The second-largest radio ownership group in the country is acquiring ten central Illinois stations, including five operated as Radio Bloomington. Cumulus Media is effectively trading 55 stations in New York, North Dakota, Maine and elsewhere along with $116 million in cash to Townsquare Media for WJBC, WBNQ plus three other Radio Bloomington stations and five in Peoria. Cumulus officials say the deal is part of their strategy to focus on larger market and high-performing stations. The deal swells Townsquare Media to 244 stations in more than 50 small and midsized markets.
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