Cumulus Media's takeover of Citadel Broadcasting became official yesterday. The deal gives Citadel shareholders $37 in cash or 8.525 shares of Cumulus (NASDAQ: CMLS) stock per share of Citadel (PINK: CDELA) stock, valuing Citadel at $2.4 billion.
Citadel has a pair of Nashville stations: country's 103.3 WKDF and sports-talk station 104.5 The Zone. Cumulus' Nashville properties include adult urban-contemporary WQQK 92.1, classic hits WRQQ 97.1, talk radio's WWTN 99.7, the iconic WSM-FM 95.5 and Top 40 station WNFN 106.7, whose call letters belie its start as a sports-talk competitor to The Zone.
If Citadel does not wish to broadcast the Programs, then the TITANS can and will provide that opportunity to another broadcaster. However, if the TITANS have to find someone other than CITADEL to broadcast the Programs, they need to begin that process immediately.
During the fall 2009 Arbitron radio ratings period, 104.5 The Zone was the seventh-most listened-to radio station in the Nashville area among listeners 12-plus. 97.1 RQQ came in 16th place, making it the lowest-rated full-power commercial radio station in Middle Tennessee.