(NEW YORK) -- There’s a new merger in the radio industry.
Cumulus Media announced on Friday that it has completed its purchase of Citadel Broadcasting. With the deal, Cumulus will broaden its reach -- owning or operating more than 570 radio stations in 120 markets across the country.
As part of the deal, Cumulus also acquires the former ABC Radio Networks, which supply programming to more than 4,000 stations.
Cumulus expects to pay more than $1.4 billion in cash and issue more than 20 million Class A common stock shares.
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