Cumulus Media Inc. and private equity partners agreed to buy Susquehanna Pfaltzgraff Co.'s radio unit for $1.2 billion, creating a company with 343 stations in 67 U.S. cities.
Cumulus, the fourth-biggest U.S. radio company by revenue, partnered with Bain Capital, Blackstone Group and Thomas H. Lee Partners to buy Susquehanna Radio, Atlanta-based Cumulus said. Susquehanna also agreed to sell its cable television business to Comcast Corp. for $775 million.
