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.
Abshire has rejoined the Lafayette Bar Association, where she previously served as marketing coordinator under longtime Executive Director Susan Holliday
Home-grown Baton Rouge market/deli heads to Lafayette.
Deadline for submitting noms for annual competition is March 15
Whitney Bank officials have confirmed that the downtown branch will cease to exist when it relocates its regional headquarters to River Ranch at the end of May.
Downtown Lafayette restaurant launches new concept near Le Triomphe
Reamco founders Brent Milam and Ashley Lane now shareholders in acquiring company and part of its management team.
The board hopes to recover all fees paid, plus one-half, along with what could amount to hundreds of thousands in additional penalties.
Oh, the irony... or something like that.
The Louisiana Workforce Commission said Friday that initial claims rose to 2,125 from the previous week's total of 1,964. There were 2,887 initial claims during the comparable week in 2013.
Oilfield service company’s year-over-year revenues climbed 3.7 percent.
Move is part of company-wide consolidation of residential call centers.
Contentious deposition renders LOGA chief too ill to testify. Here's why.
Proposal for the upcoming legislative session would set Louisiana’s minimum wage at $10 per hour, beginning in 2015, up from the federal rate of $7.25 per hour.
Patrick Kane II recalls his mother awakening him 50 years ago to say his dad’s plane was missing.
His health affected by a contentious deposition last week, the LOGA chief says he can't testify (court will reconvene March 10).
Chair of the energy committee, Mary Landrieu (discussing the urgency of Keystone with Canadian Foreign Minister John Baird) should get the respect she deserves in Louisiana.
A fundraiser co-chaired by former U.S. attorneys from both sides of the political aisle could signal the end of Mike Harson’s long grip on the D.A.’s office.
Former W. Home Furnishings owner Rene Ward faces seven years in prison.
Stuller’s Danny Clark focuses on satisfied customers and effective employees as he settles in as the company’s president/COO.
Sterling Ford-Lincoln of Opelousas ribbon cutting and the State of the Parish address
Increases in higher-end home sales say a lot about the health of the overall market.
Who joined whom or got promoted?
World-class athlete riding high in custom bike biz.
Setting the record straight on that February story in HuffPo
Liability waivers — what you need to know before you sign