Cumulus Media to Expand Operations in Alabama; Acquires Three Stations in Muscle Shoals for $6.3 Million.MILWAUKEE--(BUSINESS WIRE)--Nov. 9, 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 ) announced today it is entering the Muscle Shoals, Alabama Muscle Shoals is a city famous for its music and contributions to American popular music, in Colbert County, Alabama, USA. As of 2006, the United States Census Bureau estimates the population of the city to be 12,703[1]. The city is included in The Shoals MSA. radio market through the purchase of two FM stations and one AM station. The Company is acquiring WKGL-FM, WLAY-FM and WLAY-AM from U.S. South Broadcasting Company, Inc. for $6.3 million. Located in the Northwest corner of Alabama, Muscle Shoals and the surrounding metropolitan area are home to more than 133,000 residents and boast over $1.25 billion in annual retail sales. The Shoals area houses several internationally-known companies such as Reynolds Metals Company, TeeJays Manufacturing Company, Tennessee River, Inc., Jimmy Dean's Foods/Rudy's Farm Company and Martin Industries, all of which contribute to a forecasted 5.8 percent growth in jobs by the end of 1999. The University of North Alabama UNA in nonfiction Baker roots Former U.S. Secretary of State James Baker, III, stumbled upon a major family discovery sparked by a visit to Florence, where he delivered the 2002 annual commencement address at the University of North Alabama - a discovery he discusses , with more than 5,500 students and nearly 300 faculty members, is also located in Muscle Shoals. "Muscle Shoals fits the Cumulus cumulus: see cloud. profile nicely," explained Lew Dickey, Cumulus Executive Vice Chairman. "It is a robust and growing market, representing significant opportunity and excellent cash flow potential." Richard Weening, Cumulus Executive Chairman added, "We continue to work to identify and acquire stations in high potential but presently unrated radio markets. Not only do such stations exhibit excellent cash flow and growth potential, but the markets they serve also warrant consideration for becoming rated markets in the near future as their economic base attains critical mass." Including this announcement as well as pending acquisitions, Cumulus has made 74 acquisitions in 1997 and 1998. Today, the Company 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. 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 July 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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