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Cumulus Media, Inc. (also known as Cumulus Broadcasting) NASDAQ: CMLS is a large owner of radio stations in markets in the United States. Founded 1997 in Milwaukee, WI and now based in Atlanta, Georgia, the company is in a distant second place in the country behind Clear Channel Communications, in terms of number of stations owned. The major shareholders of the company belong to the Dickey family. Cumulus had 307 stations in 61 markets as of December 31, 2005.[1] Another 35 stations were operated through local marketing agreements as of March 1, 2004. The company's biggest purchase would come in October 2005 with their purchase of Susquehanna Radio, giving Cumulus sizable groups in large markets for the first time in its existence. In its 30 September 2007 report, Cumulus Media Inc. claimed to be the second-largest radio company in the United States based on station count with Cumulus and its partners in Cumulus Media Partners, owning and/or operating 344 radio stations in 67 U.S. media markets.[2] With Clear Channel exiting the television business, however, Cumulus is now the third-largest media company focused only on radio, behind Clear Channel Communications, and Entercom Communications. In 2007 Cumulus announced they would be selling their 5 Caribbean radio stations to ONE Caribbean Media.[3]. The deal involved Hott 93FM in Trinidad and Tobago, The Wave in Saint Lucia, GEM-FM in Saint Kitts and Nevis and 93.9 FM in Antigua and Montserrat. The fifth station was originally not named.
[edit] Purchase Attempts[edit] ABC RadioSometime in 2005, The Walt Disney Company was looking into the sale of ABC Radio Networks; and 24 ABC's O&O radio stations (Radio Disney and ESPN Radio were not included). Cumulus was in the running along with its rivals Citadel Broadcasting and Entercom. Cumulus was eliminated leaving Citadel and Entercom battling it out[4] In the end Citadel was chosen as the highest bidder. Had Cumulus gone through as such, it would have to sell all of their small market stations. [edit] CBS RadioCBS Radio has announced that it would sell 50 radio stations in 12 markets to focus on major market stations and as of September 22, 2008; Cumulus is one of the seven candidates to make first-round bids.[5] This may mean selling some of their own stations if the purchase is made. [edit] References
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