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Citadel, ABC Radio Merger Deal Modified

Citadel, ABC Radio Merger Deal Modified

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.