Cumulus Media (CMLS +2.6%) confirms it made an unsolicited offer near $1.4B to buy No. 3 U.S....

|About: Cumulus Media Inc. (CMLS)|By:, SA News Editor

Cumulus Media (CMLS +2.6%) confirms it made an unsolicited offer near $1.4B to buy No. 3 U.S. radio-station owner Citadel Broadcasting (CDELB.PK +4.3%), and reiterated the offer yesterday after being spurned last month. Citadel exited bankruptcy protection in June and can mull a cash-or-stock offer of $31/share.