 |
CUMULUS NEWS RELEASE NOV 5, 1999 CUMULUS ADDS JONESBORO AS ITS
49TH MARKET, 3 Stations in Jonesboro, AR for $26.5 Million
Milwaukee, WI November 5, 1999 -- Cumulus Media Inc. (NASDAQ:CMLS) today announced the acquisition of KFIN-FM, KIYS-FM and KBTM-AM serving Jonesboro, Arkansas from Duke Broadcasting for $26.5 million in cash. Jonesboro is a newly rated Arbitron market located just northwest of Memphis. “The Duke stations represent the leading stations serving Craighead County, one of Arkansas' fastest growing areas,” according to Lew Dickey, Vice Chairman of Cumulus. “Here we have acquired the market’s two largest FM radio stations and the full service news talk AM in the home of Arkansas State University.” Cumulus will immediately begin programming the stations under a local marketing agreement pending approval of the transaction by the Federal Communications Commission. Cumulus Media is the parent company of Cumulus Broadcasting, Inc., which along with its other subsidiaries, owns and operates radio station clusters in mid-size markets. Assuming the completion of all pending acquisitions, Cumulus Media will own and operate 264 radio stations in 49 U.S. media markets. The Company commenced operations May 22, 1997. This news announcement contains certain forward-looking statements that
are based on current expectations and involve certain risks and uncertainties
within the meaning of the U.S. Private Securities Litigation Reform Act
of 1995. Key risks are described in the Company’s reports filed with
the U.S. Securities and Exchange Commission. Accordingly, the Company’s
actual performance may vary from that stated or implied herein.
Contact:
|
