Cumulus And Citadel Get Official OK From Department Of Justice
September 13, 2011 at 8:43 AM (PT)
CUMULUS MEDIA INC. and CITADEL BROADCASTING CORP. TODAY (9/13) made it official that they have been notified by the Premerger Notification Office of the FEDERAL TRADE COMMISSION of the early termination of the waiting period under the HART-SCOTT-RODINO ANTITRUST IMPROVEMENTS ACT OF 1976 regarding the review of the pending merger of CUMULUS MEDIA and CITADEL (the "Merger").
The early termination of the waiting period satisfies the condition to the completion of the Merger relating to the expiration or termination of any applicable waiting period under the HSR Act. The Merger remains subject to the approvals by the FCC and the stockholders of CITADEL, as well as other customary closing conditions.
As previously disclosed, CITADEL's special meeting of stockholders to approve the Merger will be held on THURSDAY, SEPT. 15th, 2011, and the deadline for CITADEL's stockholders to make an election with respect to the consideration they wish to receive in the Merger is 5p ET, also on SEPT. 15th, 2011.
As previously announced by the Antitrust Division, pursuant to a settlement with the DOJ, in connection with the completion of the Merger, CUMULUS MEDIA will divest three radio stations in two markets -- FLINT, MI and HARRISBURG, PA.