Citadel Communications Corporation Announces Offering of 4,750,000 Shares of Common Stock and Preliminary Fourth Quarter and Year End Results for 1999.

Business Editors

LAS VEGAS, NV--(BUSINESS WIRE)--Feb. 8, 2000

Mid-sized market radio broadcaster Citadel Communications Corporation (Nasdaq: CITC) today announced an offering of 4,750,000 shares of its common stock at a price to the public of $51.50 per share. In addition, certain selling stockholders will provide the underwriters with the option to purchase up to an additional 500,000 shares to cover over-allotments, if any. This information updates Citadel Communications' previous announcement on January 26, 2000 regarding the offering of its shares. Citadel Communications intends to use the net proceeds from the sale of its shares to repay indebtedness under its credit facility and to fund acquisitions. Citadel Communications will not receive any of the proceeds from the sale of shares by the selling stockholders.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the final prospectus relating to the offering, when available, may be obtained from Credit Suisse First Boston Corporation, Eleven Madison Avenue, Prospectus Department, New York, NY 10010-3629, (telephone number: 212/325-2580).

Citadel Communications also announced that its preliminary unaudited consolidated net revenue for the three-month and one-year periods ended December 31, 1999 was approximately $55.5 million and $178.5 million, respectively, as compared to consolidated net revenue of $35.6 million (unaudited) and $133.3 million, respectively, for the corresponding periods of 1998. Preliminary unaudited broadcast cash flow (defined as station operating income excluding depreciation, amortization, and corporate general and administrative expenses) was approximately $21.1 million and $63.3 million, respectively, for the three-month and one-year periods ended December 31, 1999, as compared to broadcast cash flow of $12.3 million (unaudited) and $41.4 million for the corresponding periods of 1998. The foregoing data exclude results of operations of Citadel Communications' internet service provider business, which is being treated as discontinued operations.

These preliminary estimated results of operations, which have not been audited by Citadel's independent certified public accountants, reflect, in Citadel's opinion, all material adjustments (consisting only of normal recurring adjustments) necessary to present fairly the results of operations for such periods. Citadel anticipates that it will announce on February 29, 2000 additional information regarding its results of operations for the three-month and one-year periods ended December 31, 1999 upon completion of the audit procedures presently being conducted by its independent certified public accountants.

Citadel is a radio broadcasting company that, upon completion of pending transactions, will own or operate 137 FM and 61 AM radio stations concentrated in 42 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 &uot;will,&uot; &uot;intends,&uot; &uot;anticipates&uot; or variations of such words and similar expressions, are intended to signify such forward-looking statements. Key risks are described in the Company's and 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, the Company's and Citadel's actual performance and results may vary from those stated herein and the Company and Citadel undertake no obligation to update the information contained herein.