Citadel Broadcasting's plan to divest assets could generate up to $175 million

By Lisa Kerner

Charlotte, N.C., Dec. 13 - Citadel Broadcasting Corp., with the assistance of Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc., plans to divest certain assets other than those required to be divested as part of its deal with the Walt Disney Co.

It was previously reported that Citadel and Disney entered into an agreement in February 2006 in connection with Disney's spinoff of ABC Radio.

Citadel said it expects to generate between $75 million and $175 million in gross sale proceeds over the next 12 to 24 months. The proceeds include the sale of stations required as part of its merger agreement with ABC Radio.

There can be no assurance if and when any such transactions will occur, according to a company news release.

Citadel is a Las Vegas-based radio broadcaster.

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