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.
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