Cumulus has said its agreement with Merlin has it paying Merlin $600,000 per month and on the hook to acquire the stations for roughly $50 million. The company, however, reported it has lost $8.4 million on the two stations since 2014 and has “determined that the legacy terms to acquire WKQX-FM and WLUP-FM in Chicago for approximately $50 million is significantly in excess of the stations’ market value.”