Equity Group Offers $1.3 Billion

Cumulus Media, the nation’s second largest radio group after Clear Channel Communications, has accepted a 1.3 billion dollar buy-out offer from an investor consortium led by company chairman Lew Dickey and an affiliate of Merrill Lynch Global Private Equity. The company controls 344 stations in 67 major media markets in the United States. The deal needs approval from the FCC.

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