Dept. Of Justice Clears Cumulus-Citadel Deal After Agreement To Divest 3 Stations
September 8, 2011 at 4:12 PM (PT)
After initially suing to challenge the transaction on antitrust grounds TODAY (9/8), the Justice Department has cleared the deal by which CITADEL MEDIA will merge with and take over CITADEL MEDIA, with the proviso that CUMULUS divest itself of two stations in the HARRISBURG, PA area and one in the FLINT, MI market. The proposed settlement will result in the dismissal of the DOJ suit.
BLOOMBERG reports that the divestitures will bring CUMULUS under 40% of advertising revenue in each of the two markets.