of a few famous inventors.
EAS Information More on EAS
The feed provides feeds for all US states and territories.
Need a calendar for your computer desktop? Use one of ours.
Information from manufacturers and associations about industry news, products, technology and business announcements.
Browse Back Issues[an error occurred while processing this directive]
Also in the November Issue
- Trends in Technology: HD Radio Transmission Update
- Franken FM Stations
- Wi-Fi on Wheels: The Connected Car
- Field Report: Yamaha MG10XU
- Transmitter Site Cleanup