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| This is INTERCOT's WebDisney, The Definitive Guide To Disney Information & Disney Web Sites. WebDisney currently has <%=sites%> sites in our online directory for your surfing pleasure! |
| February 14, 2006 |
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| ABC Radio to Merge with Citadel Broadcasting
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 Details & Discussion Here Posted By: Figment! @ 4:22 PM | permalink
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The Walt Disney Company (NYSE: DIS) and Citadel Broadcasting Corporation (NYSE: CDL) today announced that the Board of Directors of both companies have approved a definitive agreement to combine ABC Radio, which includes 22 radio stations and the ABC Radio Networks, with Citadel Broadcasting. The newly combined company, to be named Citadel Communications, will be the third largest radio group in the United States, with a strong national footprint reaching more than 50 markets. Following the completion of the merger, Disney shareholders will own approximately 52% of Citadel Communications and The Walt Disney Company will retain $1.4 to $1.65 billion in cash depending on the market price of Citadel Broadcasting at the time of closing. Citadel shareholders will own the remaining 48% of the combined company. Valued at approximately $2.7 billion, the deal is expected to be completed by the end of the year, subject to regulatory approvals.