Cumulus Media Inc. (NASDAQ: CMLS) and private equity firm Crestview Partners announced Wednesday that they have formed a strategic investment partnership to acquire radio broadcasting companies, according to Associated Press.
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The companies said that they might spend up to $1 billion in the acquisitions.
The investor group, which will be led by Crestview, will be named Cumulus Radio Investors LP.
The companies said that the partnership will be able to consider acquisitions larger than $1 billion due to the debt financing they expect to receive.
Cumulus, which is the country's second-largest radio station owner, will manage and run the partnership and also offer financial and corporate services. Cumulus will receive management fees and compensation based on returns from the partnership's investment, the companies said.
Cumulus had a similar partnership with private-equity funds in 2006 to purchase Susquehanna Pfaltzgraff Co.'s radio broadcasting business in a $1.2 billion deal.
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