Cumulus to sell Maine radio stations

Atlanta-based Cumulus Broadcasting is selling 12 radio stations in Augusta, Bangor and Presque Isle to Townsquare Media of Greenwich, Conn. According to a press release from Townsquare, the company will acquire 55 Cumulus stations in 11 markets in exchange for 10 of its stations in two markets and $116 million in cash.
WLBZ-2 reports that Townsquare will acquire four stations in Augusta, five stations in Bangor and three in Presque Isle (for a li ...