Media co. to buy Citadel Broadcasting
Atlanta-based Cumulus Media Inc. announced yesterday it is buying Citadel Broadcasting Corp. for $1.7 billion, a sale that includes radio stations in Maine.
The deal, expected to close by the end of the year, would make Cumulus Media the second largest radio station owner in the country, according to The Associated Press. Cumulus owns stations in 68 markets, including five stations in the Bangor region. Citadel, based in Las Vegas and New York City, owns four stations in both Augusta and Portland, as well as three in Presque Isle. It owns 225 stations nationwide.
Cumulus is paying $37 per share in cash and stock for Citadel, after Citadel rejected a $31-per-share offer from Cumulus. If shareholders and regulators approve the deal, Cumulus would own 572 stations in 120 markets, according to The AP.
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