Cumulus, the nation's second largest radio broadcaster, acquired Citadel, the third-largest, in a combined cash and stock deal that involved a $37 a share offer for Citadel (see "TUOL" post 3/11/11). Clear Channel Communications, Inc. still heads the pack as the largest radio broadcaster in the U.S. with more than 800 radio stations.
Citadel emerged from Chapter 11 bankruptcy reorganization in December 2009. Cumulus boasts 570 radio stations in 120 markets nationwide. Cumulus (CMLS) is trading today on the NASDAQ at $2.45 a share.
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