The deal is finally done. Modern Luxury Media has been sold. The buyer is Atlanta-based Dickey Publishing, which controls Cumulus Media, the overlords of the Ticket. Modern Luxury will be managed by those same Cumulus folks. FOLIO has some more details, the most curious of which is that three years ago, Modern Media (of which Modern Luxury Dallas is a part) was sold for $243 million. The rumored sales price now? Just $20 million. (I’d love to be at the next Cumulus Christmas party to see how the Ticket guys get along with the Modern Luxury Dallas gang.)
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