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  "documentTitle": "13 IBD presentation 2007 Cumulus Media Inc Credit Suisse 1",
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  "presentationDate": "2007-01-01 00:00:00",
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  "notes": "Includes a large 'DRAFT' watermark on the left side.",
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      "text": "(1) Actual net debt balance at 12/31/07 per Eagle management including $8.3 million cash proceeds from hedge unwind and $6.0 million cash proceeds of pending sale of Caribbean radio assets. (2) 2007E based on average of six Wall Street research analyst estimates and includes stock-based compensation expense. (3) EBITDA adjusted to exclude stock-based compensation expense. 2007E based on average of seven Wall Street research analyst estimates. (4) Defined as EBITDA - net interest expense - capex - change in working capital - cash taxes. 2007E based on average of five Wall Street research analyst estimates.",
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      "text": "On July 20, 2007, the Special Committee of Eagle received a proposal from Lew Dickey, together with Merrill Lynch Private Equity, to acquire Eagle for $10.65 in cash per outstanding share of Eagle Common Stock",
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      "text": "Premium to 07/20/07 Closing Price (27.2%); One-Month Average (16.4%); 52-Week High (7.8%); 52-Week Low (27.2%)",
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      "text": "Enterprise Value / 2007E BCF 10.7x; 2007E EBITDA 12.9x; 2007E Adj. EBITDA 11.6x; Equity Value / 2007E FCF 12.5x",
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      "text": "Offer Price per Share $10.65; Fully Diluted Shares Outstanding 43.9; Equity Value $467.4; Plus: 12/31/07 Net Debt $698.2; Enterprise Value $1,165.6",
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