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    Citadel seeks to revise purchase of Disney radio assets: WSJ - MarketWatch, 8/21/06

    MarketWatch, 8/21/06
    Citadel seeks to revise purchase of Disney radio assets: WSJ

    By Robert Daniel

    NEW YORK (MarketWatch) -- Citadel Broadcasting Corp. wants to renegotiate some terms of its purchase of Walt Disney Co.'s radio assets, The Wall Street Journal Online reported. The deal, announced in February, called for the Las Vegas radio operator to pay the Burbank, Calif., entertainment group $1.3 billion of stock plus $1.4 billion in cash. But Citadel's shares have dropped 27% and that could trigger a clause in the agreement that would give Disney a bigger payout if Citadel's stock declined significantly, the Journal reported. Analysts say the reason Citadel's stock has dropped is that the Disney stations have not performed up to expectations, the Journal reported.
    Full Story: Citadel seeks to revise purchase of Disney radio assets: WSJ

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    Re: Citadel seeks to revise purchase of Disney radio assets: WSJ - MarketWatch, 8/21/06

    Just so people understand - this involves ABC radio and the ABC "O and O's" (owned and operated) stations, such as KABC-AM and KLOS in Los Angeles, WABC in New York, KGO San Francisco, etc...)

    ESPN Radio and Radio Disney and their stations are not affected by this sale.

    --Barry
    God, grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.

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