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CUMULUS MEDIA INC. - CUMULUS MEDIA INC. ANNOUNCES DIVESTITURE Atlanta,
GA July 10, 2001 -- Cumulus Media Inc. (NASDAQ: CMLS) announced today that
it has signed an agreement to divest WTLZ-FM, its Urban Contemporary
station and sole radio asset in Saginaw, MI to Wilks Broadcasting, LLC for $3.75
million in cash consideration. “We
are pleased to announce this transaction with Wilks Broadcasting,” said Lew
Dickey, CEO of Cumulus Media Inc. “We continue to be committed to
maximizing shareholder value, and to the strategic refinement of our station
portfolio to ensure consistency with our business model, which includes
operating the first or second largest radio cluster in each of our markets.
This transaction benefits Cumulus from the standpoint that we divest a
non-core asset at an attractive price, and it benefits Wilks Broadcasting
because they are acquiring an attractive asset to strengthen their existing
Saginaw cluster. While the
transaction remains subject to FCC review and approval, we look forward to
closing this divestiture as expeditiously as possible.” Jeff
Wilks of Wilks Broadcasting stated, “We are very excited to take over the
operations of WTLZ and add on to the stations we currently own in Saginaw”.
Wilks Broadcasting currently owns clusters of radio stations in Des
Moines, IA, Springfield, MO and Saginaw, MI.
Cumulus
Media Inc., along with its subsidiaries, owns and operates radio station
clusters in mid-size markets. Assuming the completion of all pending
acquisitions, Cumulus Media will own and operate 224 radio stations in 45 U.S.
media markets. ### For further information please contact:
Marty Gausvik (404) 949-0700 RETURN TO TOP
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