Updated 11:20am - ATLANTA -- After three weeks of "exclusive merger negotiations" between Citadel and Cumulus, the latter (and larger) of the two companies announced this morning that the deal is done. Cumulus Media will acquire Citadel Broadcasting, the owner of 225 stations, including four in Syracuse.
LAS VEGAS, NV -- Citadel Broadcasting, the owner of four Syracuse market radio stations, announced Thursday that it is holding "exclusive negotiations for a potential merger with Cumulus Media Inc." Cumulus, the second-largest radio operator in the nation, confirmed the news today.
LAS VEGAS -- Citadel Broadcasting, the owner of more than 200 radio stations including four in Syracuse, has emerged from Chapter 11 bankruptcy protection. According to one published report, Citadel Chairman and CEO Farid Suleman said, "we're glad it's over and we can get on with running the company."
Larry Wilson, chairman of Citadel Communications, has decided to leave the company he founded. With the recent hiring of Infinity's Farid Suleman to head the day-to-day operations of the radio group, there was little room at the top for Wilson.
In a surprise move yesterday, it was announced that Farid Suleman is leaving his position as head of Infinity Broadcasting to run Citadel Communications.