Citadel Broadcasting Corp

(OTC: CTDB)

Industry: Broadcasting & Entertainment
On the web: http://www.citadelbroadcasting.com
Employees: 2,850

Citadel Broadcasting Corporation, a Delaware corporation, was formed in January 2001 by affiliates of Forstmann Little & Co. and acquired all of the outstanding common stock of its predecessor company in a leveraged buyout transaction. It is a radio broadcasting company in the United States, which operates its business in two segments, Radio Markets and the Radio Network. As of February 19, 2009, the Company owned and operated 165 FM and 58 AM radio stations, with a national footprint reaching more than 50 markets located in 27 states and the District of Columbia. The Radio Markets generate all of their revenue from the sale of advertising to local, regional and national spot advertisers. The Company has a well-clustered radio station portfolio that is diversified by programming formats, geographic regions, audience demographics and advertising clients. The Radio Network business produces and distributes a number of programs and formats to affiliates, including syndicated talk and music programs. It has four of the top 10 and seven of the top 25 programs in network radio. During 2008, the Company's Radio Network syndicated programming featured popular personalities including Paul Harvey, Sean Hannity, Mike Huckabee, Mark Levin, Joe Scarborough, Tom Joyner and Michael Baisden. The Radio Network business provides its affiliates with selected proprietary and syndicated content, including ABC News, a leading product in radio news, nine 24-hour music formats and targeted programming for urban and Hispanic formatted stations, enabling affiliates to meet their programming needs on a cost-effective basis. In exchange for the right to broadcast the Radio Network programming, its affiliates remit a portion of their advertising time, and in some cases an additional cash fee. The Company's radio stations compete for audiences and advertising revenue directly with other radio stations as well as with other media, such as broadcast television, newspapers, magazines, cable television, satellite television, satellite radio, the Internet, outdoor advertising and direct mail within their respective markets. Its radio stations also face increasing competition from consumer products such as portable digital audio players, which allow individuals to listen to music and other content of their own choosing without traditional commercial advertisements. The Company's ownership, operation, purchase and sale of radio stations is regulated by the Federal Communications Commission.