Cumulus Media Inc. Announces Divestiture of WTLZ-FM in Saginaw, MI to Wilks Broadcasting for $3.75 Million.Business Editors ATLANTA--(BUSINESS WIRE)--July 10, 2001 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 ) announced today that it has signed an agreement to divest WTLZ-FM, its Urban Contemporary station and sole radio asset in Saginaw, MI to Wilks Broadcasting, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for $3.75 million in cash consideration. "We are pleased to announce this transaction with Wilks Broadcasting," said Lew Dickey, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cumulus Media Inc. "We continue to be committed to maximizing shareholder value, and to the strategic refinement of our station portfolio to ensure consistency with our business model, which includes operating the first or second largest radio cluster in each of our markets. This transaction benefits Cumulus cumulus: see cloud. from the standpoint that we divest a non-core asset at an attractive price, and it benefits Wilks Broadcasting because they are acquiring an attractive asset to strengthen their existing Saginaw cluster. While the transaction remains subject to 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. review and approval, we look forward to closing this divestiture as expeditiously as possible." Jeff Wilks of Wilks Broadcasting stated, "We are very excited to take over the operations of WTLZ and add on to the stations we currently own in Saginaw." Wilks Broadcasting currently owns clusters of radio stations in Des Moines, IA, Springfield, MO and Saginaw, MI. Cumulus Media Inc., along with its subsidiaries, owns and operates radio station clusters in mid-size markets. Assuming the completion of all pending acquisitions, Cumulus Media will own and operate 224 radio stations in 45 U.S. media markets. This news announcement contains certain forward-looking statements that are based on current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Key risks are described in the Company's reports filed with the U.S. Securities and Exchange Commission. Accordingly, the Company's actual performance may vary from that stated or implied herein. |
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