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Cumulus buys Citadel Broadcasting for $1.7B
Cumulus Media said last week it is paying $37 per share for Citadel Broadcasting.
It said the enterprise value of the deal, including assumed debt, is $2.4 billion.
Atlanta-based Cumulus said it would own 572 radio stations across about 120 U.S. markets once the deal closes. It will remain the No. 2 radio station owner in the United States behind Clear Channel, which owns more than 800 stations.
Las Vegas-based Citadel had previously rejected a $31-a-share offer from Cumulus.


