Cumulus Sells Six To EMF, Swaps With Entercom
• UPDATED: Cumulus Media sent shockwaves through the industry when it announced the sale of six radio stations, including major market Hot AC stations WPLJ/New York and WRQX/Washington, to Educational Media Foundation (EMF) for $103.5 million in cash. EMF will also acquire WYAY-FM/Atlanta, KFFG-FM/San Francisco, WZAT-FM/Savannah, GA and WXTL-FM/Syracuse, NY.
That news follows an equally surprising announcement that Cumulus and Entercom have entered into a swap agreement under which Entercom will acquire Country WNSH (NASH FM 94.7)/New York City, and AC WMAS and Classic Country WHLL-AM (NASH Icon)/Springfield, MA from Cumulus Media Inc., in exchange for Entercom’s three-station cluster in Indianapolis — Top 40 WZPL, AC WNTR (107.9 The Mix) and CBS Sports affiliate WXNT-AM. The Indianapolis acquisition virtually doubles the size of the existing Cumulus cluster, which consists of Country WFMS, Top 40 WYRG (Energy 93.9) and Classic Hits WJJK.
Mary G. Berner (left), President and Chief Executive Officer of Cumulus Media, said, “These transactions are consistent with our portfolio optimization strategy and both deals are accretive. The Entercom swap significantly bolsters our competitive position in Indianapolis and the EMF transaction generates substantial cash for debt repayment and investment in other business opportunities.”
David Field (right), Chairman, President and Chief Executive Officer, Entercom, said, “We are excited to add NASH FM 94.7 to our outstanding lineup in New York City and to add WMAS and WHLL to our cluster in Springfield. These additions will enhance our ability to serve our listeners, partners and communities,” said. “We are saddened to part ways with our colleagues in Indianapolis, but know that they will be in great hands.”
Entercom’s existing New York City portfolio includes News-Talk 1010 WINS, Sports-Talk WFAN, Classic Hits WCBS-FM, All-News WCBS-AM 880, Alternative WNYL (ALT 92.3) and Hot AC WNEW (New 102.7 FM).
Entercom and Cumulus will enter into Local Marketing Agreements and begin programming their respective new stations on Friday, March 1, 2019. The exchange transaction is expected to formally close in the second quarter of 2019.
