PE to Back Merger of Radio Broadcasters

Crestview Partners and Macquarie Capital are expected to provide up to $500 million of equity to support a possible acquisition of Citadel Broadcasting by Cumulus Media (NASDAQ: CMLS). The two radio broadcasters have agreed to hold exclusive negotiations. Cumulus has proposed paying $37, in a combination of cash and Cumulus stock, per Citadel share and warrant, which puts the total deal value at over $2.4 billion.