Jan. 24, 2006

Disney radio exclusive: Citadel b'cast


Steve Jobs
The Walt Disney Co. board of directors met Monday to discuss the possible sale of one asset and the acquisition of another, and made time to rechristen its headquarters the Team Disney -- Michael D. Eisner Building. Insiders said Monday that Disney has agreed to negotiate exclusively with Citadel Broadcasting Corp. for the sale of Disney's ABC Radio unit, which Disney is hoping to sell for $3 billion. Disney also is mulling a possible purchase of Pixar Animation Studios for about $7 billion. While insiders said Citadel and Pixar were top of mind at Monday's board meeting, a day after officials at all three companies declined comment. Sources said that Citadel and Disney are considering a stock deal known as a Reverse Morris Trust, which would be a tax-efficient way for Disney to shed its radio assets -- not including Radio Disney, ESPN Radio and stations owned by Disney. (Paul Bond / The Hollywood Reporter)