ATLANTA: MWW is providing communications help to Westwood One – formerly known as Dial Global – as the radio programming syndication company rebrands and is acquired by broadcaster Cumulus Media.
MWW has worked with Westwood One since a month before the announcement of the acquisition in August, according to a source with knowledge of the situation.
The East Rutherford, NJ-based firm was brought on to help with Westwood One's messaging and positioning, along with media relations and coordination with Cumulus' own PR team and the dealmakers themselves. The agency will also handle internal and external communications.
“The deal itself is a win-win, not just for the two companies involved and their employees, but also for the industry,” said a source close to the merger. “Merging with Cumulus – just basically a behemoth in the industry, with tons of bandwidth and resources – allows Westwood One to accelerate its strategy of being a leader in audio, and brings Cumulus a nice addition to its audio and radio portfolio.”
As part of the deal, Cumulus will pay $260 million for Dial ($45 million in equity, and $215 million in retired debt), and sell 53 radio stations in 12 small markets to Townsquare for $238 million. Fifteen stations in smaller markets will also be swapped for five stations located in Fresno, CA, a top-100 market.
By acquiring Westwood One, Cumulus will own radio rights to events such as the Grammy Awards, the Olympic Games, NASCAR races, and NFL and NCAA games.