December 6th, 2010 
joel 
Citadel Broadcasting Corporation
The troubled parent company of Classy 100 and Country 98 has rejected two offers for merger with radio heavyweight Cumulus Media, according to a report this morning on the New York Times DealBook blog.
The board of Citadel Broadcasting, America’s number three radio operator and corporate owner of WXKC/WXTA/WQHZ/WRIE in Erie, rejected the offers as bad for the shareholders of the privately-held company:
In a Dec. 6 filing, Citadel revealed it was a takeover target of an unnamed third party. DealBook has learned that the third party was Cumulus Media, according to two people familiar with the offer who were not authorized to talk. In early November, Citadel received “an unsolicited letter from a third party proposing a merger transaction,” the company said in the filing. The board quickly rejected the offer.
A few weeks later on Nov. 29, Cumulus Media, whose chief executive is Lewis W. Dickey Jr., raised the offer. The board rejected the revised bid, saying it was not in the best interest of shareholders, according the filing.
The offers come just months after Citadel worked its way out of bankruptcy protection in June, complete with an attempted massive $110 million stock payout to top executives and board members. Management has since dropped the stock awards.
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Deep Background for October 18-24, 2009
I’m dedicating this weeks open comment forum to The Balloon Boy, who while hanging out in a corrugated cardboard box in the garage attic of his suburban Denver home, sent the entire domestic news media complex into total hysteria.
Of course, even as we can ridicule the 24-hour cable channels for their lack of skepticism and journalistic depth during the developing story, they were in a no-win situation, as they couldn’t afford to not cover it.
We look under rocks here on Deep Background as a place to sound off or share the latest scoop in our media surroundings here in Erie. If you wish to private message me, send an e-mail to joel@nataliemedia.com or tweet @pressandtower.
Embrace the chaos!