Cumulus Sold

[PCTVandRadio]

According to AllAccess.com, Cumulus has been sold to Merrill Lynch Private Equity Group.

The value of the deal is $1.3 Billion.

 

[cceng1]

Actually, they are going private....Lew Dickey will still be involved.....it is my understanding that he is buying part of the "new" company and an equity firm is buying the rest. I am sure more details will be out in the next couple of days.

stop the presses.........

just got the "official" Cumulus release:

Cumulus Media Inc. (NASDAQ: CMLS), Lewis W. Dickey, Jr., Chairman, President and Chief Executive Officer of Cumulus, and Merrill Lynch Global Private Equity announced today the execution of a definitive merger agreement under which an investor group led by Lew Dickey and an affiliate of Merrill Lynch Global Private Equity will acquire Cumulus in a transaction valued at approximately $1.3 billion.

Under the terms of the agreement, Cumulus stockholders will receive $11.75 in cash for each share of Cumulus common stock, representing a premium of approximately 40.4% over the closing price per share of the Company's Class A Common Stock on July 20, 2007, the last trading day prior to announcement of the transaction. Holders of the Company's Class A, Class B and Class C Common Stock will each receive the same price per share.

 

[Stewy]

It happened more quickly than I had anticipated. Figured it would since CC had gone back up the private drive. Seems there may be a thread somewhere that I mentioned the likelihood but I don't care to rehash previous spewings of my limited insight. I'll find I'm wrong more than right.

This does have extreme implications for small markets if *** follows the CC play of selling out of all their markets outside of the top 100. It looks like the prices of radio stations could be going the way of condos in PC. What happens to flipping when your flipper doesn't work anymore? Does anyone remember a Pat Travers song titled "Crash and Burn"?

This may mean that Kim and Tom got out at just about the right time last year!!!

 

[Uncle Elbie]

Kim and Tom lost their butt. If anyone is more of a weasel than the Dickey family, it is Don McCoy.

 

[PCTVandRadio]

Actually, they are going private....Lew Dickey will still be involved.....it is my understanding that he is buying part of the "new" company and an equity firm is buying the rest. I am sure more details will be out in the next couple of days.

stop the presses.........

just got the "official" Cumulus release:

Cumulus Media Inc. (NASDAQ: CMLS), Lewis W. Dickey, Jr., Chairman, President and Chief Executive Officer of Cumulus, and Merrill Lynch Global Private Equity announced today the execution of a definitive merger agreement under which an investor group led by Lew Dickey and an affiliate of Merrill Lynch Global Private Equity will acquire Cumulus in a transaction valued at approximately $1.3 billion.

Under the terms of the agreement, Cumulus stockholders will receive $11.75 in cash for each share of Cumulus common stock, representing a premium of approximately 40.4% over the closing price per share of the Company's Class A Common Stock on July 20, 2007, the last trading day prior to announcement of the transaction. Holders of the Company's Class A, Class B and Class C Common Stock will each receive the same price per share.

Thanks for the clarification, Charlie...

Since I don't own any Cumulus stock, it's all the same to me...going private, being sold...

I wonder what this will mean for all the Cumulus stations? Time will tell...