Cumulus Media Announces Agreement to Sell WABC to Red Apple Media for $12.5 Million
Cumulus Media Inc. - Class A (CMLS)
Last cumulus media inc. - class a earnings: 2/21 08:01 am
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Source: GlobeNewswire
ATLANTA, June 27, 2019 (GLOBE NEWSWIRE) -- Cumulus Media Inc. [NASDAQ: CMLS] (the “Company,” “Cumulus,” “we,” “us,” or “our”) today announced that it has entered into an agreement to sell WABC (AM) in New York City to Red Apple Media, Inc., a wholly-owned subsidiary of Red Apple Group, for $12.5 million in cash. Mary G. Berner, President and Chief Executive Officer of Cumulus, said, “Today’s agreement with Red Apple is yet another step in the execution of our portfolio optimization priority to drive Cumulus’s long-term success. Consistent with our financial goals, we intend to use the sale’s net cash proceeds to pay down debt and invest in the Company to better serve our 250 million listeners and the advertisers who want to reach them. We are also pleased that WABC’s excellent team will work with Red Apple following the transaction’s close to continue building this iconic station’s legacy.” Under the terms of the agreement, Red Apple will take responsibility for programming WABC i
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