LV firm in $176 million radio deal
Monday, Jan. 24, 2000 | 11:52 a.m.
Citadel Communications Corp. of Las Vegas today said its Citadel Broadcasting Co. unit agreed to acquire Bloomington Broadcasting for $176 million in cash.
The transaction is expected to close in the second quarter.
Bloomington Broadcasting owns 20 radio stations in its Bloomington, Ill., base, and in a number of cities in Michigan, South Carolina and Tennessee.
Citadel Communications buys, owns and operates radio stations in mid-sized markets. The company reported a loss of $16.8 million on $163.1 million of revenue for the last 12 months.
Its stock traded at $58.625, up 62.5 cents, this morning on the Nasdaq Stock Market.
archive