DOJ Completes Antitrust Review of Pending Cumulus/Citadel Merger
Sep 15, 2011 9:28 AM
Atlanta and Las Vegas - Sep 14, 2011 - Cumulus Media Inc. and Citadel Broadcasting Corporation have been notified by the Premerger Notification Office of the Federal Trade Commission of the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 regarding the review of the pending merger of Cumulus Media and Citadel.
The early termination of the waiting period satisfies the condition to the completion of the Merger relating to the expiration or termination of any applicable waiting period under the HSR Act. The Merger remains subject to the approvals by the Federal Communications Commission and the stockholders of Citadel, as well as other customary closing conditions. Citadel's special meeting of stockholders to approve the merger will be held on Sept. 15, 2011, and the deadline for Citadel's stockholders to make an election with respect to the consideration they wish to receive in the merger is 5 p.m., ET that same day.
In connection with the completion of the merger, Cumulus will divest three radio stations in two markets (Flint, MI, and Harrisburg, PA).
Citadel Broadcasting has entered into an agreement providing for exclusive negotiations for a potential merger with Cumulus Media....
The transaction completes the ownership transfer of 32 radio stations in nine markets, including San Francisco, Dallas, Houston, Atlanta, Cincinnati, Indianapolis and Kansas City....