Cumulus Media to Buy Susquehanna Unit

Cumulus Media Inc. and private equity partners agreed to buy Susquehanna Pfaltzgraff Co.’s radio unit for $1.2 billion, creating a company with 343 stations in 67 U.S. cities.

Cumulus, the fourth-biggest U.S. radio company by revenue, partnered with Bain Capital, Blackstone Group and Thomas H. Lee Partners to buy Susquehanna Radio, Atlanta-based Cumulus said. Susquehanna also agreed to sell its cable television business to Comcast Corp. for $775 million.

The partnership will buy Susquehanna’s 33 stations in eight markets including San Francisco, Dallas and Houston. Cumulus will contribute four FM radio stations in Houston and Kansas City, Mo., in exchange for an approximately 25% ownership stake.