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Crestview Partners to Provide Financing for Cumulus Media Acquisition of Citadel Broadcasting
Paul, Weiss advised Crestview Partners in connection with its commitment, with Macquarie Capital, to provide up to $500 million in equity financing to Cumulus Media Inc. as part of its definitive merger agreement with Citadel Broadcasting Corporation. Cumulus also received commitments for up to $3.025 billion in debt financing and expects to refinance all of the outstanding debt of Cumulus, Cumulus Media Partners LLC and Citadel as part of the transaction.
The merger agreement with Citadel provides for Cumulus to acquire Citadel in a cash-and-stock transaction. The terms of the transaction, which is expected to close by the end of the year, have been unanimously approved by the board of directors of both companies.
The Paul, Weiss team advising Crestview Partners includes corporate partners Neil Goldman, Dale M. Sarro and Kenneth M. Schneider, and counsel Stephen K. Koo. Tax assistance was provided by Richard J. Bronstein.