Cumulus Media Partners offering note exchange

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The private, major market radio company run by Cumulus Media and owned in partnership with private equity funds is offering holders a swap for its $187.6 million of 9.875% senior subordinated notes due 2014. Current holders are being offered up to $15 million of new subordinated notes due 2014, up to $35 million in new preferred stock and warrants which, if exercised, would represent up to 40% of the total stock of the company. Cumulus Media Partners owns 32 stations in nine markets.