Stock Alert: Cumulus Media Shares Up 31% In Late Trade

(RTTNews) - Shares of Cumulus Media Inc. (CMLS) rose $1.36 or 31.70% to $5.65 in the extended trading session on Wednesday, after the company announced that it has completed the sale of an about 75-acre parcel of land in Bethesda, Maryland to Toll Brothers for $74.1 million, continuing to execute on its commitment to reducing net leverage.

The company noted that the net proceeds from the sale are required to be used to pay down debt, unless otherwise reinvested in the company's business over the next 12 months.

The stock has been trading in the range of $3.00 - $19.18 for the past one year, and closed Wednesday's trade at $4.29, down 46 cents or 9.68%. Trading volume rose to 619K shares, versus an average volume of 229K shares.