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Who said radio consolidation was dead? Cumulus Media, the second largest radio owner based on station count, announced Wednesday (April 7) it formed a strategic partnership with Crestview Partners, a New York-based private equity firm, to buy radio companies. The partnership, called Cumulus Radio Investors could target acquisitions totaling in excess of $1 billion.
Under the terms of the partnership, Crestview will lead the investor group and Cumulus Media would run the stations under a management services agreement, providing all the management, financial, operational and corporate services.
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