Cumulus Closes On WestwoodOne Acquisition
December 12, 2013 at 2:55 PM (PT)
CUMULUS MEDIA INC. has closed on its acquisition of WESTWOODONE, INC. (formerly DIAL GLOBAL) for $260 million ($45 million in WESTWOODONE equity and the retirement of $215 million of WESTWOODONE debt). CUMULUS used cash on hand, including $238 million from the sale of 53 stations to TOWNSQUARE MEDIA, to complete the deal.
The deal has yet to clear the Department of Justice's antitrust review, but CUMULUS said that while it "believes the merger does not raise any anti-competitive issues, it continues to voluntarily assist the DOJ with its evaluation."