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CMLS

Cumulus Media

$14.60

(0.00%)

, ETM

Entercom

$7.36

0.285 (4.03%)

16:05
02/13/19
02/13
16:05
02/13/19
16:05

Cumulus Media announces sale of six radio stations, swap of three others

Cumulus Media (CMLS) announced that it has entered into an agreement to sell six radio stations to Educational Media Foundation for $103.5M in cash. Cumulus also announced that it has entered into a swap agreement with Entercom Communications Corp. (ETM) under which Cumulus will obtain three stations in Indianapolis, lifting Cumulus into the leading ratings position in that market, in exchange for three Cumulus stations in two markets. Under the terms of the agreement with EMF, EMF will acquire WYAY-FM, WPLJ-FM, KFFG-FM, WZAT-FM, WXTL-FM, and WRQX-FM from Cumulus for a gross purchase price of $103.5M. EMF will acquire all transmission equipment and assume all tower leases associated with the stations which collectively contribute approximately $5M-7M of EBITDA to Cumulus annually. Under the terms of the swap agreement with Entercom, Cumulus will receive WNTR-FM, WXNT-AM, and WZPL-FM in Indianapolis and Entercom will receive WNSH-FM, WMAS-FM and WHLL-AM. In connection with the swap agreements, each party will commence a local marketing agreement to program the other party's stations beginning on March 1.

CMLS

Cumulus Media

$14.60

(0.00%)

ETM

Entercom

$7.36

0.285 (4.03%)

  • 22

    Feb

CMLS Cumulus Media
$14.60

(0.00%)

12/07/18
WOLF
12/07/18
INITIATION
Target $14
WOLF
Peer Perform
Cumulus Media initiated with a Peer Perform at Wolfe Research
Wolfe Research initiated Cumulus Media with a Peer Perform and $14 price target.
12/17/18
NBLE
12/17/18
UPGRADE
NBLE
Outperform
Cumulus Media upgraded to Outperform from Market Perform at Noble Financial
ETM Entercom
$7.36

0.285 (4.03%)

05/09/18
NBLE
05/09/18
DOWNGRADE
NBLE
Hold
Entercom downgraded to Hold from Buy at Noble Financial
06/04/18
SPHN
06/04/18
NO CHANGE
Target $8
SPHN
Equal Weight
Entercom price target lowered to $8 from $12 at Stephens
Stephens analyst Kyle Evans noted that Entercom is down over 33% since reporting Q1 results and he expects the stock will "stay in the penalty box" until management produces materially better revenue trends. He lowered his price target on the stock to $8 from $12 and keeps an Equal Weight rating on Entercom.
11/01/18
GUGG
11/01/18
INITIATION
Target $8.5
GUGG
Buy
Entercom initiated with a Buy at Guggenheim
Guggenheim analyst Curry Baker initiated Entercom with a Buy and $8.50 price target.
12/07/18
WOLF
12/07/18
INITIATION
Target $8
WOLF
Outperform
Entercom initiated with an Outperform at Wolfe Research
Wolfe Research initiated Entercom with an Outperform and $8 price target.

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AMH

American Homes 4 Rent

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OMF

OneMain Holdings

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-0.45 (-1.30%)

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KHC

Kraft Heinz

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-0.05 (-0.10%)

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EVRG

Evergy

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GNMK

GenMark

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MFIN

Medallion Financial

$5.96

0.14 (2.41%)

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Regional Management

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ED

Consolidated Edison

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ED

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AL

Air Lease

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SWM

Schweitzer-Mauduit

$34.69

-0.19 (-0.54%)

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CZR

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