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Call Him Big Lew Now. Dickey Closes The Deal With Farid

Radio Ink has confirmed that a deal to purchase Citadel, which includes the radio network and the former ABC-Disney properties and Citadel properties with 550 stations in 120 cities and eight of the top 10 markets has been agreed to. The offer, which was accepted is due to be announced at $37 a share ($30 cash).

The transaction valued at 2.4 billion and 1.5 billion in market equity totaling a $4 billion enterprize value. Radio Ink was unable to reach Lew Dickey of Cumulus or Farid Suleman of Citadel to confirm, however this information, which was leaked internally is believed to be accurate. 

Radio Ink has also learned that there was a fierce battle to purchase Citadel between Cumulus and David Field of Entercom.

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