Labor Day Weekend Update

Cumulus Says Dial Global Acquisition Is 'Capital Neutral' Cumulus Media says its acquisition of Dial Global will not incur any new debt, while producing new revenues for them. Cumulus tells investors it is acquiring Dial Global for approximately $45 million plus the retirement of approximately $215 million of debt at closing for total cash consideration of $260 million. But Cumulus says the "transaction is substantially capital neutral" -- selling 12 small and mid-sized radio markets to Townsquare Media in a separate transaction for $238 million in cash. In its Investors Presentation, Cumulus adds the deals will mean "monetization of other non-core, non-cash flow generating assets," with "minimal balance sheet cash used to fund remainder of purchase price." Says Cumulus, the "purchase price will pay off all Dial Global debt and Cumulus will acquire 100% of Dial Global equity." Cumulus tells investors this is a "compelling strategic opportunity" -- "Acquiring a leading provider of premium content and original programming; Creates attractive content, distribution and monetization platform $40+ million of estimated cost synergies and substantial incremental revenue growth opportunities; Deleveraging on identified cost synergies alone." They add, "Further value maximization from active strategic portfolio management." The Investors Presentation also notes Cumulus is also swapping two small and mid-sized radio markets with Townsquare in exchange for five stations in Fresno, California. Chicago's WGN-AM Set to Debut New On-Air Schedule Tribune Talk WGN-AM, Chicago, debuts its new on-air lineup, Tuesday (Sept. 3) -- with Steve Cochran's new morning show 5-9am. Then Bill Leff and Wendy Snyder air 9am-12noon, followed by husband-and-wife Bob Sirott and Marianne Murciano from 12noon-3pm. Garry Meier continues to host the afternoon drive show (3-7pm), followed by the David Kaplan Show 7-11pm. Pete McMurray expands his role to air 11pm-2am, and WGN Radio veteran Nick Digilio moves to a 2-5am shift. The return to the station of Kathy O'Malley and Judy Markey on Saturdays 10am-12noon highlights the weekend lineup changes, effective September 14. Other changes include "The Design Dude with Frank Fontana" airing from 6-7am, followed by "Mr. Fix-it with Lou Manfredini" from 7-10am. When not affected by sports pre-emptions, Bill Moller will follow "Kathy and Judy" from 12noon-3pm, while "Sports Central" remains from 3-6pm. The Sunday lineup will introduce a new show dedicated to the discussion of the Chicago political landscape. Chicago Tribune writer, Rick Pearson will host "Chicago Way: Politics with Pearson" on Sundays from 7-9am. "The Dean Richards Sunday Special" will follow at 9am, extending an additional two hours until 1pm. In addition to his Saturday show, Bill Moller will air from 1-3pm Sundays. Brian Noonan remains in the 6-9pm slot, followed by the return of Rick Kogan from 9-11pm. Comedian and media personality Patti Vasquez will air 11pm-2am.