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Cumulus Media to swap stations with Townsquare Media

April 2012

Client(s) Cumulus Media Inc.

Jones Day advised Cumulus Media in the sale of 55 stations in 11 non-strategic markets to Townsquare Media in exchange for the acquisition of 10 radio stations in two markets plus $116 million in cash. The transaction is part of Cumulus's ongoing plan to focus on radio stations in top markets and geographically strategic regional clusters.

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