Cumulus to buy Citadel Broadcasting

 Business News  Media by Sara of mychillermoney

    Cumulus Media Inc.(CLMS) is buying Citadel Broadcasting (CTDBQ) this will make them the 2nd largest radio media company after Clear Channel. The Atlanta based company is  buying the Los-Veags based company for $1.7-billion. Cumulus would own 572 radio stations across about 120 U.S. markets once the deal announced Thursday closes. It would remain the No. 2 radio station owner in the U.S. behind Clear Channel Communications Inc., which owns more than 800 stations. Cumulus said Thursday it was paying $37 a share in cash and stock for Citadel, which owns 225 radio stations in more than 50 markets. Las Vegas-based Citadel had previously rejected a $31-a-share offer from Cumulus.

Cumulus said the deal values Citadel as an enterprise at about $2.4 billion.  This the second time Cumulus tried to buy Citadel , the last time was unsuccessful. Citadel declared bankruptcy 2 years ago.