J
jussomeguy
Guest
CNBC reports Citadel is in advanced negotiations to sell itself to Cumuls.
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The New York Times now says that Citadel is actively participating in the talks:
Citadel Broadcasting, the radio station operator, is in talks to sell itself to a smaller rival, Cumulus Media for $37 a share in cash and stock, people briefed on the matter told DealBook on Thursday, after months of refusing to consider a deal.
Talks between the two companies, which began this week, are ongoing and may still fall apart, one of these people said. One concern of Citadel’s management is that a deal would require a significant amount of debt.
Story at http://dealbook.nytimes.com/2011/02/17/citadel-broadcasting-in-talks-with-cumulus
Citadel Broadcasting, the radio station operator, is in talks to sell itself to a smaller rival, Cumulus Media for $37 a share in cash and stock, people briefed on the matter told DealBook on Thursday, after months of refusing to consider a deal.
Talks between the two companies, which began this week, are ongoing and may still fall apart, one of these people said. One concern of Citadel’s management is that a deal would require a significant amount of debt.
Story at http://dealbook.nytimes.com/2011/02/17/citadel-broadcasting-in-talks-with-cumulus
J
jussomeguy
Guest
DOW JONES NEWSWIRES
Citadel Broadcasting Corp. (CDELA) is in exclusive negotiations to sell itself to Cumulus Media Inc. (CMLS), CNBC's David Faber reported Thursday.
The deal under discussion between the radio companies is being negotiated at $37 a share, $30 of which would be in cash with the remaining $7 in Cumulus stock. Private equity firm Crestview could contribute $500 million in cash to help Cumulus fund the deal, according to Faber.
A person familiar with the discussions confirmed to Dow Jones Newswires that Faber's report was correct.
Earlier this month, hedge-fund manager R2 Investments said it would nominate two members to Citadel's board of directors. R2 has been urging Citadel to pursue a tieup with Cumulus since Cumulus made its bid public late last year.
A spokesman for R2 on Thursday said the firm wouldn't comment. Representatives for Citadel and Cumulus were unavailable for comment.
Citadel Broadcasting Corp. (CDELA) is in exclusive negotiations to sell itself to Cumulus Media Inc. (CMLS), CNBC's David Faber reported Thursday.
The deal under discussion between the radio companies is being negotiated at $37 a share, $30 of which would be in cash with the remaining $7 in Cumulus stock. Private equity firm Crestview could contribute $500 million in cash to help Cumulus fund the deal, according to Faber.
A person familiar with the discussions confirmed to Dow Jones Newswires that Faber's report was correct.
Earlier this month, hedge-fund manager R2 Investments said it would nominate two members to Citadel's board of directors. R2 has been urging Citadel to pursue a tieup with Cumulus since Cumulus made its bid public late last year.
A spokesman for R2 on Thursday said the firm wouldn't comment. Representatives for Citadel and Cumulus were unavailable for comment.
Radio Ink says it is a done deal but not specific if it includes San Franicso, it says 8 of the top 10 markets.
http://www.radioink.com/Article.asp?id=2113378&spid=24698
http://www.radioink.com/Article.asp?id=2113378&spid=24698
How many markets will the merged Cumulus-Citadel have to divest stations in? I remember when Clear Channel merged with AMFM some 10 years ago, there were quite a few markets that had to divest stations (such as Albany, NY... where Clear Channel got WTRY-FM/AM, WXCR (now WKKF), WPYX-FM, WRVE, WGY-AM, and WHRL (now WGY-FM), while Regent Communications (today's Townsquare Media) acquired WQBK-FM, WGNA-FM/AM, WXLE (now WTMM-FM) and WTMM (later spun off and is now WGDJ)) I believe at that time, Albany was Regent's largest market, too... not sure what Townsquare's largest market is now 
Citadel has WABC and WPLJ in NYC. Cumulus has stations in Westchester County one of which is moving its stick to the Bronx.
This may be an opportunity to move, or at least simulcast, KGO on an FM signal, a la KCBS. The question will be which one: KSAN or KFOG?
M
mort guffman
Guest
Give it a few weeks. KGO will have to prove it is capable of attracting anyone under 60 before ***-CIT will trash either FM to simulcast. God Bless KCBS...but the FM share is pretty small. It helps, for sure, but......
M
mort guffman
Guest
AND - Did anybody notice - last PPM - KFOG BEATS KUFX in their home market? These are end times, for sure!
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