Cumulus, Townsquare Swap Stations
More big changes are afoot in the radio business, with Cumulus Media revealing that it plans to swap a number of radio stations around the country with Townsquare Media. Cumulus says it will sell 55 radio stations in small and mid-sized markets to Townsquare, in exchange for 10 radio stations and $116 million.
Under the terms of the deal, Cumulus will pick up stations concentrated in Bloomington and Peoria, IL. Townsquare will get stations in August, Presque Isle, and Bangor, ME; Binghamton, NY; Bismarck, ND: Grand Junction, CO: Killeen-Temple and Odessa-Midland, TX; New Bedford, MA; Sioux Falls, SD; and Tuscaloosa, AL.
Townsquare CEO Steven Price explained: “This transaction represents a continued investment in the local media business in small and mid-sized markets.” Cumulus CEO Lew Dickey described it as “strategic portfolio management, which enables us to focus on accretive large market consolidation, as well as further de-leveraging of our balance sheet.”
This is the latest in a series of strategic moves by Cumulus following the company’s acquisition of Citadel Broadcasting for $2.5 billion last year. In March, Cumulus announced its plans to launch a new traffic reporting service, “Right Now Traffic,” in partnership with Radiate Media. Right Now Traffic will be carried on Cumulus and Radiate stations in 75 top U.S. markets.
On the digital side, Cumulus has forged an alliance with Clear Channel Entertainment and Media (formerly Clear Channel Radio), bringing Cumulus
stations to Clear Channel’s iHeartRadio platform and Cumulus’ SweetJack daily deal service to Clear Channel station Web sites. Both partners are using their national broadcast radio reach
to promote SweetJack through ads and DJ endorsements.
Recent MediaDailyNews Articles
-
Digital TV Video Biz Is Booming May 20, 4:10 p.m.
As traditional TV platforms project small gains in their $70 billion business, new digital TV video ... -
Initiative Wins Amazon's Global Media Account May 20, 3:09 p.m.
Interpublic Group’s Initiative has won global media duties for e-Commerce giant Amazon.com after a review.The company’s ... -
Mars Contract Suit Against Y&R Continues May 20, 11:56 a.m.
A New York Judge has denied a request by WPP’s Y&R to toss out a breach ... -
Sony Debuts Marketing Campaign For 4K TV Sets May 20, 11:50 a.m.
While U.S. TV programming networks are not close to transitioning to the new 4K TV technology, ... -
Dish TV Expands On-Demand May 20, 11:19 a.m.
Dish Network, which has allowed subscribers to watch live TV on mobile devices for some time, ... -
Former IPG Exec Pahade Named Poptent CEO May 20, 7:30 a.m.
Nick Pahade, the former North American CEO of Interpublic Group’s Initiative, has been appointed CEO of ... -
Traditional Radio Revs Flat, Digital Revs Up 9% May 19, 4:26 p.m.
Radio advertising revenues were flat at $3.5 billion in the first quarter of 2013, unchanged from ... -
Original 'Voice' Judges Return May 17, 5:41 p.m.
The original quartet of coaches for “The Voice” will return for the fifth season this fall. ... -
Van Wagner Partners With CineSport For Online Video May 17, 5:34 p.m.
Van Wagner Communications’ Sports and Entertainment division is joining forces with CineSport, partly owned by Van ... -
'Idol' Falls, 'Bang' Leads Thursdays May 17, 3:38 p.m.
The TV broadcast network environment is definitely shifting -- as evidenced by the last major night ...
Be the first to comment on "Cumulus, Townsquare Swap Stations"
Leave a Comment