Media research firm Kagan has calculated radio deals at $236.8 million in the first quarter of 2019. More than half of those deals were connected to Cumulus. In the top radio deal of the year, Cumulus sold six radio stations to EMF for $103 million. Kagan says this is the highest price to date that EMF has appeared to pay for a group of stations.
Cumulus also swapped one station in the New York market and two stations in the Massachusetts market for three Entercom stations in Indianapolis. At an average 6.7x multiple, Kagan estimates each side of the swap being worth $9.50 million.
