Cumulus confirmed in February that it was negotiating with Citadel Broadcasting Corp., owner of local radio stations 94.5 KSMB, 99.1 KXKC, 104.7 KNEK and 95.5 KRRQ, to acquire Citadel in a deal valued at about $2.4 billion in cash and stock. On Friday the publicly traded media giant announced that it had closed the deal.
Las Vegas-based Citadel was the nation’s third-largest radio network operator, owning and operating 225 radio stations in more than 50 markets. When the deal was first announced, Cumulus, based in Atlanta, was the second-largest radio broadcaster in the country with 347 radio stations in 67 domestic media markets. With the completion of the Citadel acquisition, Cumulus says it is the largest pure-play radio broadcaster in the U.S., with more than 570 radio stations in 120 markets and a nationwide radio network serving more than 4,000 stations.
Cumulus Media expects to pay approximately $1.4 billion in cash and issue approximately 26 million shares of its Class A stock and warrants to purchase 71.7 million shares more to Citadel shareholders. Read more details on the transaction here.
Radio Inc. Friday morning reported:
The Cumulus-Citadel merger marks the end of a tumultuous few years for Citadel that began with its purchase of 22 ABC Radio stations and ABC Radio Networks in 2006. By 2008, a tumbling stock price led to warnings from the New York Stock Exchange and delisting in March 2009. Citadel filed for Chapter 11 at the end of that year, and after reorganization was forced to rescind stock grants to top executives and replace the grants with options after a private equity shareholder filed suit. Cumulus began pursuing Citadel in 2010, and, after two offers were rejected by the Citadel board, Cumulus made the negotiations public.
Authorities said that a Chevron Corp. subsidiary was still releasing natural gas Sunday from a pipeline off the Louisiana coast where a Saturday incident killed a maintenance worker.
Meet the WWMB Class of 2014, extraordinary women guiding our exceptional community
Software development center represents third such project in Hub City this year.
Elizabeth Abdalla and Abform are poised for a new era of growth.
Lafayette’s most highly regarded attorneys were honored by their own at the Hall of Fame Banquet sponsored by the Lafayette Bar Association.
Collaboration and relationships give you the help you want — and the help you need.
A look at recent promotions, hirings and recognitions from Acadiana's business community.
Who doesn’t like grilled cheese?
There has been much progress in the 50 years since the Civil Rights Act was passed, but there is still work to be done.
Amid widespread criticism, two former U.S. senators say they are not lobbying Congress on behalf of a shady Russian bank, although a federal disclosure suggests otherwise.
Banks are the ones taking the financial hit for retail security breaches, and that just doesn’t seem fair.
It’s time to embrace a new regional model for economic development.
The state labor department figures released Friday show the initial claims decreased to 1,961 from the previous week's total of 2,237. For the comparable week a year earlier, there were 2,190 claims.
Hurry, rush to Jersey’s Daiquiris Sports Bar in Broussard for a cold one because at noon tomorrow its license is suspended for two months by the state!
The feds say Donald Domingues reported $259,725 as income and paid $64,909 in taxes but he allegedly failed to mention a $351,000 sales commission, which would have bumped his income up to just over $610,000 and his tax liability to $186,000.
Year-to-date sales are outpacing 2013 by 4.7 percent.
“The connector is a crucial part of the larger I-49 South project from Lafayette to New Orleans that would convert U.S. 90 into an interstate-quality roadway.” — U.S. Sen. Mary Landrieu
Despite what was said at a coastal forum in New Orleans last month, oil and gas insiders contend a settlement is not in the stars for the massive lawsuit filed against nearly 100 energy companies by the Southeast Louisiana Flood Protection Authority-East.
Environmentalists, fishermen and others are celebrating a federal judge's ruling that could mean $18 billion in additional fines for BP over the nation's worst oil spill.
St. Louis-based Perficient Inc. says it will establish a software development center in Louisiana that is expected to create 245 jobs.
U.S. District Judge Carl Barbier's ruling Thursday could nearly quadruple the amount of civil penalties for polluting the Gulf of Mexico with oil from BP's Macondo well in 2010.
Co-founder Ryan Trahan goes solo to keep it local.
Halliburton's agreement to pay more than $1 billion to settle numerous claims involving the 2010 BP Gulf of Mexico oil spill could be a way for the company and victims of the spill to avoid years of costly litigation — if all the pieces fall into place.
BP says it recently obtained correspondence between Patrick Juneau's Lafayette law firm and the Gulf Coast Claims Facility showing he argued for liberal compensation, flexible documentation requirements and other terms that would help Louisiana claimants at BP's expense.
A replacement is expected by January to fill the vacancy left when Greg Roberts resigned after allegedly pointing a fake gun at an engineer during a June meeting.