Peak/Citadel settlement pushed back

3 Comments on “Peak/Citadel settlement pushed back”

1. #1 RadiooRay
   on Feb 24th, 2008 at 6:50 am

   Unethical business traits. That’s why it’s a court issue.

2. #2 eman
   on Feb 29th, 2008 at 2:04 pm

   CITADEL STOCK ALMOST BELOW A BUCK!

   On the heels of CITADEL announcing fourth-quarter that showed widening losses, reports started coming in on dramatic changes and downsizing at a number of its stations. The first casualties seem To be coming from stations in ATLANTA and WASHINGTON, D.C.

   The ATLANTA JOURNAL-CONSITUTION reports that wholesale changes are ongoing at Country WKHX (KICKS 101.5) and WYAY (EAGLE 106.7), with and 12 out of the 15 on-air staff being dismissed. The only survivors are WKHX morning hosts CADILLAC JACK and DALLAS MCCADE and WKHX middays BILL CELLER. Among those being laid off are WYAY mornings RHUBARB JONES and morning show producer KRISTEN GATES, WKHX afternoons WYLIE ROSE, Imaging Dir. STEVE MITCHELL, JIM VANN and SANDY WEAVER,

   Sources told the AJC that the EAGLE may flip to Talk, with syndicated DON IMUS being the new morning show.
   IN WASHINGTON, D.C., Smooth Jazz WJZW/WASHINGTON will be dropping Smooth Jazz for Oldies this afternoon, between 2 and 3p. DC radio veteran STEVE ALLAN (formerly with WASH and WBIG) will stay on-board as programmer. All of the JZW personalities are out the door, we’re told. New calls are expected.

   At Talk WMAL-A/WASHINGTON, 9-11:45a ET host and station veteran CHRIS CORE has exited, with his name already off the station’s website.

   Talk WABC-A/NEW YORK 10a-11:45a host JOHN GAMBLING has exited as well.

   On the financial side, CITADEL fourth-quarter net revenues more than doubled with the addition of the ABC RADIO operations, jumping from $114 million to $245.5 million, but net loss widened from $1.1 million to $848 million (1 cent to $3.24/share). Pro forma revenues fell 5.1% to $258.5 million, attributed to lower revenues in the SAN FRANCISCO, WASHINGTON, CHICAGO, ATLANTA, NEW YORK, BIRMINGHAM, DALLAS, and LOS ANGELES clusters.

   In a statement issued with the financial report, Chairman/CEO FARID SULEMAN said, “The fourth quarter and the year ended DECEMBER 31, 2007 was difficult for the broadcasting industry and the Company. The performance of the larger market radio stations acquired in the ABC Merger was particularly disappointing. Whereas the Company continues to believe that the long-term prospects from these stations will be positive, the Company in the interim is completing a major restructuring of these stations to both improve short-term profitability as well as position them for future growth. The Company is however pleased with the potential growth and profitability of the ABC Network. The Company’s plan for the coming year is to focus on immediately improving the profitability of the ABC Radio stations as well as use the Company’s considerable free cash flow to pay down debt.”

3. #3 busted if writing from work
   on Feb 29th, 2008 at 3:28 pm

   as of this posting…1.10 a share. Was 18 or 19 when they put out the IPO a few years ago….those that bought then have shares that are underwater!!!! OUCH…better call Aqua man to come rescue them!

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