Cumulus Media Inc agreed to buy rival Citadel Broadcasting Corp with a sweetened bid of about $2.4 billion, nearly three months after its $1 billion bid was rejected by the radio broadcaster. The deal will help Cumulus gain the mass necessary to compete and invest in the local digital media marketplace, the company said in a statement. The transaction, which brings together the No. 2 and No. 3 players in the market, would take Cumulus's total count of radio stations to 572, but still below the roughly 800 radio stations owned by market leader and privately held Clear Channel Communications.
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