Citadel Broadcasting Corp, The natrion's third-largest radio broadcasting firm, filed for Chapter 11 bankruptcy protection on Sunday (12-19-09) in an effort to restructure its hefty debt load as it continues to face declining advertising revenue.
The firm owns 224 radio stations & is home to several syndicated hosts including: Don Imus, Rush Limbaugh, Joe Scarborough and Mark Levin.
Much of its debt burden comes from its $ 2.7 billion purchase of ABC radio from Walt Disney Co in 2007.
The entire radio industry faces many major advertising problems and this is not good news for Clear Channel.
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- Bill McInerney
- Outdoor Advertising Billboard Consultant with years of proven experience with proven expertise. Site location and permitting experience.
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