Houlihan Lokey Advises Cumulus Media
Houlihan Lokey is pleased to announce that Cumulus Media Inc. (NASDAQ:CMLS) has completed the initial closing of its tower portfolio monetization transaction for $208 million in gross proceeds on September 30, 2020. The deal was completed with Vertical Bridge, one of the largest private owners and managers of telecommunication infrastructure in the United States. The company anticipates that it will close on the remainder of the previously announced $213 million purchase price through one or more subsequent closings by the end of Q2 2021.
Cumulus Media, based in Atlanta, is a leading audio-first media and entertainment company delivering premium content to more than a quarter-billion people every month. The company engages listeners with high-quality local programming through 424 owned-and-operated stations across 87 markets; delivers nationally syndicated sports, news, talk, and entertainment programming from iconic brands; and inspires listeners through its rapidly growing network of original podcasts. Cumulus Media provides advertisers with personal connections, local impact, and national reach through on-air and on-demand digital, mobile, social, and voice-activated platforms as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. It is the only audio media company to provide marketers with local and national advertising-performance guarantees.
Vertical Bridge was founded in 2014 and has quickly become one of the largest private owners and managers of telecommunication infrastructure in the United States. It currently has more than 288,000 owned and managed sites nationwide, including wireless and broadcast towers, rooftops, land parcels, and billboards. These assets have been assembled through more than 250 acquisitions and 180 real estate transactions.
Houlihan Lokey served as the exclusive financial advisor to Cumulus Media and assisted in structuring and negotiating the transaction on its behalf. The deal highlights the firm’s expertise and capabilities in both the tower and broadcast media sectors.
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