Jones Day Leads Cumulus In $2.4B Citadel Buy

Law360, New York (March 10, 2011, 12:34 PM EST) -- Atlanta-based broadcaster Cumulus Media Inc. struck a deal Thursday to buy Las Vegas-based Citadel Broadcasting Corp., which recently emerged from bankruptcy, after raising its offer from $2.1 billion to $2.4 billion.

Cumulus Media will acquire all outstanding common stock and warrants of Citadel at a price of $37 per share, it said, adding that it would take on significant debt.

News of the agreement sent Cumulus Media's stock price plunging more than 7.8 percent to $4.70 per share in trading Thursday.

The total amount of cash...
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