Citadel Communications Acquires Five Radio Stations in Oklahoma City From Caribou Communications.

DENVER and LAS VEGAS--(BUSINESS WIRE)--Aug. 24, 1999--

Mid-sized market radio broadcaster Citadel Communications Corporation (Nasdaq:CITC) and its principal operating subsidiary, Citadel Broadcasting Company (Citadel), announced today that it has entered into a definitive agreement to acquire all of the partnership interests in Caribou Communications Co., which owns five radio stations in Oklahoma City. Under the terms of the agreement, the total consideration will be approximately $60 million in cash.

Upon consummation of the agreement, Citadel will add KATT-FM, KYIS-FM, KCYI-FM, KNTL-FM and WWLS-AM in Oklahoma City, the nation's 53rd largest market, to its portfolio of 124 mid-market stations. Completion of the transaction, expected to close in the first quarter of 2000, is subject to FCC approval, the expiration of the applicable Hart-Scott-Rodino waiting period and other customary closing conditions. Kalil & Co., Inc. is the broker for the transaction.

Commenting on the transaction, Citadel Chairman and Chief Executive Officer, Larry Wilson, stated, "Today's agreement further cements Citadel's position as the nation's leading mid-sized market radio broadcaster. The stations of Caribou Communications were an obvious fit for Citadel, given their premium cluster position and their track record of successful operations. We look forward to welcoming the staffs of each of these radio stations to the Citadel family."

Kent Nichols, President of Caribou Communications Co., added, "After careful consideration, we chose Citadel as a suitor based on their ability to further extend the success we've established in the Oklahoma City market and the opportunities they will create for our employees. Citadel has a tremendous reputation as a company with a genuine commitment to the communities they serve, and it's a pleasure to pass on these great stations."

Citadel is a radio broadcasting company that, upon completion of pending transactions, will own or operate 88 FM and 36 AM stations concentrated in 23 mid-sized markets.

This news announcement contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "intends" or "believes" or variations of such words and similar expressions are intended to identify such forward-looking statements. Key risks are described in Citadel's reports filed with the U.S. Securities and Exchange Commission. Readers should note that these statements may be impacted by several factors, including economic changes and changes in the radio broadcast industry generally and, accordingly, Citadel's actual performance and results may vary from those stated herein and Citadel undertakes no obligation to update the information contained herein.