U.S. markets closed

Cumulus Media To Sell WABC To Red Apple Media For $12.5M

Tanzeel Akhtar

Cumulus Media (NASDAQ: CMLS) has entered into an agreement to sell WABC in New York City to Red Apple Media for $12.5 million in cash.

Under the terms of the agreement, Red Apple will take responsibility for programming WABC immediately following the close of the sale.

"Today's agreement with Red Apple is yet another step in the execution of our portfolio optimization priority to drive Cumulus's long-term success,” said Mary Berner, CEO of Cumulus Media.

“Consistent with our financial goals, we intend to use the sale's net cash proceeds to pay down debt and invest in the Company to better serve our 250 million listeners and the advertisers who want to reach them. We are also pleased that WABC's excellent team will work with Red Apple following the transaction's close to continue building this iconic station's legacy."

Cumulus Media shares traded higher by 2.3% at $17.56 on Thursday afternoon.

Related Links:

Accenture Ticks Lower Despite Q3 Earnings Beat

McCormick Reports Mixed Q2 Earnings

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.