Report: Citadel Received Two Merger Offers

Two Merger Offers Reported

CITADEL BROADCASTING said it rejected two unsolicited merger offers from an undisclosed party. THE NEW YORK TIMES is reporting the two offers were both from CUMULUS MEDIA.

CITADEL received a proposal for a 'merger transaction' early last month and an 'improved' bid NOVEMBER 29th, according to a regulatory filing. BUSINESSWEEK writes, "Its board rejected both offers as not in shareholders’ best interests. THE NEW YORK TIMES reported that the bidder was CUMULUS MEDIA INC. PATRICIA STRATFORD, a spokeswoman for CITADEL, didn’t immediately return a call seeking comment. CUMULUS Chief Financial Officer J.P. HANNAN also didn’t immediately respond."

CITADEL exited bankruptcy protection JUNE 3rd (NET NEWS 6/3).

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