RUMOR MILL
Tuesday, January 16, 2001
CITADEL SOLD FOR $2 BILLION
Investment Company Buys Radio Conglom,
Not University Of The Same Name
Not University Of The Same Name
Investment company Forstmann Little & Co. announced today it had purchased Citadel for $2 billion. According to InsideRadio.com, CEO Larry Wilson will stay on, and the management structure will remain intact. The transaction was unanimously approved by Citadel's board of directors yesterday (1/15).
Citadel—which owns 214 radio stations in 50 markets—is the sixth largest radio company in terms of revenue, with $330.6 million.
Insiders say that the sale now of the company makes up for Wilson's missed chance at selling the company during the consolidation heyday. InsideRadio cited sources in the financial community who claimed that talks between Citadel and Clear Channel had led to nowhere, although talks between the two companies could neither be confirmed nor denied.
There were no indications at press time whether Forstmann Little planned to keep Citadel intact or sell it off when the market seemed right.
Citadel stock closed at $17.50 on Friday (1/12). News of the sale boosted the stock to $24.50 in early trading on Tuesday.
VMAs BEAMING BACK
TO THE BIG APPLE Getting back to where they once belonged (4/24a)
THE COUNT: ALL THE DESERT'S A STAGE
Jon Wayne is rolling over in his grave. (4/24a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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A CHORUS OF PRAISE: IVORS 2024 NOMSrumor mail
