Cumulus Media Inc (NASDAQ:CMLS) and Sirius XM Radio Inc (NASDAQ:SIRI) accumulating radio gains
Very recently, Cumulus Media Inc (NASDAQ:CMLS) announced that it will be acquiring Dial Global, the syndicator, in what is typically a triangle-shaped deal. This deal includes trading 15 stations and selling 53 to Townsquare Media. Cumulus Media Inc (NASDAQ:CMLS) will be paying $260M for Dial. Of this amount, $45M will be in equity and $215M will be in retired debt. On the side, the company will pocket $238M from Townsquare.
Acquiring Dial gives Cumulus Media Inc (NASDAQ:CMLS) the radio-rights to the NFL as well as the NCAA games. The NASCAR races are part of the deal. In addition, the company will also have access to the Olympic Games and the Grammy Awards and talk programming shows such as the Dennis miller Show.
The shining radio star
Sirius XM Radio Inc (NASDAQ:SIRI) is also one company that is not left behind on any ground, leave alone the football one. The season kicked off on the 5th and Sirius XM Radio Inc broadcasted the Ravens radio-broadcast. Over the last one year, Sirius XM Radio has rallied more than 52 percent. It has notched up a new 5-year high
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of $3.85 last month. In addition, the equity has also outperformed on the broader S&P 500 by 13 percentage points over the past 3 months.
In Tuesday’s trading session, Sirius XM Radio Inc (NASDAQ:SIRI) rose 1.32%. The opening price of the shares was $3.83
which touched an intraday high of $3.85 which was also the closing price. Approximately 29.82 million shares were traded on Tuesday which was below the average volume of 31.99 million shares that were traded over a 30 day period. The company has a market capitalization of $23.91 billion. Now is a great time to scoop up Sirius XM Radio Inc (NASDAQ:SIRI) short term options. The company’s near term contracts are very attractively priced.
Sirius XM Radio Inc (NASDAQ:SIRI) is a company that broadcasts its sports, music, comedy, entertainment, news, talk, weather and traffic channels in the U.S via its 2 satellite-radio systems. Subscribers can receive some of its other channels via the Internet as well as via mobile device applications.