Cumulus Media is in exclusive negotiations to purchase Citadel Broadcasting for about $2.5 billion. The companies released an official statement this afternoon acknowledging the negotiations were taking place.
Under terms of the proposed agreement, Cumulus would pay $37 per share in a combination of cash and Cumulus stock.
Cumulus is the second largest radio broadcaster in the United States based on station count, controlling 347 radio stations in 67 US media markets.
Late last year Cumulus offered $31/share for Citadel but was rejected. More here.
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