Profile: Cumulus Media Inc (CMLS.OQ)
Cumulus Media Inc. (Cumulus) owns and operates commercial radio station clusters throughout the United States. At December 31, 2011, it owned or operated approximately 570 radio stations (including under local marketing agreements (LMAs)) in 120 United States media markets and operated nationwide radio networks serving over 4,500 affiliates. At December 31, 2011, under LMAs, it provided sales and marketing services for seven radio stations in the United States. On August 1, 2011, the Company acquired Cumulus Media Partners, LLC. On September 16, 2011, it acquired Citadel Broadcasting Corporation. In April 2012, the Company announced the sale of 55 stations in 11 markets to Townsquare Media in exchange for the acquisition of 10 radio stations in two markets. As part of the transaction, Cumulus is acquiring 10 stations in Bloomington, IL, and Peoria, IL. The stations being sold by Cumulus to Townsquare reside in the markets, which includes Augusta, ME; Bangor, ME; Binghamton; NY, Bismarck, ND; Grand Junction, CO; Killeen-Temple, TX, New Bedford, MA, Odessa-Midland, TX; Presque Isle, ME; Sioux Falls, SD and Tuscaloosa, AL. In December 2013, Cumulus Media Inc completed the acquisition of WestwoodOne, Inc. Effective December 12, 2013, Cumulus acquired the entire interest of Dial Global Inc from The Gores Group LLC.
The Company’s revenue is generated from the sale of local, regional, and national advertising for broadcast on its radio stations. During the year ended December 31, 2011, approximately 72.6% of its net broadcasting revenue was generated from the sale of local and regional advertising. Additional broadcasting revenue is generated from the sale of national advertising. The categories of its advertisers consist of Amusement and recreation, Arts and entertainment, automotive dealers and banking and mortgage.
Cumulus Media Inc
SUITE 2300, 3280 PEACHTREE ROAD
ATLANTA GA 30305