Exhibit 99.1
Cumulus Media Inc. and Citadel Broadcasting Corporation Announce
Extension of Election Deadline for Citadel Securityholders to September 15, 2011
ATLANTA and LAS VEGAS – September 9, 2011 – (BUSINESS WIRE) – Cumulus Media Inc. (“Cumulus Media”) (NASDAQ: CMLS) and Citadel Broadcasting Corporation (“Citadel”) (OTC Link on the OTCQB tier: CDELA, CDELB, & CDDGW) today announced the extension of the deadline for holders of Citadel common stock or warrants to purchase Citadel common stock (together, “Citadel Securityholders”) to deliver their election forms to elect the form of consideration they wish to receive in the previously announced merger of a subsidiary of Cumulus Media with and into Citadel, pursuant to which Citadel will become an indirect wholly-owned subsidiary of Cumulus Media (the “Merger”), to U.S. Bank National Association, as exchange agent (the “Exchange Agent”), to 5:00 p.m., New York City time, on Thursday, September 15, 2011, unless further extended (such date and time, as it may be extended, the “Election Deadline”).
With this extension, the Election Deadline now corresponds with the date of the special meeting of Citadel’s stockholders to approve the Merger.
Questions or requests for assistance, or requests for additional copies of election materials, may be directed to Georgeson Inc., the information agent for Cumulus Media in connection with the Merger (the “Information Agent”).
The Information Agent for Cumulus Media in the Merger is:
Banks and Brokers Call: (212) 440-9800
All Others Toll Free: (888) 624-7035
A description of the merger consideration and the proration procedures which may be applicable to elections is contained in the information statement/proxy statement/prospectus, dated August 8, 2011, and first mailed to Citadel Securityholders on or about August 8, 2011. Citadel Securityholders are urged to read the information statement/proxy statement/prospectus carefully and in its entirety. Copies of the information statement/proxy statement/prospectus may be obtained for free by following the instructions below under “Additional Information.”
About Cumulus Media
Cumulus Media Inc. is the second largest radio broadcaster in the United States based on station count, controlling approximately 346 radio stations in 68 U.S. media markets. Cumulus Media believes it is the fourth largest radio broadcast company in the United States based on net revenues. Cumulus Media’s headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com.
About Citadel
Citadel Broadcasting Corporation is the third largest radio group in the United States based on revenues, with a national footprint reaching more than 50 markets. Citadel is comprised of 166 FM stations and 59 AM stations in the nation’s leading markets, in addition to owning and operating the Citadel Media business, which is among the largest radio networks in the U.S. For more information, visit www.citadelbroadcasting.com.
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Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements are statements other than historical fact, and include statements relating to, among other things, the pending merger of Cumulus Media and Citadel, including the timing of the completion thereof. Actual results could differ materially from those predicted in any such forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Such factors, include, but are not limited to, the possibility that the Merger is not consummated for any reason, including the failure to obtain necessary regulatory or stockholder approvals or to satisfy any other conditions to the Merger, failure to realize the expected benefits of the Merger, and general economic and business conditions that may affect the companies before or following the Merger. For additional information regarding risks and uncertainties associated with Cumulus Media and Citadel, see Cumulus Media’s and Citadel’s filings with the Securities and Exchange Commission (the “SEC”), including their respective annual reports on Form 10-K for the year ended December 31, 2010 and their respective subsequently filed periodic and other reports. Cumulus Media and Citadel assume no responsibility to update the forward-looking statements contained in this release as a result of new information, future events or otherwise.
Additional Information
This press release is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of Citadel or Cumulus Media. Cumulus Media has filed a registration statement on Form S-4 (SEC File No. 333-175477), which includes a joint information statement of Cumulus Media and proxy statement of Citadel, with the SEC in connection with the Merger. INVESTORS AND SECURITYHOLDERS ARE URGED TO READ THAT FILING, AND ANY OTHER FILINGS THAT MAY BE MADE WITH THE SEC IN CONNECTION WITH THE MERGER WHEN THEY BECOME AVAILABLE, AS THEY CONTAIN, AND WILL CONTAIN, IMPORTANT INFORMATION ABOUT THE MERGER. Those documents as well as Cumulus Media’s and Citadel’s other public filings with the SEC may be obtained without charge at the SEC’s website at www.sec.gov and, for Cumulus Media’s filings, at Cumulus Media’s website at www.cumulus.com or, for Citadel’s filings, at Citadel’s website at www.citadelbroadcasting.com
Contact:
Cumulus Media Inc.
J.P. Hannan 404-260-6671
Senior Vice President, Treasurer & Chief Financial Officer
jp.hannan@cumulus.com
Citadel Broadcasting Corporation
Patricia Stratford
212-297-5860
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