Sources: Cumulus Closing In On Capturing Dial Global For $260M In Industry-Changing Move
Cumulus Media is "close to acquiring" Dial Global in a deal that is "likely to shake up the industry's competitive landscape," according to sources cited by Hannah Karp of the WALL STREET JOURNAL. Sources said that the deal would be for $260M in cash, "part of which would be used to pay off Dial's debt." A Cumulus-Dial combination "would create a meaningful, albeit smaller, competitor" to Clear Channel and ESPN Radio. N.Y.-based Dial "produces exclusive nationwide radio coverage" for the NFL and the Olympics, and also "produces coverage of NCAA sports" and the PGA Championship (WALL STREET JOURNAL, 8/30).