> No. Here's what the press release says:
>
> "Following the completion of the merger, Disney shareholders
> will own approximately 52% of Citadel Communications and The
> Walt Disney Company will retain $1.4 to $1.65 billion in
> cash depending on the market price of Citadel Broadcasting
> at the time of closing. Citadel shareholders will own the
> remaining 48% of the combined company. Valued at
> approximately $2.7 billion, the deal is expected to be
> completed by the end of the year, subject to regulatory
> approvals.
>
> ***
>
> "Farid Suleman, Citadel Chief Executive Officer, will be CEO
> and lead the management team of the new company. Suleman, a
> seasoned industry leader with both radio station and radio
> network experience, is the former CEO of Infinity
> Broadcasting.
>
> ***
>
> "Transaction Process
>
> Prior to the merger with Citadel Broadcasting, Disney will
> distribute ownership of the ABC Radio entity to Disney
> shareholders in either a spin-off or split-off transaction.
> Disney will determine which approach it will take later in
> the year based on market conditions and other considerations
> at the time. A spin-off would provide a pro-rata
> distribution of shares to Disney shareholders. A split-off
> would allow Disney shareholders the opportunity to exchange
> Disney shares for stock in the radio business. Under terms
> of the transaction, Disney will retain $1.4 to 1.65 billion
> in cash depending on the market price of Citadel
> Broadcasting at the time of closing. The deal is structured
> as a "reverse Morris Trust" transaction and is expected to
> be tax-free to Disney shareholders for federal income tax
> purposes."
>
> So, here's how it works:
>
> ABC Radio will be spun-off into a separate company (we'll
> call it "ABC Radio Holdings" for purposes of this
> explanation). Shares of ABC Radio Holdings will be
> controlled by Disney shareholders, not Disney itself--that
> is, Shareholder Smith can transfer Disney shares for ABC
> Radio Holdings shares. After the merger, the Walt Disney
> Co. will get money from Citadel for their shares of ABC
> Radio which were transferred (that is, the per-share price
> of Citadel for each share transferred), and Citadel will
> then control the radio properties, but only own 48% of the
> shares; the remaining 52% will be owned by ex-Disney
> shareholders who (but, again, not Disney itself).
>
> Goddamned lawyers.

>
<font face="times new roman" size="3" color="660033")
Props to you, JM, (from this Buffalo poster who reads the board) for explaining the intricacies of the ABC-Citadel transaction. As noted in a successive post, there's one more element, that being the "individualizing" of each ABC Radio Holdings market's stations. There may be one more development in the structure of the deal, according to a "money guy" who knows more about this stuff than I ever will.
Again, JM, nice research and summary in your brief. </font>