Radio Broadcaster Cumulus to Acquire Rival Citadel
Date: Thursday, March 10, 2011 @ 16:53:52 UTC

Cumulus Media Inc agreed to buy rival Citadel Broadcasting Corp with a sweetened bid of about $1.73 billion, nearly three months after its $1 billion bid was rejected by the radio broadcaster. The transaction will add Citadel's 225 radio stations to Cumulus's 347 and bring the combined entity closer to market leader and privately held Clear Channel Communications, which has roughly 800 radio stations. Radio broadcasters have been consolidating as advertising dollars shrink and listeners migrate toward free Internet content and to subscription services like Sirius XM satellite radio. Complete Article

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