ABC Radio Network to Merge with Citadel
Disney is selling the ABC radio network and 22 radio stations owned by ABC to Citadel Broadcasting in a cash and stock deal valued at $2.7 billion. How this will pan out for talk radio isn't certain, but San Francisco's number one rated talk host Dr. Michael Savage claimed on his program Monday that he is «blacklisted» by Disney executives, but his program is carried by some Citadel stations. Sean Hannity has high hopes for the deal - a new printer for his office computer.
The deal does not include Disney's ESPN and Radio Disney network.
The transaction gives Citadel 177 FM stations and 66 AM stations in the country's top markets, making it the nation's third-largest radio group. The complex deal is structured to be tax-free to Disney shareholders.
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