Milwaukee-based group radio station owner Cumulus Broadcasting has struck a deal to purchase Aurora Communications for $219.6 million.
Aurora, based in Stamford, Ct., owns and operates 18 radio stations in Connecticut and New York, including WICC(AM) Bridgeport and WEOK(AM)-WPDH(FM) Poughkeepsie. Cumulus, which owns about 240 radio stations nationwide, will pay $93 million cash and assumed debt, plus 10.551 million shares of its stock and warrants for 833,333 additional shares.
Cumulus also recently agreed to buy three Nashville area radio stations-WNPL(FM), WRQQ(FM) and WQQK(FM)-from Dickey Brothers Broadcasting for $84 million.
Dickey Brothers Broadcasting is owned by Cumulus president Lewis W. Dickey Jr. and his family, including brother Michael who is president of Dickie Brothers Broadcasting.
In that deal Cumulus is paying 5.25 million shares of company stock and assuming 21 million in debt. George Reed of Media Services Group brokered the latter deal.
- Steve McClellan
