Cumulus Going Private

Merrill Lynch Global Private Equity has agreed to acquire radio broadcaster Cumulus Media Inc. (NASDAQ: CMLS) for approximately $1.3 billion. Cumulus stockholders would receive $11.75 per share, which is a 40.4% premium to last Friday's closing price. Lew Dickey, president, chairman and CEO of Cumulus, is working on the buy-side with Merrill Lynch, and would stay on in his current roles. Shareholder Banc of America Capital Investors will vote its shares in favor of the transaction.