Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On February 13, 2019, the Company announced that it had entered into an agreement to sell six radio stations to Educational Media Foundation (“EMF”) for $103.5 million in cash. On the same day the Company also announced that it had entered into a swap agreement with Entercom Communications Corp. (“Entercom”) under which the Company will obtain three stations in Indianapolis in exchange for three Cumulus stations in two markets.

Under the terms of the agreement with EMF, EMF will acquire WYAY-FM (Atlanta, GA), WPLJ-FM (New York, NY), KFFG-FM (San Francisco, CA), WZAT-FM (Savannah, GA), WXTL-FM (Syracuse, NY), and WRQX-FM (Washington, DC) from the Company for a gross purchase price of $103.5 million.

Under the terms of the swap agreement with Entercom, the Company will receive WNTR-FM, WXNT- AM, and WZPL-FM in Indianapolis and Entercom will receive WNSH-FM (New York, NY) and WMAS-FM and WHLL-AM (both in Springfield, MA). In connection with the swap agreement, each party will commence a local marketing agreement to program the other party’s stations beginning on March 1, 2019.

The transactions are subject to customary closing conditions, including regulatory approval. The Company expects to complete both transactions during the second quarter of 2019.