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Citadel Broadcasting
From Wikipedia, the free encyclopedia
 |
Please help improve this article or section by expanding it. Further information might be found on the talk page or at requests for expansion. (May 2007) |
- For the similarly named television broadcaster, see Citadel Communications.
| Citadel Broadcasting | |
|---|---|
 |
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| Type | Public (NYSE: CDL) |
| Founded | 1984 |
| Headquarters | Las Vegas, Nevada, USA |
| Area served |  United States |
| Industry | Radio Broadcasting |
| Revenue | $432,930,000 USD (2006) |
| Website | citadelbroadcasting.com |
Citadel Broadcasting Corporation NYSE: CDL is a Las Vegas, Nevada based broadcast holding company. Investment house Forstmann Little & Company owns 27% of Citadel and is its largest shareholder.
Citadel owns 243 radio stations across the country and is the third-largest radio station owner in the United States of America.
The company was founded in 1984 as Citadel Associates Limited Partnership. In 1990 it was renamed Citadel Associates Montana Limited Partnership for the purpose of owning and operating stations in Montana that were formerly owned by CALP. A year later, Citadel Broadcasting was officially incorporated and in 1992 acquired all of the radio stations owned by its predecessors.
Within a decade, Citadel expanded to 26 states (see "Citadel/ABC stations" list below). Within that time period, it has absorbed all Bloomington Broadcasting radio holdings and 11 stations from Dick Broadcasting Company and has also acquired 3 radio stations from Slone Broadcasting, Inc. and Slone Radio, LLC.
On February 6, 2006, Forstmann Little and the Walt Disney Company agreed to merge Citadel with Disney's ABC Radio.[1] Shares representing 57% of Citadel were distributed to shareholders of The Walt Disney Company following the company's acquisition of 22 stations from ABC Radio.
After the merger, Citadel's ownership structure was:
- 57%: Disney shareholders
- 27%: Forstmann Little
- 16%: Former Citadel shareholders exclusive of Forstmann Little
ABC owned and operated affiliates of Radio Disney and ESPN Radio were not included in the merger agreement, nor were the actual networks.
In order to comply with FCC ownership limitations, Citadel has spun off eleven of its radio stations. The stations' licenses have been transferred to a newly formed trust company, The Last Bastion Station Trust, LLC.
WKRT (now WYBY) has also been transferred, only it's been given to the Bible Broadcasting Network for free as a tax deductible donation.
- Radio Ink (June 12, 2007). Citadel Closes On ABC Radio Radio Ink.
- ^ "Citadel to Buy Most of Disney Radio Assets," The Wall Street Journal, February 6, 2006.