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cumulus/citadel announcement could come next week. |
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Reuters is confirming the Cumulus/Citadel deal we reported to you 2 weeks ago. The report today says that Cumulus has begun pre-marketing a roughly $2 billion debt package to back its potential acquisition of Citadel Broadcasting, according to several sources familiar with the deal. The acquisition announcement could come as soon as next week, accompanied by the launch of both loans and bonds that would make up the total debt financing, according to Reuters."If the acquisition were to occur, it would trigger a change in control provision with a take-out at 107.75 for 35 percent of the bonds, with the remaining portion being offered at 50bp above Treasury, sources noted."
Read the Entire Story HERE Our 2/17/2011 Story About The Deal
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Radio Ink has confirmed that a deal to purchase Citadel, which includes the radio network and the former ABC-Disney properties and Citadel properties with 550 stations in 120 cities and eight of the top 10 markets has been agreed to. The offer, which was accepted is due to be announced at $37 a share ($30 cash).
The transaction valued at 2.4 billion and 1.5 billion in market equity totaling a $4 billion enterprize value. Radio Ink was unable to reach Lew Dickey of Cumulus or Farid Suleman of Citadel to confirm, however this information, which was leaked internally is believed to be accurate.
Radio Ink has also learned that there was a fierce battle to purchase Citadel between Cumulus and David Field of Entercom. Late last year Citadel rejected a $31.00 per share offer from Cumulus. More details will soon be posted to wwwRadioink.com
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| Radio Ink |
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The agenda for Radio Ink's Convergence 2011 is now online. Watch for more information, including speakers, panel participants, and other exciting conference news, to be posted often. Click the headline for the agenda, or click here to register for Convergence, set for May 18-19 at the Microsoft Silicon Valley Campus. |
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Radio Ink debuts the Mighty Red II, bringing back the little HD radio with mighty HD sound. New features on the Mighty Red II include Artist Experience -- cover art, artist info, and more -- onscreen ads that can be synced with audio, Live Pause, and song and ad Bookmarking. It's a great gift for clients to show them what's really possible with HD Radio. Click the headline to order now. |
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PastBlast, the new iPad app from Radio Ink is available now in the Apple App Store. Historical audio, photos, and more from every era of radio's history, with navigation through a beautiful, fully equipped retro radio studio. Click the headline to see it, or get it here. |
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The economy is slowly turning around, and broadcasters are beginning to hire again. Put your name in front of the industry with a free listing in Radio Pros Available. And we'll be happy to post your aircheck or demo, or a link to your website. Click the headline to learn more. |
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