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Cumulus Media (NASDAQ:CMLS) will pay $37/share to buy Citadel Broadcasting (OTC:CDELB), valuing...

Mar. 10, 2011 7:28 AM ETCumulus Media Inc. (CMLS) StockCMLSBy: Rachael Granby, SA News Editor

Cumulus Media (NASDAQ:CMLS) will pay $37/share to buy Citadel Broadcasting (OTC:CDELB), valuing Citadel at ~$2.5B. The announcement confirms earlier rumors about a deal and follows Citadel's rejection of a $31/share deal in December. (PR)

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