Georgia-based Cumulus Media is seeking to acquire U.S. radio broadcaster, Citadel Broadcasting, for $2.4 billion, The Wall Street Journal reports. Crestview Partners and Macquarie Capital are likely to invest $500 million in cash to help Cumulus fund the deal, while the remainder will be funded through debt financing. The deal will let Citadel shareholders elect to receive either cash or Cumulus stock for their shares, with up to $1 billion being paid in cash. Nevada-based Citadel had rejected a $1.4 billion offer made by Cumulus in November. JP Morgan and Lazard are financial advisers to Citadel, while UBS Investment Bank is advising Cumulus on the deal.
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