Cumulus Finds A Sugar Daddy...

Crestview partners, a $4 billion private equity firm has become Cumulus Media's John Malone. Malone, Direct TV chairman bailed out Sirius XM last year, pumping life into the debt-ridden satellite company. Like Malone, Crestview is coming up with millions to save Cumulus. For $500 million, Crestview gets equity in a partnership called Cumulus Radio Investors, LP (CRI). Together with debt financing expected to be available through the capital markets CRI could target acquisitions totalling in excess of $1 billion. That's after paying off Cumulus' debt, of course. That debt is quite sizable. In May 2008, Cumulus was forced to write down the value of its radio station licenses, resulting in large "Mark to Market" non-cash losses - $498.9 million in 2008, $230.6 million in 2007 and 63.4 million in 2006. Holy Susquehanna Radio!!!

Cumulus , the second largest radio broadcasting company in the U.S. (based on number of stations) is the former Susquehanna Radio, a radio-only media corporation that actually sounded like a radio-only media corporation. In 2006, Cumulus bought their then 33 stations which has since grown to 347 radio stations. Cumulus failed in an effort to go public in 2007 and then came the debt...

Cumulus Chairman, President and CEO, Lew Dickey is a happy man today: "We are pleased to announce the formation of Cumulus Radio Investors in partnership with Crestview and other investors to uniquely combine the synergies of one of the largest radio broadcast companies with the backing of strong financial sponsors." Translation: lunch is on them...

10 Timeline Memories:

1.1834] Voted in: In New York City, Cornelius Lawrence becomes the 1st mayor to be elected by popular vote in a city election...
2.1873] Butter..margarine..butter..margarine: Alfred Paraf patents the 1st successful oleomargarine...
3.1952] Working in the coal mine: President Harry S. Truman seizes the steel mills in order to prevent a nationwide strike...
4.1953] Rollin' them bones: The bones of Sitting Bull are moved from North to South Dakota...
5.1974] A new home run king: Hank Aaron passes Babe Ruth, becoming baseball's new Home Run King with his 715th home run off of Dodger pitcher Al Downing. Barry Bonds has since passed Aaron...
6.1983] Death by suicide: Danny & the Juniors lead singer, Danny Rapp is a victim of an apparent self-inflicted gunshot wound to the head at 41. ..1994] The body of Nirvana singer Kurt Cobain is found in Seattle, another apparent victim of suicide. Cobain was 27...
7.1998] Bailed out: George Michael is released on bail after his arrest for engaging in a lewd act in a park restroom...
8.1975] Breaking the color barrier: Frank Robinson of the Cleveland Indians becomes the Major League's 1st black manager...
9.1981] 'Happy Trails': Omar N. Bradley, a WWII general and the 1st chairman of the Joints Chief of Staff, dies of natural causes at 88...
10.1992] A bad news conference: Tennis player Arthur Ashe announces at a news conference that he has AIDS...

Music Memories:

• 1972] Debuted on the charts: "Oh Girl" - Chi-Lites (their first and only #1 hit)...

"Happy Birthday...happy birthday": Patricia Arquette (42), Julian Lennon (47), Gary Carter (56), Grand Funk's Mel Schacher (59), Steve Howe of Yes (63), Leon Huff (68), John Havlicek (70), Shecky Greene (87) and Betty Ford (92)...

Timeline Countdown: 23 days until the Kentucky Derby, 31 days until Mother's Day and 53 days until Memorial Day...