Cumulus: We're Out Of Running For ABC Radio

We're out, says CUMULUS' LEW DICKEY, announcing that the company has dropped out of the bidding for ABC RADIO. REUTERS reports that DICKEY says that he was told that his company's $2.6 billion bid was "hundreds of millions of dollars off." With EMMIS also reportedly out of the running, ENTERCOM and CITADEL bids are apparently still being considered by DISNEY.

CUMULUS' board has also authorized a $100 million stock buyback program to be added to a previously authorized, and almost-completed, $100 million buyback.

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