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Citadel Broadcasting history
Citadel Broadcasting company history timeline
The company was founded in 1984 in Phoenix, Arizona by Larry Wilson as Citadel Associates Limited Partnership.
1990: Citadel Associates Montana Limited Partnership is formed to own and operate radio stations in Montana.
In 1991 Citadel obtained the first 'local marketing agreement' (LMA) from the Federal Communications Commission (FCC) in Colorado Springs.
1991: Citadel Broadcasting Company is incorporated.
Concentrating on Radio Duopolies: 1992-96
In 1992 Citadel owned eight radio stations.
Sales for 1993 totaled $21 million.
Citadel Communications Corporation was formed as the parent company to Citadel Broadcasting Company in 1993.
During 1993 Citadel acquired one AM and six FM stations, giving it a total of 26 stations.
In 1994 the company entered the Albuquerque, New Mexico, market with the acquisition of two FM and two AM radio stations.
Citadel subsequently expanded its presence in Albuquerque in 1996 with the acquisition of another AM and three FM stations.
Citadel had launched an Internet service provider (ISP) called eFortress in 1997.
However, the sale was blocked by the United States Department of Justice in 1998 because it would have given the buyer in excess of 40 percent of the total radio advertising revenue in that market.
In 1998 Citadel completed an initial public offering (IPO) on the NASDAQ and raised $106.9 million for debt reduction and future acquisitions.
At the beginning of 1999 Citadel announced it would move its corporate offices from Tempe to Las Vegas.
During 1999 Citadel announced or completed the acquisition of 78 radio stations for a total of $537 million.
In 2001, Larry Wilson sold Citadel to private equity firm Forstmann Little & Company for $2.1 billion.
On February 6, 2006, Forstmann Little and The Walt Disney Company agreed to merge Citadel with Disney's ABC Radio.
Citadel was carrying $2 billion in debt following the June 12, 2007 deal with Disney for the ABC Radio properties.
On March 1, 2008, the former Disney/ABC Radio stations in Citadel's portfolio faced severe financial problems.
On September 12, 2008; Citadel Broadcasting has received a notice from the New York Stock Exchange (NYSE) warning them that they will be facing a delisting after the company shares fell below the continuing listing criteria in the past 30 days.
The filing began on December 20, 2009.
On December 11, 2009, The Wall Street Journal reported that Citadel planned to file for bankruptcy by the end of the month, and Citadel filed for bankruptcy nine days later.
Given the conditions, it was unlikely that the company would meet the benchmarks it had to hit in 2010, starting January 15 of that year.
It emerged from bankruptcy in June 2010, owned by its lenders, the Dallas hedge fund R2 Investments, JPMorgan Chase and the buyout firm TPG.
On March 10, 2011, Citadel Broadcasting announced via email that it had been purchased by Cumulus Media in a deal worth $2.4 billion.
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Citadel Broadcasting competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Cumulus Media | 1998 | $827.1M | 3,646 | 96 |
| Entercom Communications | 1968 | $1.2B | 3,586 | - |
| Urban One | 1980 | $449.7M | 1,011 | - |
| Emmis Communications | 1981 | $39.7M | 350 | 1 |
| Cox Media Group | 2008 | $21.0B | 55,000 | 103 |
| Townsquare Media | 1994 | $451.0M | 2,900 | 115 |
| Journal Broadcast Group | - | $800.0M | 3,000 | - |
| Beasley Media Group | 1961 | $240.3M | 748 | 38 |
| Univision Communications | 1962 | $270.0M | 1,108 | 100 |
| Clear Channel Airport | - | $23.6M | 70 | 85 |
Citadel Broadcasting history FAQs
Zippia gives an in-depth look into the details of Citadel Broadcasting, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Citadel Broadcasting. The employee data is based on information from people who have self-reported their past or current employments at Citadel Broadcasting. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Citadel Broadcasting. The data presented on this page does not represent the view of Citadel Broadcasting and its employees or that of Zippia.
Citadel Broadcasting may also be known as or be related to Citadel Broadcasting and Citadel Broadcasting Company.