Disney to Combine Radio Unit With Citadel in $2.7 Bln Deal - Bloomberg.com - 2/6/06
Disney to Combine Radio Unit With Citadel in $2.7 Bln Deal
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Feb. 6 (Bloomberg) -- Walt Disney Co., the second-largest U.S. media company, agreed to merge its ABC radio network and 22 stations with Citadel Broadcasting Corp. in a transaction valued at about $2.7 billion.
Disney shareholders will own 52 percent of the newly formed Citadel Communications and Citadel shareholders will own the rest, the companies said today in a statement distributed by Business Wire. Burbank, California-based Disney will keep as much as $1.65 billion in cash as part of the deal.