January 17, 2001 |
Forstmann Little & Co., a leveraged-buyout firm, agreed to buy Citadel Communications Corp., an owner of radio stations in mid-size U.S. markets, for $962 million. Forstmann will pay $26 in cash for each Citadel share, 49% more than Friday's closing price. Citadel jumped $7.25 to close at $24.75 on Nasdaq. New York-based Forstmann is paying $962 million and assuming $1 billion in debt, Citadel Chairman Lawrence Wilson said.
January 4, 2001 |
Radio company executives have been on a buying spree of their own stocks in recent months, a sign that the precipitous decline of radio industry stocks over the last year may have finally hit bottom. Officers of Camarillo-based Salem Communications Corp. bought about $4.2 million worth of stock in the religious radio broadcaster in November after the shares fell more than 50% from their 52-week high in January.
January 24, 2006 |
Citadel Broadcasting Corp., after trumping two rivals in a bid for Walt Disney Co.'s ABC Radio unit, is in exclusive negotiations with Burbank-based Disney on a deal that could reach nearly $3 billion, according to sources close to the talks. Citadel, a Las Vegas-based radio broadcaster largely owned by private equity firm Forstmann Little & Co., has been an active but publicly quiet presence in the ABC Radio negotiations for months, sources said. Radio rival Entercom Communications Corp.
February 7, 2006 |
Disneyland's 50th-anniversary celebration helped boost Walt Disney Co.'s fiscal first-quarter profit by 7%, despite a sharp drop in its movie studio earnings. Television operations and consumer products also made strong showings, the Burbank media giant said Monday, the same day it announced it would merge its ABC Radio stations with Citadel Broadcasting Corp. Disney's net income for the quarter ended Dec.
January 5, 2005 |
Citadel Broadcasting Corp. yanked Howard Stern from four stations this week and may never resume the show because of tensions over the radio host's tendency to tout his upcoming move to satellite radio. Stern plans to leave terrestrial radio in 2006, when he moves his ribald show to Sirius Satellite Radio Inc. "Regrettably, Mr. Stern has transformed the content of his show into a continuous infomercial promoting Sirius, his new satellite radio employer," Citadel said in a statement.
April 1, 2006 |
Four of the nation's largest radio station groups are in active talks with the Federal Communications Commission to settle investigations over alleged "pay for play" violations. But negotiations with Clear Channel Communications Inc., CBS Radio Inc., Entercom Communications Corp. and Citadel Broadcasting Corp. have bogged down over how large a fine the companies should pay and what constitutes improper on-air promotion, according to industry and agency sources familiar with the talks.