Citadel Broadcasting
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| Industry | Radio Broadcasting |
|---|---|
| Fate | Purchased and absorbed by Cumulus Media |
| Successor | Cumulus Media |
| Founded | June 18, 1984 |
| Defunct | September 16, 2011 |
| Headquarters | Las Vegas, Nevada, USA |
|
Area served
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United States |
| Revenue | US$719,760,000 (2007) |
| Divisions | Citadel Media |
| Website | www |
Citadel Broadcasting Corporation was a Las Vegas, Nevada-based broadcast holding company. Citadel owned 243 radio stations across the United States and was the third-largest radio station owner in the country. Only iHeartMedia and Cumulus Media owned more stations prior to Citadel's merger with Cumulus.
On March 10, 2011, Cumulus Media announced that it would purchase Citadel Broadcasting. After receiving conditional regulatory approval from the Department of Justice and the Federal Communications Commission, the deal was approved by Citadel shareholders on September 15, 2011. The merger of the two companies closed on September 16, 2011, and Citadel was immediately absorbed into Cumulus Media.
The company was founded in 1984 in Phoenix, Arizona by Larry Wilson as Citadel Associates Limited Partnership. In 1990 it was renamed Citadel Associates Montana Limited Partnership for the purpose of owning and operating stations in Montana that were formerly owned by CALP. A year later, Citadel Broadcasting was officially incorporated and in 1984 it acquired all of the radio stations owned by its predecessors. Within a decade, Citadel expanded to 26 states. Within that time period, it absorbed all Bloomington Broadcasting radio holdings and 11 stations from Dick Broadcasting Company and also acquired three radio stations from Slone Broadcasting, Inc. and Slone Radio, LLC. In 2001, Larry Wilson sold Citadel to private equity firm Forstmann Little & Company for $2.1 billion. By that time, the company had grown to 205 stations in 42 markets.
Citadel Broadcasting launched an online service called Citadel Interactive in 2005, and a year later launched Right Now Radio. By July 2007, more than 180 of their stations were streaming online.
On February 6, 2006, Forstmann Little and The Walt Disney Company agreed to merge Citadel with Disney's ABC Radio. Shares representing 57% of Citadel were distributed to shareholders of The Walt Disney Company following the company's acquisition of 22 stations from ABC Radio.
After the merger, Citadel's ownership structure was:
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Wikipedia