Citadel Files for Bankruptcy Amid Harsh Radio Climate.

Posted by truecreek on December 21, 2009 under More Dam News | Be the First to Comment

Looks like buying Walt Disney Co.’s ABC Radio stations in 2006 was an unfortunate business decision for Citadel.

By Mike Spector and Sarah McBride

mike

Citadel Broadcasting Corp., the third-largest radio broadcaster in the U.S., filed for bankruptcy over the weekend, the latest victim of the travails facing media companies.

Citadel, which owns and operates 224 stations across the country, listed assets of about $1.4 billion and more than $2.4 billion in debt.

The company, like many print and broadcast media outfits, faces stiff competition, shifts in consumer habits and a harsh advertising climate.

More on Citadel Files for Bankruptcy here.

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