Citadel Communications to Acquire 11 Radio Stations From Dick Broadcasting Company for $300 Million; Enters Three New Markets in Southeastern United States.

Business & Media Editors

LAS VEGAS, NASHVILLE and KNOXVILLE, Tenn. and BIRMINGHAM, Ala.--(BUSINESS WIRE)--May 9, 2000--Mid-sized market radio broadcaster Citadel Communications Corporation (Nasdaq: CITC) announced today that its principal operating subsidiary, Citadel Broadcasting Company (Citadel), has entered into a definitive agreement to acquire the assets of eleven radio stations from Dick Broadcasting Company, as well as a twelfth station operated under a long-term local marketing agreement, for approximately $300 million in cash.

Upon consummation of the agreement, Citadel will add to its portfolio two FM stations in Nashville, Tennessee, the nation's 43rd largest market, three FM and two AM stations in Birmingham, Alabama, the nation's 55th largest market, and one AM and four FM stations (one of which is operated under a long-term local marketing agreement) in Knoxville, Tennessee, the nation's 69th largest market.

Commenting on the transaction, Citadel Chairman and Chief Executive Officer, Larry Wilson, stated, "After admiring Dick Broadcasting and these radio stations for years, I am very excited to add them to the Citadel family. The fit is perfect for us. They are in great growth markets that dramatically enhance our southeastern presence and exceptional management is in place running the properties. The clusters are a superb combination of market-leading heritage stations and early stage developmental properties, creating exciting growth potential for Citadel."

Allen Dick, President and CEO of Dick Broadcasting, added, "After 47 years, my father and I felt it was time for Dick Broadcasting to sell. After we made our intent to sell publicly known, many of the leading radio broadcasting companies submitted offers. While we wanted to maximize value for our shareholders, we also wanted to sell to the company that would offer the best opportunities for our many valued employees. Citadel quickly emerged as the leading contender and we progressed rapidly to a definitive agreement. Citadel is renowned in the industry for its operating prowess and treatment of its people. We believe Citadel will continue our standards of broadcast excellence, serve our communities well and offer our employees superb opportunities for professional development and growth."

Completion of the transaction, expected to close in the third quarter of 2000, is subject to FCC approval, the expiration of the applicable Hart-Scott-Rodino waiting period and other customary closing conditions.

Citadel is a radio broadcasting company that, upon completion of pending transactions, will own or operate 147 FM and 64 AM stations concentrated in 45 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 or expressions such as "growth potential," 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.