September 13, 2011: Cumulus Media and Citadel Broadcasting announce that the Department of Justice has wound up its antitrust review of their upcoming merger. As Radio Ink earlier reported, the DOJ's approval was contingent on a settlement that has Cumulus spinning off three stations -- two in Harrisburg, PA, and one in Flint, MI. Cumulus already has two Harrisburg stations in trust.
The merger is also subject to FCC approval, and it's expected that will be granted shortly. Citadel will hold a special meeting of shareholders on September 15 to vote on the deal.
Additionally, the FTC has notified Citadel and Cumulus of the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act regarding the merger. The early end of the waiting period satisfies a merger condition relating to the expiration of any applicable waiting period under the HSR Act.
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