Citadel Broadcasting to Acquire 11 Radio Stations from Wilks Broadcasting; Builds on Company Strategy to Expand Presence in Top 100 Markets.

Entertainment Editors/Business Editors

NEW YORK--(BUSINESS WIRE)--May 12, 2003

Citadel Broadcasting Corporation today announced that it has entered into an agreement with Wilks Broadcasting LLC, an affiliate of The Wicks Group of Companies, L.L.C., to acquire 11 radio stations in New Orleans, La., Des Moines, Iowa, and Springfield, Mo. for $133 million.

The agreement is subject to customary conditions and regulatory approval.

Farid Suleman, Chairman & CEO of Citadel said, "These acquisitions are consistent with the Company's strategy to acquire stations in the top 100 markets. We are very excited about the growth prospects in Des Moines and Springfield, as well as expanding our presence in Louisiana."

Jeff Wilks, CEO of Wilks Broadcasting, said, "We are delighted to have completed this transaction with a quality company like Citadel Broadcasting. I'd like to thank all of our employees for their hard work, as well as the listeners and advertisers in our markets who have contributed to the success of the stations."

The stations included in the transaction are KBGG(AM), KHKI(FM), KGGO(FM), KJJY(FM), and KRKQ(FM) in Iowa; KMEZ(FM), KKND(FM), WPRF(FM), and WOPR(FM) in Louisiana; and KHTO(FM) and KZRQ(FM) in Missouri. In Louisiana, Citadel currently owns six stations in Baton Rouge and eight in Lafayette.

Wilks Broadcasting is an affiliate of The Wicks Group of Companies, L.L.C. (www.wicksgroup.com), a New York-based private equity firm that invests in communications, information, and media businesses.

Michael J. Bergner of Bergner & Associates represented Wilks in this transaction.

Citadel Broadcasting Corporation is a radio broadcaster focused primarily on acquiring, developing and operating radio stations in mid-sized markets throughout the United States. The Company owns or operates 140 FM and 65 AM radio stations in 42 markets, including clusters of four or more stations in 32 markets. Citadel was acquired by Forstmann Little & Co. in June 2001 in a transaction valued at approximately $2.0 billion. For nearly 25 years, Forstmann Little has been a pre-eminent owner and acquirer of businesses, making 29 acquisitions and significant investments and returning more than $7.5 billion of profits to their investors.