TVNewser FishbowlDC AgencySpy TVSpy LostRemote PRNewser SocialTimes AllFacebook 10,000 Words GalleyCat UnBeige MediaJobsDaily

CNBC Reports Citadel In Negotiations With Cumulus

There is word today that Citadel Broadcasting, anchored in New York by WABC-AM, is in negotiations to sell itself to Cumulus Media.

CNBC’s David Faber was the first to break the story today.

He says the deal would be at $37 a share, with $30 in cash and the remaining $7 in Cumulus stock.  

CNBC’s Faber adds that in December, Cumulus, led by its CEO Lou Dickie, made an offer of around $31 a share for Citadel, which ultimately was rejected by the company. 

Since then, CNBC’s Faber reports, Citadel has been in what he deems “auction mode.”

CNBC’s Faber says he doesn’t expect the exclusive negotiations to linger for a long period of time.

The closest Cumulus get to reaching New York City is WFAS in Westchester and a pair of a stations in Bridgeport, CT.

Mediabistro Course

Pitch Your Magazine Article

Pitch Your Magazine ArticleStarting October 1, learn how to write queries for magazines and websites! In this course, you'll learn how to write and send an effective pitch, generate pitch letters, research outlets for your articles, and follow-up with editors to ensure that your queries get results. Register now!