Citadel seeks to revise purchase of Disney radio assets: WSJ
Full Story: Citadel seeks to revise purchase of Disney radio assets: WSJBy 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.