Jones Day Guides Cumulus In $260M Dial Global Buy

Law360, New York (August 30, 2013, 11:56 AM EDT) -- Cumulus Media Inc. will pay $260 million for radio broadcaster Dial Global Inc., it said Friday, striking a deal aimed at building a stronger competitor to Clear Channel Communications Inc. in top markets.

The purchase price includes $45 million in new money, plus the retirement of $215 million of Dial's debt. The deal brings personalities like John Tesh and Dennis Miller to Cumulus Media, as well as sports content from the NFL, NCAA and NASCAR and syndicated news from NBCUniversal and the Associated Press.

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