Citadel Broadcasting to Acquire 4 Radio Stations from Barnstable Broadcasting.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 29, 2004 Citadel Broadcasting
Citadel Broadcasting Corporation NYSE: CDL is a Las Vegas, Nevada based broadcast holding company. Investment house Forstmann Little & Company owns 27% of Citadel. Corporation (NYSE NYSE See: New York Stock Exchange :CDL 1. CDL - Computer Definition anguage. A hardware description language. "Computer Organisation and Microprogramming", Yaohan Chu, P-H 1970. 2. CDL - Command Definition Language. Portion of ICES used to implement commands. Sammet 1969, p.618-620. 3. ) today announced that it has entered into an agreement with affiliates of Barnstable Broadcasting, Inc., to acquire 4 radio stations in Memphis, TN for $100 million. The agreement is subject to customary conditions and regulatory approval. Farid Suleman Farid Suleman is the current chairman and CEO of Citadel Broadcasting. For years at Infinity Radio, Suleman was the main assistant of Mel Karmazin, who has since made a move to head up Sirius Satellite Radio. , Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Citadel said, "Memphis is a significant strategic acquisition for Citadel as it is a top 50 radio revenue market and also completes our Tennessee regional cluster, where Citadel currently owns radio stations in Knoxville, Nashville, Tri-Cities and Chattanooga." Mr. Suleman added, "Barnstable has developed a great group of radio stations in Memphis and we are pleased to have acquired such an outstanding cluster of radio stations." Al Kaneb, CEO of Barnstable Broadcasting, said, "We thank our outstanding employees who have made our 19 years in Memphis successful and enjoyable. Citadel is a great radio company that should provide them with both support and opportunity." The stations included in the transaction are WGKX(FM), Memphis, TN; WSRR-FM, Millington, TN; WRBO(FM), Como, MS; and WJZN(FM), Munford, TN. Kalil & Co., Inc. represented Barnstable in this transaction. Citadel Broadcasting Corporation is a radio broadcaster focused primarily on acquiring, developing and operating radio stations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company owns and operates 150 FM and 63 AM radio stations in 44 markets, including clusters of four or more stations in 34 markets. On August 1, 2003 Citadel completed its initial public offering. |
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