Cumulus Completes Acquisition of WestwoodOne

December 13, 2013

Atlanta, GA - Dec 12, 2013 - Cumulus Media has completed the previously announced acquisition of WestwoodOne, formerly known as Dial Global, for $260 million in cash, consisting of approximately $45 million attributable to the equity of WWO and the retirement of $215 million of debt of WWO. Cumulus used cash on hand, including approximately $238 million in cash proceeds from the company's previously completed sale of 53 radio stations in 12 small and mid-sized markets in November 2013 to Townsquare Media.

The acquisition of WestwoodOne will add sports, news, talk, music and programming services content. New content acquired includes NFL, NCAA, NASCAR, Olympics, AP Radio News, NBC News, the Grammy Awards and other popular programming.

Although the merger was not subject to the pre-closing notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act, the Antitrust Division of the Department of Justice (DOJ) is conducting a review of the transaction. While Cumulus believes the merger does not raise any anti-competitive issues, it continues to voluntarily assist the DOJ with its evaluation.

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