News: (Radio) Cumulus Acquires Citadel

A few months ago I had no idea what nor who Cumulus Media and Citadel Broadcasting Corporation were. In all my ignorance I thought most (all) radio stations were owned by Clear Channel and Radio One. Fast forward to my more enlightened days and the big radio news of the day is that Cumulus Media has acquired Citadel Broadcasting which is valued at $2.4 billion. In the acquisition Cumulus will gain 225 radio stations in over 50 markets; bringing Cumulus’ total number of stations to 572 in 120 U.S. markets including 8 of the top 10 markets. Cumulus Media’s Chairman and CEO made the following statement:

This transaction uniquely positions CUMULUS to compete more effectively in today’s rapidly changing media environment. In the digital age, scale is essential in order to make the necessary investments in content and technology required to compete against new media. With 120 markets, 570 stations and a fully-distributed network, we will now have that critical mass. We look forward to working with and learning from the talented team at CITADEL as we combine these two great companies. -Lew Dickey

For more info check out ALLACCESS.COM

-Dee Free