Cumulus, NBCUniversal Reach Agreement On Amount Owed By Westwood One For Some Sports Rights

Agreement

CUMULUS MEDIA and NBCUNIVERSAL have agreed to and stipulated the amounts WESTWOOD ONE owes NBCU for sports rights.

The stipulation, filed MONDAY (4/23) with U.S. Bankruptcy Court for the Southern District of NEW YORK, settles a dispute between the parties over the exact amount owed to NBCU under several contracts, including for the 2016 and 2018 OLYMPICS, the Triple Crown horse races, NHL games, and the "TARA & JOHNNY" and "THE LEISUREMEN" podcasts.  Under the agreement, the amount is set at $869,333.95 and CUMULUS is paying that amount immediately while continuing to pay for rights post-bankruptcy petition on an ongoing basis.

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