Actually, this is more a sale than a swap, but both radio groups will come away with stations. But most of the 65 stations involved in this deal are moving for cold hard cash.
Cumulus will gain 10 stations in two small Illinois market, Peoria and Bloomington. It also will receive $116M
Townsquare picks up 55 stations in 11 markets, including Augusta, 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, AL.
“This transaction represents a continued investment in the local media business in small and mid-sized markets,” commented Townsquare Media Chairman and CEO Steven Price. “We are excited to continue to add premier assets to our portfolio. The strength and depth of the acquired assets represent an excellent addition to Townsquare Media and we are excited to add new advertising partners and to broaden our audience reach.”
“This transaction represents strategic portfolio management which enables us to focus on accretive large market consolidation as well as further de-leveraging of our balance sheet,” said Lew Dickey, CEO of Cumulus.
