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Monday, January 23, 2006

Citadel pulls ahead on ABC Radio deal: sources

PHILADELPHIA (Reuters) - Citadel Broadcasting Corp., after trumping two rivals in a bid for Walt Disney Co.'s ABC Radio unit, is now in exclusive negotiations with Disney on a deal that could reach nearly $3 billion, according to sources close to the talks.

Locally the deal would impact stations KABC AM 790, KLOS FM 95.5, Radio Disney AM 1150 and ESPN Radio AM 710. ABC's television operations would not be part of the deal.

Citadel, a radio broadcaster largely owned by private equity firm Forstmann Little & Co., has been an active but publicly quiet presence in the ABC Radio negotiations for months, sources said.

Radio rival Entercom Communications Corp. and private equity firm Kohlberg Kravis Roberts & Co. were thought to be strong contenders for the assets until recent days, when sources said Citadel began maneuvering to push aside its rivals.

Citadel and Disney will negotiate details on a deal over the next few weeks.


Anonymous Anonymous said:

"Home of L.A. Politics" Hmmmm?

(that sound you hear is the plug finally being pulled..... BEEEEEEEEEEEP!)

January 24, 2006 6:53 AM  

Blogger Walter Moore said:

You know how City Council just passed a law preventing the purchasers of grocery stores from firing employees for 90 days?

I'd like to propose a similar piece of legislation re KABC790: let's make it illegal for anyone who buys the station to tamper in any way with "McIntyre in the Morning." It's the only radio show that actually covers L.A. politics, and asked the mayoral candidates the tough questions about illegal immigration.

Am I biased because they covered my campaign and endorsed me? Yeah, but so what? It's the only radio show that is informative and hilarious, and doesn't just consist of some pinhead yelling that anyone who disagrees with him is stupid.

January 24, 2006 7:30 AM  

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