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Thursday, February 17, 2011

CORRECTED-BRIEF-Citadel Broadcasting starts merger talks with Cumulus

Citadel Broadcasting Corp : * Enters into exclusive negotiations with Cumulus Media regarding $37.00 per share merger proposal * Cumulus expects to get remainder of cash necessary to fund transaction through debt financing to be led by UBS investment bank * Cumulus indicated Crestview Partners, Macquarie Capital to provide up to $500 million equity financing * Under terms, Cumulus would pay $37.00, in a combination of cash and Cumulus stock, for each Citadel share and warrant

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