The outcome was not ever in doubt, but shareholders of Citadel Broadcasting made it official Thursday (9/15) morning. They have approved a cash/stock deal to merge with Cumulus Media.
Citadel announced that the deal was approved at a special meeting of shareholders. No vote was required at Cumulus, where written consents by shareholders with majority voting power had already cleared the way. The transaction is scheduled to close early Friday (9/16) before stock trading begins.
Citadel said the merger agreement was adopted by 78.51% of the outstanding shares of Citadel Class A common stock and Class B common stock voting as a single class and 88.86% of the Class A and Class B shares of common stock voting.