US broadcaster goes private
Cumulus Media, the second largest radio company in the United States is to go private in a deal worth $1.3 billion. Cumulus has over 300 stations in 61 markets across America and the Caribbean. An investment group led by Lew Dickey and Merrill Lynch Global Private Equity will take control, should the deal be approved.
It has been announced that Lew Dickey will continue as chairman after the merger. He said: "I am extremely pleased to be partnering with Merrill Lynch Global Private Equity in this transaction. This transaction represents an important chapter in our company’s history. We strongly believe in this industry and in the long-term opportunities to grow the business. I look forward to working closely with our talented team and our new partners to build upon our success."
The board of directors of Cumulus, on the unanimous recommendation of a special committee comprised of all of the disinterested members of the board of directors, has approved the merger agreement and recommends that the Company's stockholders approve the merger.
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