The deal places an enterprise value on Citadel of about $2.4 billion.
Cumulus, in a statement, said it expects to complete the merger by the end of 2011.
Cumulus said it has obtained commitments for up to $500 million in equity financing from Crestview Partners and Macquarie Capital, and commitments from a group of banks for up to $2.525 billion in senior secured credit facilities and $500 million in senior note bridge financing.After the acquisition, Cumulus would own 572 radio stations across about 120 U.S. markets, the company said. -- Written by Joseph Woelfel
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