Cumulus Media Closes WestwoodOne Deal

Cumulus Media has completed the acquisition of WestwoodOne, formerly known as Dial Global, for $260 million in cash, consisting of $45 million attributable to the equity of WWO and the retirement of $215 million of WWO debt. Cumulus used cash on hand, including $238 million in cash proceeds from the company’s previously completed sale of 53 stations in November to Townsquare Media.

Cumulus says the acquisition of WestwoodOne will add sports, news, talk, music and programming services content,  enabling it to provide a wider variety of options to some 10,000 U.S. 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.

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