Cumulus Media’s $2.4-billion takeover of Citadel Broadcasting has been granted approval by company shareholders, the FCC and the Department of Justice. The transaction, due to close tomorrow (9/16) will add an additional 200-plus stations to the nearly 350 that Cumulus already owns.
This merger brings together Nashville country outlets WSM-FM (Cumulus) and WKDF (Citadel), as well as Dallas’ country signals KPLX and KSCS. Also included are WIVK/Knoxville and KIIM/Tucson.
Other country stations affected by the change include MusicRow CountryBreakout Reporters WHWK/Binghamton, NY and WEBB, Augusta, ME.
To satisfy D.o.J. regulatory requirements, Cumulus will divest two stations in the Harrisburg, Pa. market (including country WCAT) and one in Flint, Mich.
Prior to the acquisition, Citadel was the No. 3 largest radio chain in the U.S. following Cumulus. Their combined powers will put them in closer competition with No. 1 radio leader Clear Channel and its approximately 850 stations.
Category: Featured, Financial/Legal, Radio
