Cumulus will purchase Dial Global for $260 million in cash (consisting of approximately $45 million attributable to equity and the retirement of $215 million of debt). Dial Global CEO Paul Caine will stay on, with Dennis Green and Mike Pallad reporting to him. Cumulus CEO Lew Dickey says, "These transactions give us the necessary scale to provide the marketing and enterprise solutions our advertising and affiliate partners require. Our goal is to be the leading producer of premium audio content distributed through multiple platforms while continuing to build our broadcast platform in the top 100 U.S. markets."
The acquisition of Dial Global will add sports, news, talk,
music, and programming services content to the Cumulus portfolio. New content
acquired through the Dial Global acquisition will include NFL, NCAA, NASCAR,
Olympics, AP Radio News, NBC News, and other popular programming.