FTC, DOJ Approve Pending Cumulus, Citadel Merger
| RADIO ONLINE | Tuesday, September 13, 2011 | 2:24pm CT |
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Cumulus Media and Citadel Broadcasting have announced that each company has been notified by the Premerger Notification Office of the FTC regarding the early termination of the waiting period under the Hart-Scott-Rodino Antitrust Act satisfying the condition to the complete the pending merger of the two broadcasters. The merger remains subject to the approvals by the FCC and the stockholders of Citadel.
As previously disclosed, Citadel's special meeting of stockholders to approve the merger will be held on September 15, and the deadline for Citadel's stockholders to make an election with respect to the consideration they wish to receive in the merger is 5pm ET, also on September 15.
As previously announced by the Antitrust Division of the U.S. Department of Justice has signed off on the deal, pursuant to a settlement with the DOJ, in in which Cumulus Media will divest three radio stations in two markets -- Flint, MI and Harrisburg, PA.
