Cumulus Media acquires remaining equity interests of Cumulus Media Partners for $740 million
Clients Cumulus Media Inc.
Jones Day is advising Cumulus Media Inc. in its $740 million acquisition of the remaining equity interests of Cumulus Media Partners from Bain Capital Partners, The Blackstone Group, and Thomas H. Lee Partners.
Blackstone will receive shares of Cumulus' Class A Common Stock and, in accordance with Federal Communications Commission broadcast ownership rules, Bain and Thomas H. Lee Partners will receive shares of a new class of Cumulus non-voting Common Stock. Cumulus currently owns the remaining 25% of Cumulus Media Partners' equity interests. In connection with the acquisition, Cumulus also intends to acquire all of the outstanding warrants to purchase Common Stock of a subsidiary of Cumulus Media Partners, in exchange for an additional 8,267,968 shares of Cumulus Common Stock.
In addition to M&A representation, Jones Day is providing antitrust, tax, and employee benefits and executive compensation advice regarding this transaction.