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Cumulus To Buy Citadel For $2.5 Billion

March 10, 2011/by Sarah Skates

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.

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Sarah Skates
Sarah Skates
Sarah Skates has been a writer and editor in the music business since 2004. She is a longtime contributor to MusicRow.
Sarah Skates
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https://musicrow.com/wp-content/uploads/2019/03/MusicRow-header-logo-Mar19B.png 0 0 Sarah Skates https://musicrow.com/wp-content/uploads/2019/03/MusicRow-header-logo-Mar19B.png Sarah Skates2011-03-10 09:01:192011-03-10 09:01:19Cumulus To Buy Citadel For $2.5 Billion
0 replies
  1. Dave Pearce
    Dave Pearce says:
    March 10, 2011 at 10:29 am

    Great. More stale radio programming.

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