ATLANTA ( TheStreet) -- Cumulus Media ( CMLS), the radio broadcaster, agreed to buy Citadel Broadcasting for cash and stock valued at $37 a share.

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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