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Citadel Seen As Leading Contender For ABC Radio

  • Reuters, Tuesday, January 24, 2006 11:01 AM
Although Merrill Lynch analyst Laraine Mancini said this week that Citadel Broadcasting Corp. had been considered a "less likely candidate" to win the assets of Disney-owned ABC Radio, it appears that Citadel is now in exclusive discussions with Disney about a deal that could reach nearly $3 billion. According to Reuters, rivals "Entercom Commmunications Corp. and private equity firm Kohlberg Kravis Roberts & Co. were thought to be strong contenders for the assets until recent days, when sources said Citadel began maneuvering to push aside its rivals." Citadel is largely owned by private equity firm Forstmann Little & Co. ABC owns 72 radio stations; more than half are in the top 25 U.S. markets. Reuters, citing an industry source, reports that there appears to be little overlap between ABC's properties and the stations Citadel currently operates.

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