Cumulus/Citadel Deal Gets The OK From The FCC
September 14, 2011 at 12:49 PM (PT)
The FCC has given a thumbs-up to the $2 billion plus buyout of CITADEL BROADCASTING by CUMULUS MEDIA. Expect the deal to close TOMORROW (9/14) or FRIDAY.
The FCC wrote, "THE MEDIA BUREAU has under consideration the captioned transfer and assignment applications, as amended,1 in connection with a proposed transaction whereby a wholly-owned subsidiary of CUMULUS MEDIA, INC. will acquire control of CITADEL BROADCASTING CORPORATION. The Applications contemplate a transfer of control of 228 radio stations currently licensed to the CITADEL SUBSIDIARIES to CMI. Pursuant to the Agreement and Plan of Merger between the parties, CITADEL will become a wholly-owned subsidiary of CMI. In addition, because of the proposed distribution of CMI stock to current CITADEL stockholders and to new investors in CMI as described below, CRESTVIEW RADIO INVESTORS, LLC investors acquiring stock through MIHI, LLC, and investors acquiring stock through UBS SECURITIES, LLC the new stockholders will acquire control of CMI from its current owners."
Read the FCC filing here..