Limbaugh syndicator, Citadel, files for bankruptcy!

[DailyGrind51]

Radio giant Citadel files for bankruptcy
CHAPTER 11 | Broadcaster is nation's 3rd largest -- and syndication home of Limbaugh

December 21, 2009
ASSOCIATED PRESS

Citadel Broadcasting Corp., the nation's third-largest radio broadcasting company, filed for Chapter 11 bankruptcy protection Sunday in an effort to restructure its hefty debt load as it continues to face declining advertising revenue.

Citadel owns and operates 224 radio stations in all major markets, including in Chicago news/talk WLS-AM (890) and oldies WLS-FM (94.7). Citadel produces news and talk radio programming for 4,000 station affiliates and 8,500 program affiliates. Citadel's WABC is home to several syndicated hosts, including Don Imus, Rush Limbaugh and Joe Scarborough.

In documents filed in U.S. Bankruptcy Court for the Southern District of New York, Las Vegas-based Citadel listed assets of $1.4 billion and total debt of $2.46 billion. The company said in a statement it has reached an agreement with more than 60 percent of its lenders on a deal that would erase about $1.4 billion of debt.

"Our business will continue as usual," CEO Farid Suleman said in a statement.

Much of Citadel's debt burden stems from its $2.7 billion purchase of ABC Radio from Walt Disney Co. in 2007. Citadel also has been hurt over the last couple of years by declines in advertising revenue.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

http://www.suntimes.com/entertainment/1950488,citadel-radio-bankruptcy-122109.article

[mucifer]

1. If he is getting good ratings it doesn't matter.

[SpiralHawk]

2. "I get my $40 million a year come what may. Smirk." - Rush DraftDodger Limbaugh (R)

"You little people forget how important I am. The corporations need to keep dishing out the payola to me so I can keep spewing the charming lies, spin, and propaganda that keep you little people voting for the rich and against your own best interests. Bwaa ha ha ha."

- Rush DraftDodger Limbaugh (R - Chickenhawk, of course)