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Friday, February 18, 2011

Farid Confirms to Employees. We're Out!



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Farid Confirms. we're out! 

In the next step to handing over the Citadel keys to Lew Dickey, Farid Suleman has let Citadel employees in on the plan. Here is a copy of an e-mail just sent out...(read the entire press release at www.radioink.com)
Dear Colleagues,
We just announced that Citadel has entered into exclusive negotiations for a potential merger with Cumulus Media Inc. at a price of $37.00 per share.  A copy of our press release is attached for your information.
It is important for you to understand that we don't know yet whether Citadel and Cumulus will reach a merger agreement, however,  we will do our best to keep you informed.  Citadel's Board of Directors is committed to acting in the best interests of the Company's shareholders, and that is why we have agreed to negotiations with Cumulus.  As always, we will continue to operate our business as usual at Citadel and remain focused on achieving our goals.  We are always appreciative of your hard work and your huge contributions to our success.
Sincerely,
Farid
More details at radioink.com

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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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