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Cumulus buys Citadel Broadcasting for $1.7B

Mon, Mar 14th 2011 12:00 am
ATLANTA (AP) - Cumulus Media Inc. is buying Citadel Broadcasting Corp. in a $1.7 billion deal that would unite two of the country's largest radio station owners.

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.