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Radio Ink has confirmed that a deal to purchase Citadel, which includes the radio network and the former ABC-Disney properties and Citadel properties with 550 stations in 120 cities and eight of the top 10 markets has been agreed to. The offer, which was accepted is due to be announced at $37 a share ($30 cash).

The transaction valued at 2.4 billion and 1.5 billion in market equity totaling a $4 billion enterprize value. Radio Ink was unable to reach Lew Dickey of Cumulus or Farid Suleman of Citadel to confirm, however this information, which was leaked internally is believed to be accurate. 

Radio Ink has also learned that there was a fierce battle to purchase Citadel between Cumulus and David Field of Entercom.

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- NY

(2/17/2011 11:55:12 PM) Cumulus is taking on a massive headache just to satisfy their egos.the rich screwing the soon to be laid-off employees and the cannibalization of its markets. But hey, who cares, this is america, screw as many as you can!

- Joe

(2/17/2011 9:17:10 PM) As a radio sales guy, (not a Citadel empoyee) I would be worried that my local talent might be fighting for their jobs. That makes it tough on me as I sell these people everyday to bring in revenue. Live spots, remote broadcasts etc. I hope for those Citadel guys, this is not a problem.

- Fred

(2/17/2011 5:20:19 PM) Cumulus will choke on the ABC properties just like Citadel did. Overpaid, in too many markets for management to create value. Cumulus will slowy sell stations to keep debt down.

- Bobby Smith

(2/17/2011 3:10:13 PM) This is big!

- Billy Craig

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