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Cumulus Acquisition Approved

DOJ clears Citadel sale, with a catch

The Dept. of Justice’s Antitrust Division has cleared Cumulus Media to proceed in its acquisition of Citadel Broadcasting so long as it meets a couple of divestiture requests.

The stock and cash deal, valued at app. $37 per Citadel share and estimated to be around $2.4 billion, will put together a radio broadcasting entity of app. 570 stations. The DOJ’s conditions are that Cumulus sell two stations in Harrisburg, Pa. and one in Flint, Mich, where both companies have competing stations and their cumulative ad position was estimated to over 40% of the market.

Upon meeting those conditions the DOJ will retract its recently filed lawsuit opposing the acquisition.