Consolidation may not be dead yet in radio. Cumulus Media, the second largest radio group (in station count) isn’t giving up on its run for Citadel Broadcasting Corp., the third largest group. Going public with its offer, Cumulus confirmed Friday (Dec. 17) that it offered $31 a share for the radio group, valued at $2.1 billion.
Citadel’s board of directors has so far rejected two bids from Cumulus made in November.
Encouraged by R2 Investments, one of Citadel’s lenders who helped the group emerge from bankruptcy in June, Cumulus decided to write to Citadel’s board of directors and make it public.
“We
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