Monday, December 21, 2009

Citadel Bankrupt


Citadel files for bankruptcy.  Las Vegas-based Citadel which owns ABC Radio syndicates Don Imus as well as Mark Levin and Mike Huckabee.   Radio Business Report observes:  "It has been painful to watch this slow-motion train wreck develop over the years. What is most sad is that the architect of this disaster will remain in place to likely run the company into the ground a second time. The employees of Citadel and the communities its stations serve deserve better."

Citadel owns 224 radio stations including flagship WABC in NYC, KABC in L.A., WMAL and WJZW in DC. Nobody was surprised given Citadel's debt and declining radio ad revenue.  NYT

Read Citadel's press release.
at 10:45 AM
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5 comments:

  1. WMAL in Washington must be praying that Bonneville adds them to their WTOP all-news empire.

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  3. The rumor mill is running hard with this one, since Citadel is desperate for cash and Bonneville is always looking for the right properties. Presumably the deal would involve AM-630, FM-107.9 and FM-105.9--the whole cluster. Of course, cluster, is the first of 2 words which best describe Citadel's recent ownership.

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  4. The rumor mill isn't clear on just what Bonneville might do with formats on these or their current frequencies. It's hard to imagine that the market's leading conservative talk station would change that much. It suffers in the ratings, but competitors do even worse.

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