Cumulus Media and Townsquare Media Group have done business before, and word has it that they are about to do business again. Townsquare is perhaps the industry’s fastest-growing radio group, and Cumulus is said to be ready to liquidate some of its stations for investment in programming assets.
The programming assets in play are those of Dial Global. Underpinning the Cumulus/Townsquare/DG trio is Oaktree Capital, which is an investor in Townsquare and Dial Global.
Townsquare currently has 241 radio stations and 250 related websites in 51 markets in the mid-to-small range. It is also active an active stager of live events.
The earlier deal with Cumulus, announced 4/30/12, and included stations clusters in Augusta-Waterville, ME, Bangor, ME, Binghamton, NY, Bismarck, ND, Grand Junction, CO, Killeen-Temple, TX, New Bedford, MA, Odessa-Midland, TX, Presque Isle, ME, Sioux Falls, SD and Tuscaloosa.
In return, Townsquare packaged stations in Bloomington and Peoria IL and sent them to Cumulus along the $116M.
Townsquare local assets are mostly in the central and western portions of the state. Its footprint extends along the Canadian border from Michigan all the way to Washington. It is also possible to drive from Michigan all the way to Texas using a route that is comprised of Townsquare states. It also has stations in three northeastern states and in Alabama.
The primary gaps in the Townsquare portfolio are the Atlantic states from Delaware on down, and the southwestern states. Its checklist of states in which it holds local assets include Alabama, Arkansas, Colorado, Idaho, Illinois, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Missouri, Montana, North Dakota, New Jersey, North Dakota, New York, Oklahoma, South Dakota, Texas, Washington and Wyoming.
Cumulus is, of course, bigger. It claims 525 stations in 110 cities, which it says makes it the largest pure-play radio company it the United States.