Disney and Citadel Broadcasting announced today the completion of Disney's spin off of their ABC Radio holdings and the merger of that group with Citadel. As a result, Citadel acquires the ABC Radio Network and 22 major market stations. Disney shareholders, in return, receive 0.0768 shares of Citadel stock for each share of Disney they owned as of June 6, 2007. Disney also receives $1.35 billion cash in the deal.
Complete details of the spin off and merger can be found at http://www.marketwatch.com/news/stor...382&siteid=nbs.