Citadel Broadcasting

Citadel Broadcasting Corporation is a company of broadcasting created in 1984 and based with Las Vegas, Nevada. The company was held to 67% by the firm of investments Forstmann Little & Company until in February 2006 when it amalgamated with ABC Radio operator to become Citadel Communications .

History

The Citadel company is founded in 1984 with Las Vegas like an association of radios in the state of the Nevada.
In 1990, the company is established in the neighboring state of the Montana through an other société.
In 1991, the company becomes a company with capital privés.
In 1992, the two companies amalgamate and repurchase the 4 stations AM and 4 FM with the Price Broadcasting Company as well as a AM and 6 FM of various companies. The new entity gathers 26 stations.
In 1994, the company buys 2 stations FM and 2 others out of AM in the area of Albuquerque which became one of principal the marchés.
In 1996, the company carries out an new acquisition in the area of Albuquerque with a station AM and three FM. Moreover, it buys for 39 million $ a station FM with Modesto and another with Colorado Springs.
In 1997, Citadel extends on the east coast by buying the company TV-Media and its 61 stations based in Pennsylvania and with Rhode Island (44 FM, 17 AM) for nearly 230 million $.
In 1998, Citadel spends 41 million $ to acquire 11 stations (7 FM and 4 AM).

In 1999 the company becomes the 6th American network in term of income and 4th in term of broadcasting stations thanks to the acquisition of 78 stations for nearly 537 million $. It resells however 18 stations FN and 7 AM for 26 million $ with Marathon Broadcasting in order to disengage small markets.

In 2000 the company carries out two acquisitions:

Bloomington Broadcasting Holdings the June 28th for 175,9 million $, 13 stations FM and 7 AM
Dick Broadcasting Company for 289 million $, 9 stations FM and 5 AM

In January 2001, the shareholders of Citadel give their agreements for the repurchase of the volatile actions of the company by Forstmann Little for a sum close to the 2 billion $. The transaction finished the June 26th 2001. It resells several stations

4 stations with Monroe, Louisiana for 4 million $ in April 2001.
3 stations with Atlantic City with Millennium Radio operator Group for 19,4 million $ in July

It buys

3 stations FM and 2 AM with Tucson in the Arizona with Slone Broadcasting for 66,3 million $.

The May 12th 2003, Citadel announces the purchase of 11 stations to Wilks Broadcasting for 133 million $.

The January 29th 2004, Citadel signs an agreement of repurchase with Barnstable Broadcasting to acquire 4 stations with Memphis, for 100 million $.
The April 21st 2004, the company repurchases two stations (1 AM and 1 FM) of Springfield to Lappin Communication for 22 million $.

The June 2nd 2005, the company had 155 stations FM, 58 AM distributed out of 47 markets in 24 American states.

The February 6th 2006, Forstmann Little obtained the agreement to buy and amalgamate with the network ABC Radio operator. The new business will be named Citadel Communications and will be held as follows:

52% by the Walt Disney Company
32% by Forstmann Little
16% by the other former shareholders of Citadel Broadcasting.

the November 23rd 2006 Citadel Broadcasting announced that it could not repurchased Radio operator ABC at the price desired by Disney. The difference is of 300 million $. Disney accepted that its participation in Citadel Communications is increased by 200 million $ to reach 57% (instead of 52%) and that its shareholders touch 100 million $ less.

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