Cumulus to sell 4 Portland radio stations
The Atlanta-based Cumulus Media Inc. plans to sell four of its Portland radio stations, along with others around the country, to finance another deal.
The Portland Press Herald reported the company plans to sell stations in Portland and 13 other markets to finance its $260 million purchase of New York-based radio programming syndicator Dial Global.
In total, Cumulus, which is the country’s second-largest radio station operator, plans to sell 71 of its stations nationwide to the Greenwich, Conn.-based Townsquare Media for $238 million, pending regulatory approval. Alex Berkett, Townsquare’s executive vice president, told the paper that he expects the deal to close by the end of the year.
Cumulus acquired the Portland stations when it bought Citadel Broadcasting Corp. for $1.7 billion in 2011.
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