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.
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