All Posts: Citadel

Cumulus media has agreed to buy Citadel Broadcasting with a reported bid of about $2.4 BILLION...$37 a share.  Cumulus says they see the deal closing by the end of the year. This will give Cumulus new presence in major markets and bring its total count of radio stations to 572..still leaving it behind Clear Channel's 800 or so stations.

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Radio Ink has reported that the deal for Cumulus to buy Citadel has been completed.  However, they could not confirm it officially as they had gotten "inside" information.  If it's not done, it's close...Barron's reported in the last hour that private equity firm, Crestview parnters was putting $500 million into the deal. Cumulus shares were up more than 6.5% to $4.59 and Citadel's had increased 15% to $34.50 a share. Cumulus has repor...

U.S. Bankruptcy Judge Burton Lifland in Manhattan refused requests by shareholders to delay court approval to exit bankruptcy and approved Citadel Broadcasting's reorganization plan yesterday.  In a crowded courtroom, Shareholders represented by Aurelius Capital Partners LP contended that bankers were valuing the company too low, which would deny owners of stock any hope of recovery of their investment.

After a nine hour, dramatic hearing, ...

  • Net revenue for the quarter ended March 31, 2010 increased by 4%
  • Net revenue for the radio stations for the three months ended March 31, 2010 increased 5.5%
  • Operating income improved by $22.9 million for the quarter, or over 160%
  • Segment operating income for the first quarter of 2010 was $49.7 million, up 58%. The radio stations segment operating income increased $10.7 million and the radio network had segment operating income of $3.4 milli...
As expected, Citadel filed for bankruptcy protection today ....Here is their press release...

Citadel Broadcasting Corporation (OTC BB: CTDB) (“Citadel” or the “Company”) today announced that it has reached an accord with over 60% of its senior secured lenders on the terms of a pre-negotiated financial restructuring that would extinguish approximately $1.4 billion of indebtedness. Notably, support for the restructuring proposal was solicited only...
Tribune company owned WGN has hired former Clear Channel radio programmer Kevin Metheney to take over as PD.  He replaces Bob Shomper who will become the PD at WLS-AM, also in Chicago. WLS is owned by Citadel....
Legendary radio personality Ron Chapman makes his return to Dallas/Fort Worth radiotoday with the launch of Platinum 96.7, formerly The Twister. Thestation's format will shift from Country to a play list primarilycomprised of early Rock and Roll classics from the 60s and 70s but willalso include hits from the 50s and early 80s. Chapman, who spent morethan 45 years as an on-air personality in the market and is a member ofthe Texas Rad...
Citadel's CEO, Farid Suleman
on the warpath as company loses money


It's that time again.  After almost all large radio companies reported a loss in 2007 the move is on to cut costs.  Latest to announce pink slips is Citadel, who last year bought all the ABC owned stations.  Citadel let people like Rhubarb Jones, 22 years as morning man on WYAY/Eagle 106 in Atlanta, as well as eleven others on both Eagle and Kicks101.5/WKHX-FM. (Mo...

Citadel Broadcasting Corporation (NYSE:CDL) today reported its results for the fourth quarter of 2007.

Three Months Ended
December 31,

 

Year Ended
December 31,

2007   2006 2007   2006
(amounts in thousands)
As Reported
Net revenue $ 245,473 $ 113,960 $ 719,757 $ 432,930
Operating (loss) income (1,043,850 ) 10,838 (1,415,770 ) ...