The Wall Street Journal has the deal. In essence, Cumulus gives Townsquare 53 stations in small markets and Cumulus takes the cash and gives it up to buy Dial Global, giving most of the cash right back to Oaktree Capital, the owner of Townsquare
So who winds up with the $400 million in debt secured by the Dial Global assets?
Of course the deal will require Department of Justice antitrust approval
http://stream.wsj.com/story/latest-headlines/SS-2-63399/