Cumulus Media will acquire all the outstanding common shares and warrants of U.S. broadcast holding company, Citadel Broadcasting. The AM and FM radio stations owner and operator will pay about $2.4 billion for the acquisition. As a part of the agreement, the buyer will buy all the shares of Citadel at a price of $37 per share., Cumulus has secured up to $500 million in cash to finance the deal from Crestview Partners and Macquarie Capital, along with up to $3.025 billion in debt financing. UBS Investment Bank and Macquarie Capital are the lead financial advisors to Cumulus.
Click here for the release from Cumulus Media.