The blockbuster Cumulus-Citadel deal, announced by Citadel Broadcasting on March 10th has yet to be approved by the FCC yet it's still making headlines. That's what happens when the second largest radio group (Cumulus) spends $1.7 billion and gobbles up an additional 243 radio stations. This monster deal is expected to be finalized by the end of the third quarter of 2011, but there's more to it than that. Citadel shareholders must also approve the deal and that may not be easily done...
Inside Radio reports that a third shareholder has filed a lawsuit against the acquisition in U.S. District Court in Delaware. It alleges the $37 per share cash and stock deal shortchanges Citadel stock owners. Two other suits have been brought in Nevada with similar complaints. And to stir the pot even more, David Field, Entercom CEO told his investors yesterday that his company would have been a better fit for Citadel: "It's no secret we were the other player for Citadel. We were interested. We liked the former ABC stations but not the smaller markets (contained in the package). We bid what we thought was fair." Field bailed when the bidding war became too steep. But Field didn't leave it at that. He also says that he thought the price was no longer a good value for shareholders. "It (Citadel) would have been nice to have but it was not a must have." ...
Field may have been motivated to discuss his near-miss of owning Citadel due to a softer Q2 forecast for Entercom than expected. That or sour grapes. He may have been in it to win it but he didn't. Now it's time to move on...
Timeline Memories:
1872] I am woman hear me roar: Victoria Woodhull becomes the first woman nominated for the U.S. presidency...
1924] Chief Cheech: J.Edgar Hoover is appointed head of the FBI, a post he will hold for48 years or until his death in 1972...
1927] Give me a room with radio: The Hotel Statler in Boston becomes the first hotel to install headsets in each of its 1,300 rooms...
1954] Released on this date: "Rock Around The Clock" is released commercially - promo copies went out on May 6. The first time around Bill Haley & the Comets do not have a hit, charting only for a week. One year later after "Blackboard Jungle" premieres, the song will top the charts in July of 1955...
1970] Faster than a speeding bullet: In one of the greatest sports moments captured on video and in print, Boston Bruins superstar Bobby (#4) Orr flies through the air after taking a pass from Derek Sanderson and putting the puck in the St. Louis net for the winning OT goal that produces an NHL championship for the Bruins...
1974] Netting a championship: Led by the great Dr. J, Julius Erving, the Nets win the first of their 2 NBA titles by defeating Utah. Erving puts up 20 points and grabs 16 boards...
1974] Recorded on this date: "I Shot The Sheriff" - Eric Clapton...
1982] The day that Musicradio died: At 12 noon, Musicradio 77 becomes Talkradio 77. After Dan Ingram joined Ron Lundy for the final Musicradio show, the WABC chime is used for the last time at 11:59:55 am. WABC switched to top 40 in December, 1960 and for 22 years dominated ratings in New York. This was the final DJ lineup on this date in 1982: 5-9 am Ross & Wilson, 9-11:59:55 am Ron Lundy & Dan Ingram. Jay Clark was Operations Manager...
1997] Not so happy trails: The state of Illinois executes convicted serial killer John Wayne Gacy, 52, for the murders of 33 young men and boys...
"Happy Birthday...happy birthday": SNL's Kenan Thompson (33), Bono (Paul Hewson) (51), Chris Berman (56), Donovan (Leitch) (65), Dave Mason (65), CT basketball coach Jim Calhoun (69), Jim Hickman (74), Gary Owens (75) & Pat Summerall (81)...
Timeline Countdown: 20 days until Memorial Day, 40 days until Fathers Day, 43 days until summer & 55 days until July 4th...
