Cumulus Purchases Citadel; Possible Layoffs

Cumulus Media has agreed to purchase Citadel Broadcasting, parent company of more than 200 radio stations across the country, for $2.5 billion in cash and stock, reports Phil Rosenthal at Tower Ticker.

Cumulus has already said it expects to find $50 million in “efficiencies” after the deal, which raises the question of how many of Citadel’s 4,000 employees will still be with the company after the dust settles.