September 15, 2011: Cumulus Media and Citadel Broadcasting will become one, as Citadel shareholders approved the cash and stock deal to merge with Cumulus at a special meeting this morning in New York.
Citadel said in its announcement, "The merger agreement has been adopted by 78.51 percent of the outstanding shares of Citadel Class A common stock and Class B common stock voting as a single class and 88.86 percent of the Class A and Class B shares of common stock voting."
The Department of Justice announced earlier this week that it had completed its antitrust review of the transaction, and the FCC gave its OK yesterday. Cumulus will spin off 15 stations to meet regulators' conditions.
The merger is scheduled to close tomorrow.
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