Citadel to Sell Stations to Cumulus
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
The history of radio broadcasting extends beyond the work of a few famous inventors.
Read each issue online in our Digital Edition Format in your Web browser.
EAS Information More on EAS
The feed provides feeds for all US states and territories.
Need a calendar for your computer desktop? Use one of ours.
Information from manufacturers and associations about industry news, products, technology and business announcements.
Staying on-air is priority #1, but 100 percent redundancy comes at a cost.
Browse Back Issues[an error occurred while processing this directive]
Also in the November Issue
- Music is Everywhere at WTMD
- FCC Looks to Update RF Exposure Rules
- Government Shutdown Causes FCC Delays
- Applied Technology: Wheatstone baseband192
- Side by Side: Video Cameras
- Exploring More from Google Earth
- The History of W9BSP