Buyer

EDUCATIONAL MEDIA FOUNDATION is buying Hot AC WPLJ/NEW YORK, News-Talk WYAY/GAINESVILLE, GA-ATLANTA, Hot AC WRQX (MIX 107.3)/WASHINGTON, Triple A KFFG/LOS ALTOS-SAN JOSE, Hot AC WZAT (102.1 THE SOUND)/TYBEE ISLAND, GA-SAVANNAH, and Classic Rock WXTL (THE REBEL 105.9)/SYRACUSE from CUMULUS MEDIA INC. for $103.5 million.

“We are thrilled to add these stations to the K-LOVE network and for the opportunity to continue to bring people closer to Jesus,” said EMF Pres./Interim CEO ALAN MASON. “Our mission is to create compelling media that inspires and encourages listeners to have a meaningful relationship with Christ. These are legendary stations that will enable us to enter new markets in WASHINGTON, D.C., ATLANTA, SAVANNAH AND SYRACUSE and expand our footprint in NEW YORK.”

CUMULUS Pres./CEO MARY BERNER, referring to the EMF deal and the separate swap sending Country WNSH (NASH FM 94.7)/NEWARK-NEW YORK and AC WMAS-F and Country WHLL (98.1 NASH ICON)/SPRINGFIELD, MA to ENTERCOM for AC WNTR (107.9 THE MIX), Top 40 WZPL, and Sports WXNT-A (CBS SPORTS 1430)/INDIANAPOLIS (see separate story), said, “These transactions are consistent with our portfolio optimization strategy and both deals are accretive. The ENTERCOM swap significantly bolsters our competitive position in INDIANAPOLIS and the EMF transaction generates substantial cash for debt repayment and investment in other business opportunities.”

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