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Disney close to selling ABC Radio to Citadel

E

easttxtv

From New York Times/Reuters/CNBC:

NEW YORK (Reuters) - Walt Disney Co. is close to an agreement to sell its ABC Radio unit to Citadel Broadcasting for almost $3 billion, the New York Times reported on Monday, citing people involved in the deal.

The newspaper said the deal could be struck within the next two weeks with Citadel Broadcasting Corp. , a radio broadcaster largely owned by private equity firm Forstmann Little & Co.

Representatives for Disney and Citadel were not immediately available to comment on the report.

Reuters reported last week that, in addition to Citadel, other bidders for the Disney unit included Kohlberg Kravis Roberts & Co. and Entercom Communications Corp .
 
Interesting. RBR (Radio Business Report) has been pushing the idea that the sale of ABC Radio is on the back burner because Disney's Iger is concentrating on the possible purchase of Pixar. As if Disney didn't have enough executives to negotiate two things at once. I wouldn't be surprised if a deal is announced soon.

> From New York Times/Reuters/CNBC:
>
> NEW YORK (Reuters) - Walt Disney Co. is close to an
> agreement to sell its ABC Radio unit to Citadel Broadcasting
> for almost $3 billion, the New York Times reported on
> Monday, citing people involved in the deal.
>
> The newspaper said the deal could be struck within the next
> two weeks with Citadel Broadcasting Corp. , a radio
> broadcaster largely owned by private equity firm Forstmann
> Little & Co.
>
> Representatives for Disney and Citadel were not immediately
> available to comment on the report.
>
> Reuters reported last week that, in addition to Citadel,
> other bidders for the Disney unit included Kohlberg Kravis
> Roberts & Co. and Entercom Communications Corp .
> <P ID="signature">______________
"Radio is like my family. I love it but it's like one big dysfunctional freak show." - Salty Dog</P>
 
> From New York Times/Reuters/CNBC:
>
> NEW YORK (Reuters) - Walt Disney Co. is close to an
> agreement to sell its ABC Radio unit to Citadel Broadcasting
> for almost $3 billion, the New York Times reported on
> Monday, citing people involved in the deal.
>
> The newspaper said the deal could be struck within the next
> two weeks with Citadel Broadcasting Corp. , a radio
> broadcaster largely owned by private equity firm Forstmann
> Little & Co.
>
> Representatives for Disney and Citadel were not immediately
> available to comment on the report.
>
> Reuters reported last week that, in addition to Citadel,
> other bidders for the Disney unit included Kohlberg Kravis
> Roberts & Co. and Entercom Communications Corp .
>

Story is also on R&R: http://www.radioandrecords.com/Newsroom/2006_01_23/reportcitadel.asp

It will be interesting to see who will win the bidding battle.
 
Cita-DOH!

Great. That means Citadel will be looking to maximize income at their existing properties in order to pay for the purchase.

Hold onto your panties, Citadelians. More cuts are coming...
 
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