The FCC has okayed the more than $2 billion Cumulus Media buyout of Citadel Broadcasting. The deal could close as soon as Friday.
A wholly-owned subsidiary of Cumulus Media, Inc. will acquire control of Citadel Broadcasting Corp. The parties contemplate a transfer of control of 228 radio stations currently licensed to the Citadel subsidiaries to CMI, stated the commission in its decision.
Because the proposed transaction involves a greater-than-50% change in the stock ownership of CMI and a transfer of control of CMI’s 339 radio stations and Citadel’s 228 radio stations, the parties sought commission approval of a substantial change in ownership. The FCC has approved the deal, conditioned with the transfer of 14 stations into a trust.