It's official: one of the big players in radio has filed for Chapter 11 bankruptcy protection. Citadel is the third-largest U.S. radio company and owns legacy stations like WABC/New York and WLS/Chicago.
The filing happened today (12/20/09) in the U.S. Bankruptcy Court for the Southern District of New York.
Citadel disclosed it had $1.4 billion in assets and a total debt of $2.46 billion. According to marketwatch.com: "Shares of Citadel, which closed Friday at 2 cents, traded as high as $11 just two years ago. Existing common stock would be rendered worthless by the bankruptcy plan."
Foxnews.com reports: "Citadel owns and operates 224 radio stations and produces news and talk radio programing for 4,000 station affiliates and 8,500 program affiliates."
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