Citadel, ABC Radio Merger Deal Modified

Citadel, ABC Radio Merger Deal Modified
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Citadel and Disney have renegotiated the terms of the merger agreement between Citadel and ABC Radio, reducing the amount of cash Disney would retain by $300 million.
The revised agreement would give Disney more of an ownership stake in Citadel, from 52% to 57%. The total value of the deal is now down from $2.7 billion to about $2.5 billion, according to Citadel in a statement.
The deal is still subject to regulatory approval. Closing is not expected before May 31, 2007.


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Citadel, ABC Engineering Now One

Citadel is going through an introspective post-merger phase; and its technical department is focused on what it will take to integrate 22 large-market facilities and a radio network into what becomes the third-largest U.S. radio group by station count.