S&P Equity Research Downgrades Cumulus Media (CMLS) to Hold
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S&P Equity Research downgrades Cumulus Media (Nasdaq: CMLS) from Buy to Hold.
S&P analyst, E. Kolb, says, "The investor group that intended to buy CMLS, led by CEO Lew Dickey and Merrill Lynch Global Private Equity, has terminated the merger agreement and agreed to pay the $15 million termination fee. Additionally, CMLS's board may implement a new stock repurchase program. While we believe CMLS is fundamentally sound, we think it will face a tough radio environment through '08, partially offset by higher political revenues. Excluding a buyout component and using a enterprise value/EBITDA multiple of 8.8X, roughly in line with peers, we lower our target price to $7.00 from $9.50."
Cumulus Media Inc. (Cumulus) owns and operates frequency modulation (FM) and audio modulation (AM) radio station clusters serving mid-sized markets throughout the United States.[SM]
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