Cumulus Media buys back $112.292 million preferred stock

New York, Nov. 6 - Cumulus Media Inc. said it bought back a total of $112.292 million of its 12¾% series A cumulative exchangeable redeemable preferred stock due 2009.

The Atlanta company paid $126.3 million for the securities including redemption premiums.

Of the total, $67.502 million liquidation preference was bought back in the third quarter for $75.3 million, including redemption premiums.

Between the end of the third quarter on Sept. 30 and Oct. 31, Cumulus Media has bought back a further $44.79 million liquidation preference at a cost of $51.0 million, including redemption premiums.

Following the repurchases, Cumulus Media has $22.197 million liquidation preference of the preferred stock outstanding.

Cumulus Media issued $125 million of the preferred stock in 1998 in conjunction with its initial public offering.

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