Three weeks after announcing that they were in exclusive merger negotiations, Citadel Broadcasting has agreed to be acquired by Cumulus Media for $37 per share in cash and stock. The deal, along with the pending roll-up of Cumulus Media Partners, will make Cumulus Media a radio giant, with 592 stations in about 120 markets – second only to Clear Channel.
According to Cumulus, the deal values Citadel at about $2.4 billion. According to Citadel, the number is closer to $2.5 billion. A recent analysis by analysts Bishop Cheen and Davis Hebert at Wells Fargo Securities put the total value at $2.6 billion.