On Feb. 2, a put-and-call agreement giving Cumulus Media ownership of WKQX-FM “Q101” and WLUP-FM in Chicago was terminated.
On Tuesday evening at 8:45pm Eastern, Cumulus announced that it has reached a new deal that will give it Q101 for $18 million, court documents filed April 3 confirm.
Even more, Cumulus will gain the intellectual property of the former WLUP-FM, which signed off the air March 10 following the facility’s acquisition by Educational Media Foundation, for no additional cost.
That’s assuming some key “termination rights” clauses are not activated.
