Cumulus Media Expands Operations in Arkansas; Acquires 3 More Stations to Fill Out Fayetteville Market.MILWAUKEE--(BUSINESS WIRE)--Dec. 10, 1998--Cumulus Media Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMLS CMLS Central Minnesota Legal Services CMLS Chemical Movement in Layered Soils CMLS Centralized Mail List Services (GSA) CMLS Contractor Maintenance & Logistics Support ), today announced it will expand operations in Fayetteville, Arkansas through the purchase of three more radio stations. The Company is acquiring KFAY-AM/FM and KKEG-FM from Demaree Media, Inc. for a purchase price of $4.5 million cash. In order to meet regulatory requirements, Cumulus cumulus: see cloud. will not complete the acquisition of KBRS-FM and KREB-AM/FM, which had been previously announced. Including the acquisitions announced today and those from Hochman Communications announced last month, Cumulus will have four FM and two AM stations, namely KAMO-FM, KMCK-FM, KKEG-FM, KFAY-FM, KFAY-AM and KZRA-AM, in the Fayetteville market. Ranked 155th in the nation by Arbitron, the Fayetteville market has more than doubled in population in the past seven years, and per capita income Noun 1. per capita income - the total national income divided by the number of people in the nation income - the financial gain (earned or unearned) accruing over a given period of time has grown 75 percent since 1982. Fayetteville is home to several internationally-recognized companies, including Wal-Mart, Tyson Foods and J. B. Hunt Transport, as well as The University of Arkansas The University of Arkansas strives to be known as a "nationally competitive, student-centered research university serving Arkansas and the world." The school recently completed its "Campaign for the 21st Century," in which the university raised more than $1 billion for the school, used , which attracts an average of 14,700 students annually. Today, Cumulus operates 185 stations in 36 markets. Following FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. approval and completion of all pending acquisitions, Cumulus will own and operate 204 stations in 39 markets. "These acquisitions in Fayetteville represent the completion of a cluster in an important new market," explained Lew Dickey, Cumulus Vice Executive Chairman. "When these are completed, we will own a full complement of stations in a rapidly-growing area of the country, giving Cumulus an established audience base and an excellent opportunity to expand radio revenues in this market." Cumulus Media Inc. is a radio broadcasting company focused on the acquisition, operation, and development of radio stations in mid-sized and smaller radio markets in the U.S. In June of 1998, Cumulus completed an initial public offering of common stock and the sale of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. and bonds for total gross proceeds of $402 million. |
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