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Citadel Broadcasting
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Prior to the merger with Citadel Broadcasting, Disney will distribute ownership of the ABC Radio entity to Disney shareholders in either a spin-off or split-off transaction. Disney will determine which approach it will take later in the year based on market conditions and other considerations at the time. A spin-off would provide a pro-rata distribution of shares to Disney shareholders. A split-off would allow Disney shareholders the opportunity to exchange Disney shares for stock in the radio business. Under terms of the transaction, Disney will retain $1.4 to 1.65 billion in cash depending on the market price of Citadel Broadcasting at the time of closing. The deal is structured as a "reverse Morris Trust" transaction and is expected to be tax-free to Disney shareholders for federal income tax purposes.
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ABC Radio, and their new parent Citadel Broadcasting, will say that it's just a numbers game and that all you care about is if they deliver the audience. Given your experience at NFL Ventures, you might want to verify the numbers and demographics they really deliver. KSFO's hosts constantly attack liberals, immigrants, non-Christians and the victims of natural disasters. Considering the diversity of the Bay Area, it's
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Citadel Broadcasting Corporation announced that Thomas V. Reifenheiser has been elected to the Board of Directors. Mr.Reifenheiser served as Managing Director and Group Executive for the Global Media and Telecom Group of Chase Securities Inc. He joined Chase in 1963 and was the Global Media and Telecom Group Executive since 1977. He is a director of Lamar Advertising Company, Mediacom Communications Corporation and Cablevision Systems Corporation.
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(RTTNews) - Citadel Broadcasting (CDL | charts | news | PowerRating) rebounded on Monday to pare some of its losses from Friday's session. The stock edged higher throughout the first two hours and remained range-bound from there. Shares closed at $2.70, up 30 cents on the session. The stock lost $1.46 on Friday on disappointing third quarter earnings.
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[I]n November Citadel acquired 16 radio stations from Wicks Broadcast Group for $77 million in cash, including eight stations in Charleston, South Carolina; five in Binghamton, New York; and three in central Indiana. These were the first stations Citadel would own in those markets. In Charleston and Binghamton, the station clusters would exceed the federal limit of 40 percent of the market's radio advertising revenue. Citadel had acquired some 35 stations since its IPO in July. Before the month of November was done, Citadel had obtained antitrust clearances from the Federal Trade Commission (FTC) to purchase six radio stations in Saginaw, Michigan, for $35 million from 62nd Street Holdings LLC.
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The History of Idaho Broadcasting Foundation will bring its next meeting to the Citadel palace at 15th & Bannock in Downtown Boise on November 29th at 7pm. An aircheck of KBOI’s transition to 50,000 watts in 1968 will be featured. Full details after the jump
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