In the reports Cumulus is buying out WGN radio as part of Nexstar’s divestment plans for the Tribune deal to be approved.
Robservations on the media beat:
Cumulus Media, parent company of news/talk WLS 890-AM and two other radio stations in Chicago, could be first in line to make a bid for news/talk WGN 720-AM if the station’s incoming owners put it up for sale next year. Nexstar Media Group has agreed to acquire Tribune Media, which includes 42 television stations, WGN America cable network and the standalone radio station. It’s willing to sell WGN Radio, according to Crain’s Chicago Business, which reported that Nexstar has no plans to build out a radio portfolio. Mary Berner, president and CEO of Cumulus Media, told staffers in Chicago last week that the company definitely was interested in WGN Radio. “It’s on our radar,” one insider said. Cumulus Media, which emerged from bankruptcy earlier this year, also owns classic hits WLS 94.7-FM and alternative rock WKQX 101.1-FM. Also reportedly considered potential buyers of WGN Radio are Hubbard Radio and Entercom Communications