Brief: Cumulus Media Announces Two Strategic Portfolio Optimization Transactions

Cumulus Media

13/02/2019 21:18

Feb 13 (Reuters) - Cumulus Media Inc  CMLS.O :
    * CUMULUS MEDIA ANNOUNCES TWO STRATEGIC PORTFOLIO
OPTIMIZATION
TRANSACTIONS
    * CUMULUS MEDIA INC - SELLING SIX STATIONS TO EDUCATIONAL
MEDIA
FOUNDATION FOR $103.5 MILLION;
    * CUMULUS MEDIA INC - NET PROCEEDS TO PAY DOWN DEBT AND
REINVEST
IN GROWTH OPPORTUNITIES
    * CUMULUS MEDIA INC - EMF WILL ACQUIRE ALL TRANSMISSION
EQUIPMENT
AND ASSUME ALL TOWER LEASES ASSOCIATED WITH STATIONS
    * CUMULUS MEDIA INC - UNDER TERMS OF SWAP AGREEMENT WITH
ENTERCOM,
CUMULUS WILL RECEIVE WNTR-FM, WXNT-AM, AND WZPL-FM IN
INDIANAPOLIS
    * CUMULUS MEDIA INC - UNDER TERMS OF SWAP AGREEMENT WITH
ENTERCOM
AND ENTERCOM WILL RECEIVE WNSH-FM (NEW YORK, NY) AND WMAS-FM AND
WHLL-AM
    * CUMULUS MEDIA - RELATED TO SWAP AGREEMENTS, EACH PARTY TO
COMMENCE LOCAL MARKETING AGREEMENT TO PROGRAM OTHER PARTY'S
STATIONS BEGINNING ON MARCH 1

Source text for Eikon:  ID:nGNX9x67yh 
Further company coverage:  CMLS.O 

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