[BC] Citadel is a minority

[Reader]

This is from FMQB.COM

Citadel And ABC Disney Confirm Merger
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February 6, 2006

Citadel Broadcasting has officially agreed to purchase the majority 
of ABC Disney's radio assets to the tune of $2.7 billion. The deal 
makes Citadel the third-largest radio ownership group and puts 
Chairman/CEO Farid Suleman among the heavy hitters in the industry. 
ABC Radio's 22 stations, along with the ABC Radio Networks, are 
merged with Citadel's current holdings to become Citadel Communications.

ABC Disney will spin off the 22 radio stations into the merger, with 
Disney shareholders owning 52 percent of the new radio company and 
Citadel shareholders controlling the rest. Disney will hold onto 
their Radio Disney and ESPN brand names and radio networks. Citadel 
will deliver ABC News' radio content via a 10-year licensing 
agreement, though Disney will still have control of ABC News 
programming in other channels. The official confirmation was made 
during Disney's first quarter financial report today. The deal is 
expected to be entirely completed by year's end.

In total, 14 FM and eight AM ABC station are involved in the deal, in 
nine major market cities including New York, Los Angeles, Chicago, 
San Francisco and Dallas.