5-1-15
The sale of land in Los Angeles and Washington DC is expected to generate over $200 million in revenue for Cumulus which will be used to pay down debt. The company reported the 10-acre L.A. site where KABC and KLOS broadcast from will generate $125 million and is on target to close in early 2016. In DC a buyer has been chosen after a very healthy bidding process for the 75 acres where WMAL-AM broadcasts from. The Washington Post reported 300 new homes will be built on the property in Bethesda which is expected to generate at least $75 million for Cumulus.
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