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Cumulus Acquisition of Citadel Broadcasting Tops 2011 Deals

Despite 75% Increase in Station Sales Activity, Mega-Merger Tops All Other 2011 Transactions Combined

Charleston, SC, January 20, 2012 --( The acquisition of Citadel Broadcasting by Cumulus Media (CMLS) for $2.55 billion topped all other 2011 radio station sales combined, according to figures released today by

Atlanta-based Cumulus—the second largest radio group--added 240 stations when the deal was closed September 16, increasing its total to 590 outlets nationwide.

Station trading outside the Cumulus/Citadel transaction was up sharply in 2011, increasing 75% to 233 stations from 2010’s total of 133.

Dollar volume increased dramatically to more than $4 billion on the strength of the Cumulus deal along with Hubbard Broadcasting’s purchase of 17 big-city stations from Bonneville International for $505 million.

For the first time in 2011, FM station "stick" value, based on the number of listeners in its primary service area, was higher on a per-head basis for small market stations than metro facilities. “We had been noticing this trend throughout the year,” said Andrew Guest of RadioValuations.Com, “but it still takes a mental adjustment from years past that a listener in rural Iowa can be worth more at sale time than a listener in a major city.”

Clear Channel Communications remains the largest radio owner with 850 stations in 150 markets. The company divested 12 small to medium market stations in 2011 to comply with FCC market ownership limitations. It also donated two AM stations to the Minority Media and Telecommunications Council.

About Radio Valuations, LLC
Radio provides valuation estimates of radio stations for financial institutions and station owners. It is an affiliate of Guest Media Technology, LLC, Mount Pleasant (Charleston), SC, whose other services include radio station brokerage and FM signal-improvement consultation. (843)606-2012, (843)743-5336,

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Guest Media Technology LLC
Andrew Guest

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