FCC Approves Citadel/Disney Radio Transaction

FCC APPROVES CITADEL/DISNEY RADIO TRANSACTION
[SOURCE: Federal Communications Commission]
The FCC approved a transaction by which Citadel Broadcasting Corporation ("Citadel") will acquire 24 major-market radio stations currently licensed to subsidiaries of The Walt Disney Co. ("Disney"). As compensation for the purchase, Citadel will issue stock to the current Disney shareholders, resulting in a transfer of control of Citadel. That transfer of control will result in the loss of Citadel's grandfathering rights to continue to own 11 stations in seven markets. To address that issue, the Order approves an application for consent to assign the licenses for those stations to an insulated divestiture trust. Commissioner Robert McDowell said that the sale was a case of companies deconsolidating, pointing out that there is no overlap between the Disney and Citadel stations. Commissioner McDowell and Chairman Kevin Martin called the sale of the 11 stations a terrific opportunity for minorities and other new entrants to enter the marketplace. Commissioners Michael Copps and Jonathan Adelstein, who had withheld their support for the deal until now, said they were now voting in favor of it due to the divestiture of the stations that Citadel has agreed to.
http://hraunfoss.fcc.gov/edocs_public/attachmatch/DOC-271705A1.doc

* FCC Approves $2B Sale of Disney Radio Stations to Citadel, but Places Condition
http://us.rd.yahoo.com/finance/news/rss/story/*http://biz.yahoo.com/ap/070322/disney_citadel.html?.v=1

* FCC okays ABC Radio sale to Citadel
http://www.freep.com/apps/pbcs.dll/article?AID=/20070322/ENT03/70322046/1002/RSS02

* Citadel Purchase of ABC Radio Stations Approved
http://www.broadcastingcable.com/article/CA6426928?title=Article&spacedesc=news