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Top 10 Radio News Stories of 2009

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Top 10 Radio News Stories of 2009 - Citadel Files Chapter 11 Bankruptcy
Top Radio Stories of 2009

Top Radio Stories of 2009

Logo: Corey Deitz
Sunday December 20, 2009

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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