Cumulus Media Inc said it agreed to buy smaller rival Citadel Broadcasting Corp for about $2.4 billion, about three months after the radio broadcaster rejected an unsolicited Cumulus offer of about $1 billion. Cumulus, which expects the deal to close by the end of 2011, said the transaction will be accretive relative to its current adjusted EBITDA trading multiple. Citadel shareholders can elect to get $37.00 per share or 8.525 shares of Cumulus common stock for each share held, Cumulus said.
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