UPDATE, THURSDAY AM: Citadel stockholders approved the merger with Cumulus this morning, the last hurdle in the process. The deal is set to close Friday.
ATLANTA & LAS VEGAS–(BUSINESS WIRE)–Cumulus Media Inc. (“Cumulus Media”) (NASDAQ: CMLS) and Citadel Broadcasting Corporation (“Citadel”) (OTCQB: CDELA) (OTCQB: CDELB) (OTCQB: CDDGW) today announced that the Federal Communications Commission (“FCC”) has approved the pending merger of a wholly-owned indirect subsidiary of Cumulus Media and Citadel (the “Merger”). With this approval and the previously announced termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”), Cumulus Media and Citadel have now received all required regulatory approvals in connection with the Merger. As previously disclosed, in connection with the termination of the waiting period under the HSR Act, Cumulus Media will divest three radio stations in two markets – Flint, Michigan and Harrisburg, Pennsylvania. The Merger remains subject to approval by the stockholders of Citadel, as well as other customary closing conditions.
Also as previously disclosed, Citadel’s special meeting of stockholders to approve the Merger will be held on Thursday, September 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 5:00 p.m., New York City time, also on September 15, 2011.