Cumulus Media, Crestview Partners Form Cumulus Radio Investors
Atlanta - Apr 8, 2010 - Cumulus Media and Crestview Partners have formed a strategic investment partnership to invest in radio broadcasting companies. Crestview will lead an investor group that would invest up to $500 million in equity in the partnership, to be called Cumulus Radio Investors, LP (CRI). Together with debt financing expected to be available through the capital markets, CRI could target acquisitions totaling in excess of $1 billion. Cumulus would provide all management, financial, operational and corporate services to the partnership and its operations pursuant to a management services agreement.
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