ATLANTA — The merger between Cumulus and Citadel is all but complete. Citadel stockholders and the FCC approved the merger today, following the Department of Justice’s early termination of an anti-trust “waiting period” on Tuesday. All that’s left is for the official closing of the deal — and that’s expected to happen tomorrow. Citadel owns four Syracuse radio stations. The merged company will keep the Cumulus name.
Original Coverage from 9/13/11
Feds Approve Cumulus / Citadel Merger Plan
Updated 9/15 — ATLANTA — It was no surprise when Cumulus and Citadel announced merger plans in March, considering the companies announced they were “in talks” a month earlier. Likewise, it was no surprise today that federal regulators gave the deal a green light to proceed. Stockholders of Citadel, which owns four Syracuse radio stations, are expected to approve the merger on Thursday.
In a press release issued today, Cumulus says Thursday’s expected approval will also give Citadel stockholders the chance “to make an election with respect to the consideration they wish to receive in the Merger.” Earlier, the Department of Justice gave its approval, under the condition that the merged company will divest one Michigan radio station and two in Pennsylvania.
Aside from Thursday’s meeting of Citadel stockholders, Cumulus says the deal still requires approval from the Federal Communications Commission and it must satisfy “other customary closing conditions.” Update 9/15: The FCC has also approved the merger.
In Syracuse, Citadel owns top-40 station 93Q (WNTQ), rocker 95X (WAQX), news/talk 105.9 The Big Talker (WXTL) and sports-talk The Score 1260 (WSKO). The company owns more than 210 stations nationwide. Post-merger, the entire company will retain the Cumulus name, with about 570 stations in 120 markets, including eight out of the nation’s top ten.
There’s still no firm date for a closing, but both sides have previously said they had been hoping to close the deal in the fourth quarter of this year.