We’re getting more details about Cumulus’ recent acquistion of Newark, New Jersey-based WFME. The broadcasting company is paying Family Stations $40 million, All Access reports.
Cumulus is using Radio License Holding X, LLC for the purchase that includes Country WDVY in Mount Kisco, a simulcast of WDBY/Kicks 105.5.
There’s an added wrinkle that could ultimately bring Cumulus a larger payout. Cumulus will receive an extra $8.5 million if WFME is moved into the five boroughs as a Class A or B1 within five years. It jumps to $10 million if WFME finds a home within the city limits at a classification higher than B1.
The deal also includes a provision for Family Stations to keep the WFME call letters, while Cumulus will retain the WDVY calls.