Cumulus to buy Citadel for $2.5bn

Two of the largest radio station operators in the US are to combine, with Cumulus Media agreeing to buy Citadel Broadcasting for $2.5 billion.

The deal will bring together almost 600 radio stations in 120 markets across the country, giving Cumulus a presence in eight of the top 10 markets.

Cumulus chief executive Lew Dickey said that his company would have a “vastly expanded national footprint” and would have the financial strength to continue investing in content and technology.

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