# Citadel Broadcasting Files for Bankruptcy With Deal on Debt



## Richard King (Mar 25, 2002)

http://www.bloomberg.com/apps/news?pid=20601103&sid=axsjvUg_bErs


> Citadel Broadcasting Corp., the owner of radio stations in cities including New York and Chicago, filed for U.S. bankruptcy protection in Manhattan with a deal to shed $1.4 billion of debt.
> 
> Citadel owns and operates 224 radio stations and produces programming for more than 4,000 affiliates. It is the third- largest U.S. radio company broadcasting from land-based antennas, behind Clear Channel and CBS Corp. *Sirius XM Radio Inc., which charges subscribers for programming transmitted by satellites, is the second-largest radio broadcaster by revenue.*


I saw another news release partially blaming competition from Sirius XM for their demise.

I found the story: 
http://news.yahoo.com/s/ap/20091220/ap_on_bi_ge/us_citadel_broadcasting_bankruptcy


> Citadel also has been hurt over the past couple of years by declines in advertising revenue in nearly all major markets as many listeners abandoned the format for prerecorded music and the commercial-free satellite radio offerings of Sirius XM.


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## harsh (Jun 15, 2003)

I wonder if the "tax" on HD (Hybrid Digital) radio tuners is playing a part in this.


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## jazzyd971fm (Sep 1, 2007)

harsh said:


> I wonder if the "tax" on HD (Hybrid Digital) radio tuners is playing a part in this.


I seriously doubt that HD Radio has anything to do with this. The downturn in the economy & consolidation of the radio industry are probably factors in this. The deregulation of the industry by the FCC allowing radio companies to buy up smaller radio companies and get very large has made the industry worse than it was before. Because of this action, satellite radio has become a option to those who are fed up with regular radio. Until HD Radio has the same penetration in auto radios as satellite radio, HD Radio is not a major factor in the radio industry. Programming costs for syndicated radio programs also play a factor in this. Until the economy improves & ad revenue improves, this will continue as other radio companies face the same problems.

Just my $.02


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## Richard King (Mar 25, 2002)

> Just my $.02


For that you could have purchased two shares of Citadel Broadcasting Corp.


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## jazzyd971fm (Sep 1, 2007)

Richard King said:


> For that you could have purchased two shares of Citadel Broadcasting Corp.


Yeah though I don't know that I would want to buy those shares


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