Cumulus Media CEO Lew Dickey, members of his family and Merrill Lynch Global Private Equity are taking the radio company private in a deal valued at about $1.3 billion. The $11.75 per share offers a roughly 40 percent premium over the July 20 closing price. By station count, Cumulus has the second-largest radio chain in the U.S.—344 stations in 67 mostly mid-size markets. Unlike Clear Channel and other major radio owners, Cumulus keeps a pretty low digital profile. A number of its stations don’t even have sites, according to the company’s market map. But that could start shifting when the newly private company begins to focus more on making the most of all revenue streams. The deal is expected to close in early 2008 pending shareholder and regulatory approval. As we know from the Clear Channel saga, accepting an offer isn’t always the last word. Release.