Comcast, Cumulus To Buy Susquehanna

Comcast Corp. agreed to acquire Susquehanna Communications, as expected. Comcast already owns 30% of the 225,000-subscriber operation and agreed to pay $540 million for the rest. That brings the total value of the company to $775 million, or $3,400 per subscriber. Susquehanna owns systems in Pennsylvania, Mississippi, Maine, Illinois, Indiana and New York, many of them close to existing Comcast systems.

Parent company Susquehanna Pfaltzgraff also agreed to to sell its Susquehanna Radio operations to a partnership led by Cumulus Media for $1.2 billion. Backers include Bain Capital, The Blackstone Group and Thomas Lee Partners. Cumulus—which specializes in small-market stations—will manage the properties, contributing two FM stations in Houston and two more in Kansas City to the partnership.