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Citadel Broadcasting files for Chapter 11 bankruptcy

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dave73

It has been rumored for a while, but Citadel did officially file for chapter 11 bankruptcy. Many believe the debt they incurred from buying out most of the ABC Radio stations (minus ESPN Radio & Radio Disney, which remained with ABC). It wouldn't surprise me if it's true, considering they served smaller markets prior to buying most of the ABC stations. Does anyone think they'll sell off any stations? I wouldn't mind it if they sold off their Chicago stations: WLS AM/FM. I doubt that'll happen, as it's market #3, and it's unlikely they'll give up their 2 stations. They obviously grew too fast, along with the economy tanking, making it difficult to pay off their debt on the stations.

http://money.cnn.com/2009/12/20/news/companies/citadel_bankruptcy/index.htm
 
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