Citadel Sold for $2 Billion

Citadel Communications Corp. is off the block. Forstmann Little & Co. has agreed to pick up outstanding Citadel stock shares for $26 per share in cash, a 49-percent premium over the closing price on Jan. 12. Company officials estimate the total transaction value at approximately $2 billion, including assumed and refinanced debt and preferred stock.
The current Citadel management team will reportedly continue on in that capacity, with Chairman, President and CEO Lawrence R. Wilson heading up efforts.