FCC Approves Citadel-ABC Deal
March 22, 2007 at 10:50 AM (PT)
The FCC today (3/22) approved the nearly $2 billion sale of 24 ABC RADIO stations to CITADEL on the condition that CITADEL sell 11 of its stations in markets where it would be over the FCC's local-ownership limits.
The deal was unanimously approved by all five Commissioners at today's monthly public meeting. Although Democrats MICHAEL COPPS and JONATHAN ADELSTEIN had previously withheld their support of the deal, they said they were now in favor because CITADEL agreed to divest stations. They also strongly urged CITADEL to find buyers that are minority- or women-owned companies.
CITADEL will place the stations in trust until a buyer is found.