Citadel to Sell Stations to Cumulus


        Radio on FacebookJoin us on Facebook

Las Vegas - Feb 17, 2011 - Citadel Broadcasting has entered into an agreement providing for exclusive negotiations for a potential merger with Cumulus Media. Cumulus is the second largest radio broadcaster in the United States based on station count, controlling 347 radio stations in 67 US media markets. Citadel owns 165 FM stations and 58 AM stations and Citadel Media (formerly ABC Radio Networks).

Under the terms of its non-binding proposal, Cumulus would pay $37.00, in a combination of cash and Cumulus stock, for each Citadel share and warrant. As part of the Cumulus proposal, Cumulus has indicated that Crestview Partners and Macquarie Capital are expected to provide up to $500 million in equity financing. Cumulus expects to obtain the remainder of the cash necessary to fund the transaction through debt financing to be led by UBS Investment Bank, together with Macquarie Capital.

If the acquisition goes through, Cumulus would own 570 radio stations across approximately 120 US markets.

The word circulating is that Citadel was also in discussions to sell the stations to Entercom.




Acceptable Use Policy
blog comments powered by Disqus

[an error occurred while processing this directive]

Today in Radio History

Milestones From Radio's Past

The history of radio broadcasting extends beyond the work of a few famous inventors.

Digital Edition

Each Issue as a Digital Edition

Read each issue online in our Digital Edition Format in your Web browser.

EAS Information More on EAS

NWS XML/Atom Feed for CAP Messages

The feed provides feeds for all US states and territories.

Wallpaper Calendar

Radio 2014 Calendar Wallpaper

Need a calendar for your computer desktop? Use one of ours.

The Wire

A virtual press conference

Information from manufacturers and associations about industry news, products, technology and business announcements.

Join Us Facebook Twitter YouTube LinkedIn
Radio magazine cover

Current Issue

Northern Community Radio Expands: An Engineer's Perspective

When Northern Community Radio set out to build a new community radio station in rural northern Minnesota 38 years ago, naysayers said that it would be broadcasting “only to a bunch of gophers

Browse Back Issues

[an error occurred while processing this directive]