BANGOR, Maine (NEWS CENTER) -- Cumulus Broadcating is selling its Bangor, Augusta, and Presque Isle radio stations to Townsquare Media as part of a multi-station sale and swap. In total, Cumulus will sell 55 stations in 11 markets to Townsquare Media in exchange for the acquisition of 10 radio stations in two markets plus $116 million in cash.
Townsquare Media will acquire Bangor stations WQCB-FM 106.5, WBZN-FM 107.3, WWMJ-FM 95.7, WEZQ-FM 92.9, WDEA-AM 1370; Presque Isle Stations, WOZI-FM 101.9, WBPW-FM 96.9 and WQHR-FM 96.1; and Augusta Stations WMME 92.3-FM, WEBB-FM 98.5, WJZN-AM 1490, WTVL-AM 1400.
Cumulus will hold onto Portland Stations, WBLM-FM 102.9, WCYY-FM 94.3, WHOM-FM 94.9, WJBQ-FM 97.9. In Exhange, Cumulus gets 10 stations in Bloomington, IL, and Peoria, IL.
The deal is still pending FCC approval and is not expected to be completed until the second half of 2012. Tom Preble, the vice president and market manager for Cumulus in Maine says it should be business as usual for listeners and clients until the sale is finalized. Alex Berkett, a spokesperson for Townsquare Media, which is based in Greenwich Connecticut says he could not comment on the acquisition other than to confirm the information in a news release listed on Townsquare's website.
In that release Townsquare CEO Steven Price is quoted as saying:
"This transaction represents a continued investment in the local media business in small and mid-sized markets," commented Townsquare Media Chairman and CEO Steven Price. "We are excited to continue to add premier assets to our portfolio. The strength and depth of the acquired assets represent an excellent addition to Townsquare Media and we are excited to add new advertising partners and to broaden our audience reach."
According, to its website Townsquare currently owns 202 radio stations in 43 small to mid-sized markets as well as over 200 live music and non-music events and certain national digital properties including Taste of Country, Ultimate Classic Rock and PopCrush, as well as eCouponing business Seize the Deal. Additionally, Townsquare Media also operates Townsquare Cares, a non-profit organization that seeks to better the lives of troops and their families.