Cumulus Media (NASDAQ:CMLS) unveiled on Friday a $260 million cash deal to acquire Dial Global, one of the nation's largest syndicators of radio programming, in an effort to compete with larger rival Clear Channel Communications.The deal is subject to approval by federal antitrust regulators. If approved, the transaction is expected to close by the end of this year, the companies said.In order to finance the transaction, Cumulus is selling 53 radio stations in 12 small markets to Townsquare Media for $238 million in cash. The company is also swapping 15 stations in small- and mid-sized markets with Townsquare in exchange for five stations in Fresno, Calif.That leaves Cumulus with around 440 stations, compared to Clear Channel's 800 stations.The proposed combination of Cumulus and Dial Global creates a smaller competitor to industry leader Clear Channel and its Premiere Networks, which syndicates programs for some of the biggest names in talk radio such as Rush Limbaugh, Sean Hannity an...
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