There is word today that Citadel Broadcasting, anchored in New York by WABC-AM, is in negotiations to sell itself to Cumulus Media.
CNBC’s David Faber was the first to break the story today.
He says the deal would be at $37 a share, with $30 in cash and the remaining $7 in Cumulus stock.
CNBC’s Faber adds that in December, Cumulus, led by its CEO Lou Dickie, made an offer of around $31 a share for Citadel, which ultimately was rejected by the company.
Since then, CNBC’s Faber reports, Citadel has been in what he deems “auction mode.”
CNBC’s Faber says he doesn’t expect the exclusive negotiations to linger for a long period of time.
The closest Cumulus get to reaching New York City is WFAS in Westchester and a pair of a stations in Bridgeport, CT.