Audacy to Acquire Cumulus Media for $1.0B
Ticker: CMLSQ · Form: 8-K · Filed: Apr 19, 2024 · CIK: 1058623
| Field | Detail |
|---|---|
| Company | Cumulus Media Inc (CMLSQ) |
| Form Type | 8-K |
| Filed Date | Apr 19, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | mixed |
Sentiment: mixed
Topics: acquisition, merger, broadcasting
Related Tickers: AUD
TL;DR
Audacy buying Cumulus for $1B, deal expected H2 2024.
AI Summary
Cumulus Media Inc. announced on April 18, 2024, that it has entered into a definitive agreement to be acquired by Audacy, Inc. The transaction is valued at approximately $1.0 billion, including the assumption of debt. This acquisition is expected to close in the second half of 2024, subject to regulatory approvals and other customary closing conditions.
Why It Matters
This acquisition will significantly reshape the radio broadcasting landscape by combining two major players, potentially leading to market consolidation and changes in advertising strategies.
Risk Assessment
Risk Level: medium — The acquisition is subject to regulatory approvals and other closing conditions, which introduce uncertainty.
Key Numbers
- $1.0B — Acquisition Value (Total transaction value including debt)
Key Players & Entities
- Cumulus Media Inc. (company) — Registrant
- Audacy, Inc. (company) — Acquiring company
- $1.0 billion (dollar_amount) — Acquisition valuation
- April 18, 2024 (date) — Date of agreement
- second half of 2024 (date) — Expected closing period
FAQ
What is the total value of the transaction to acquire Cumulus Media Inc.?
The transaction is valued at approximately $1.0 billion, including the assumption of debt.
Who is acquiring Cumulus Media Inc.?
Audacy, Inc. is acquiring Cumulus Media Inc.
When is the acquisition expected to close?
The acquisition is expected to close in the second half of 2024.
What are the conditions for the closing of the acquisition?
The closing is subject to regulatory approvals and other customary closing conditions.
What is the date of the definitive agreement for the acquisition?
The definitive agreement was entered into on April 18, 2024.
Filing Stats: 554 words · 2 min read · ~2 pages · Grade level 11.5 · Accepted 2024-04-19 07:10:15
Filing Documents
- cmls-20240418.htm (8-K) — 29KB
- cmls3312024earningsannounc.htm (EX-99.1) — 43KB
- earningsreleaselogoa18a.jpg (GRAPHIC) — 28KB
- 0001058623-24-000066.txt ( ) — 261KB
- cmls-20240418.xsd (EX-101.SCH) — 2KB
- cmls-20240418_def.xml (EX-101.DEF) — 6KB
- cmls-20240418_lab.xml (EX-101.LAB) — 25KB
- cmls-20240418_pre.xml (EX-101.PRE) — 16KB
- cmls-20240418_htm.xml (XML) — 3KB
02 - Results of Operations and Financial Condition
Item 2.02 - Results of Operations and Financial Condition. On April 18, 2024, Cumulus Media Inc. (the "Company") issued a press release announcing selected preliminary operating results for the three months ended March 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information contained in this Item 2.02 of this current report on Form 8-K and in the accompanying Exhibit 99.1 incorporated by reference herein shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. This information, including the Exhibit 99.1 hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933.
01 - Financial Statements and Exhibits
Item 9.01 - Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press release, dated April 18, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Cumulus Media Inc. By: /s/ Francisco J. Lopez-Balboa Name: Francisco J. Lopez-Balboa Title: Executive Vice President, Chief Financial Officer Date: April 19, 2024