Jones Day Reps Cumulus Media In $740M Radio Deal

Law360, New York (February 1, 2011, 2:22 PM EST) -- Cumulus Media Inc. has agreed to buy out its investment partners in radio station operator Cumulus Media Partners LLC, acquiring the remaining 75 percent of CMP from three private equity funds in an all-stock deal.

Cumulus said Monday that the acquisition is worth about $740 million, including $660 million in debt and preferred stock as of Dec. 31.

Cumulus currently owns a 25 percent stake in the partnership, and said it will issue 9.9 million shares of its stock to purchase the the rest from Bain...
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