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Cumulus, Merlin ink radio station agreement

Cumulus Media Inc. struck a deal with Merlin Media LLC related to the operation and sale of WKQX-FM and WLUP-FM in Chicago.

Cumulus will no longer be required to buy the Chicago stations for about $50 million, and Cumulus and Merlin will temporarily extend the local marketing agreement under which Cumulus has been operating the stations while Merlin conducts a sale process for the stations.

The agreement provides for about a three-month extension of the local marketing agreement with additional extensions possible.