Citadel Shareholders Vote Yes On Cumulus Merger
September 15, 2011 at 7:32 AM (PT)
At a special meeting of CITADEL BROADCASTING shareholders in NEW YORK this morning, the merger between CITADEL and CUMULUS MEDIA was approved.
CITADEL BROADCASTING CORP. holders of Class A common stock and Class B common stock have voted to approve CITADEL's proposed merger with an indirect wholly-owned subsidiary of CUMULUS MEDIA INC.
The merger agreement has been adopted by 78.51% of the outstanding shares of CITADEL Class A common stock and Class B common stock voting as a single class and 88.86% of the Class A and Class B shares of common stock voting.
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.