PE Backing Radio Merger

Crestview Partners and Macquarie Capital are backing the $2.4 billion acquisition of Citadel Broadcasting by Cumulus Media (NASDAQ: CMLS). The two firms have committed to provide up to $500 million of equity to Cumulus. Additionally, Cumulus has secured commitments for up to $3.025 billion of debt financing, consisting of senior secured credit facilities and senior note bridge financing. For each share of Citadel common stock, Citadel stockholders will be able to elect to receive $37 in cash or 8.525 shares of Cumulus Class A common stock. Citadel and Cumulus are both radio broadcasters.