Cumulus Media Inc. has completed the previously announced acquisition of WestwoodOne, Inc., formerly known as Dial Global, Inc., for $260 million in cash, consisting of approximately $45 million attributable to the equity of WWO and the retirement of $215 million of debt of WWO. Cumulus used cash on hand, including approximately $238 million in cash proceeds from the Company’s previously completed sale of 53 radio stations in 12 small and mid-sized markets in November 2013 to Townsquare Media, LLC.
The acquisition of WestwoodOne will add sports, news, talk, music and programming services content, allowing Cumulus to provide a wider variety of options to approximately 10,000 U.S. radio stations, other media platforms and international platforms. Newly acquired content includes NFL, NCAA, NASCAR, Olympics, AP Radio News, NBC News, the GRAMMY Awards and other programming.
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