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NEW YORK Cumulus Media, owner of the second-largest portfolio of radio stations, has agreed to purchase Country KVST-FM, which serves the Houston radio market, from New Wavo Communications Group for $32.2 million in stock and cash. The deal will give Cumulus, owner of the city’s Urban KRWP-FM, two stations in the seventh-largest radio market.
“This two-station cluster will significantly improve our competitive position and increase our strategic options,” said Lew Dickey, chairman and CEO of Cumulus, who added that he expected the deal to close in first-quarter 2005.
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