Cumulus To Buy Citadel For $2.5 Billion

Cumulus Media has reached an agreement to purchase rival radio broadcaster Citadel. The deal is valued at $2.5 billion in cash and stock.
Cumulus, under the leadership of chairman and chief executive Lew Dickey, had made bids for Citadel in the past. Those offers were rejected but led to exclusive negotiations in recent months.
According to the Wall Street Journal, Cumulus is the second largest radio station owner in the U.S., followed by Citadel as the third largest. Once combined the companies would own 572 stations across the country.
The largest radio broadcaster in the nation is Clear Channel Communications, with more than 800 radio stations.
The deal is expected to close by the end of the year.