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Troubled Cumulus Media Inc. will save some $111 million in cash since Clear Channel Communications Inc. has agreed to renegotiate a recent radio-station swap with the Milwaukee-based company.

5/07/2000 08:00:00 PM Eastern

Troubled Cumulus Media Inc. will save some $111 million in cash since Clear Channel Communications Inc. has agreed to renegotiate a recent radio-station swap with the Milwaukee-based company. The previous deal was valued at $219.5 million, with some $147.5 million of that, or 67.2%, to be paid in cash. The new deal is worth $209.5 million and requires Cumulus to fork over about $36.6 million, or 17.5%, in cash. The cash payment was reduced as Cumulus threw 20 more stations into the deal on top of its already proffered four FMs and one AM in Chattanooga, Tenn. (the nation's 104th-largest radio market).

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