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Tuesday, August 16, 2011

Citadel is “still on target to close by the end of the year” with Cumulus

Citadel Media Citadel CEO Farid Suleman tells Monday's quarterly call that “we don’t see any problems” getting the deal closed. There are side-by-side September 15 shareholder meetings of both companies. But the $2.4 billion deal still needs approvals from the FCC, and it must pass through the Hart-Scott-Rodino test at the Department of Justice, which might lay conditions on the merger. There has been speculation that the deal might actually close just after the shareholder meetings, but Citadel is cautiously saying "by the end of the year."

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