Citadel Broadcasting (CDELB.PK +14.7%) is in exclusive negotiations to sell itself to Cumulus...

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

Citadel Broadcasting (CDELB.PK +14.7%) is in exclusive negotiations to sell itself to Cumulus Media (CMLS +13%) in a $37/share deal, CNBC's David Faber reports. The deal would be highly leveraged, requiring Cumulus, with a $200M market cap, to finance a cash payment of more than $1B. Citadel rejected a $31/share deal in December.