UPDATE: FCC Sees Through the Clouds; Okays Cumulus' Citadel Purchase

Image via WikipediaTwo radio giants have cleared the last hurdle to their merger as the Federal Communications Commission gave its blessing to Cumulus Media, Inc.'s acquisition of Citadel Broadcasting Corp., the Associated Press reports.

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.