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Cumulus to take steps to decrease its debt.(Cumulus Media Inc.)(Brief Article)(Statistical Data Included)
Cumulus Media Inc. will restructure some of its pending acquisitions and sell some non core businesses to shrink its debt load, executive chairman Richard Weening said.
The debt repairs should be complete by year-end, Weening said. The goal will be to ensure that its debt load, now at $285 million, does not reach "inappropriate" levels against the company's cash flow, he said.
Without taking steps to control the debt, the acquisitions would require Cumulus to go as much as $650 million in debt, said James Marsh, a stock analyst with Prudential Securities, New York City.
The Milwaukee radio station group owner may finance acquisitions by expanding …
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