Cumulus to buy radio rival Citadel Broadcasting

Cumulus Media is buying Citadel Broadcasting in a $1.7 billion deal that would unite two of the nation's largest radio station owners.

Cumulus Media Inc. said Thursday it is paying $37 per share for Citadel Broadcasting Corp.

Cumulus says the enterprise value of the deal including assumed debt is $2.4 billion.

Atlanta-based Cumulus says it would own 572 radio stations across about 120 U.S. markets once the deal closes. It will remain the No. 2 radio station owner in the U.S. behind Clear Channel, which owns more than 800 stations.

Las Vegas-based Citadel had previously rejected a $31 a share offer from Cumulus.