
WXKC/Classy 100's parent is sold to Cumulus Media
Nearly half of Erie’s radio stations are about to answer to a new boss. According to a flash report Thursday afternoon on RadioInk.com:
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 enterprise value.
The magazine was unable to get comment from the major players, but internal communication confirmed the sale.
This puts the nation’s second largest radio owner in charge of four stations licensed in Erie County, including WXKC/Erie (Classy 100), WXTA/Edinboro (Country 98), WQHZ/Erie (Z102.3), and WRIE/Erie (ESPN 1260 The Score). Citadel Broadcasting prided itself as the largest “pure-play” radio operator in America, and recently emerged from bankruptcy protection last summer. As we have reported over several months, Cumulus has had its eye on the group for a takeover, hostile or otherwise.
As of this afternoon, there is no official word of the sale from either party.

February 17th, 2011
joel
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