Cumulus to buy Citadel for $2.5bn
March 11, 2011
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.