Cumulus Media acquires remaining equity interests of Cumulus Media Partners for $740 million
Clients Cumulus Media Inc.
Jones Day advised 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 received shares of Cumulus' Class A Common Stock and, in accordance with Federal Communications Commission broadcast ownership rules, Bain and Thomas H. Lee Partners received shares of a new class of Cumulus non-voting Common Stock. Cumulus owned the remaining 25% of Cumulus Media Partners' equity interests. In connection with the acquisition, Cumulus also acquired 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 provided antitrust, tax, and employee benefits and executive compensation advice regarding this transaction.