Cumulus Media Inc. is negotiating to purchase Citadel Broadcasting Corp, the nation’s third-largest radio broadcaster, The Wall Street Journal reported.

The proposed deal, valued at more than $2.4 billion, would create a combined company with more than 570 radio stations in the United States, placing it in the No. 2 spot behind Clear Channel Communications Inc., the country’s largest radio broadcaster with more than 800 stations.

Cumulus owns 350 radio stations in 65 markets, including four in Iowa: Cedar Rapids, Davenport, Dubuque and Waterloo. Citadel, which operates 225 stations in more than 50 U.S. markets, has five stations in the Des Moines area: KBGG, KGGO, KHKI, KJJY and KWQW.

“We are in an exclusive negotiating period,” J.P. Hannan, Cumulus’ chief financial officer, told the Business Record. “We hope to get this wrapped up shortly; it’s still an active negotiation.”

Citadel, which filed for Chapter 11 bankruptcy protection in December 2009, as a result of massive debt and falling advertising revenues, emerged in June under the ownership of its lenders, including J.P. Morgan Chase & Co., the Journal reported.

In November, Citadel rejected an offer by Cumulus to purchase the company, which was at that time valued at $1.4 billion, or $31 a share.