Citadel Moves To OTC Market Today
March 6, 2009 at 4:56 AM (PT)
CITADEL BROADCASTING CORPORATION's common stock has movied to the OTC Market beginning TODAY (3/6) under the symbol "CTDB." But its swan song as "CDL" on the big board was a less than satisfying experience -- closing at just one penny (NET NEWS 3/5). At the end of trading today, its price rose to almost a nicket (0.049).
CITADEL's stock price plummeted along with the broadcaster's revenues over the last couple of years, losing 99% of its value since 2004, as investors bail on what looks more and more like a medium in distress.
The company was delisted by the NEW YORK STOCK EXCHANGE because of it's current value. Companies are liable to be de-listed when their stock price falls below $1 per share; last week, CITADEL's hovered around $0.14 per share. De-listing is not automatic, and only occurs at the discretion of NYSE officials, who may choose not to de-list a company if it demonstrates future viability and presents a plan to boost its stock price.
However, on THURSDAY, FEBRUARY 26th, the NYSE rejected CITADEL's proposal to remain, indicating that stock-market officials don't believe the revenue trends will turn around anytime soon. CITADEL's failure to convince the NYSE is especially ominous; officials are usually fairly generous in their financial assessments, in an effort to avoid de-listing a company if at all possible.
CITADEL BROADCASTING CORPORATION is the third largest radio group in the U.S., with a national footprint reaching more than 50 markets. CITADEL is comprised of 165 FM stations and 58 AM stations, in addition to the ABC RADIO NETWORK business, which is one of the three largest radio networks in the UNITED STATES.
Follow CITADEL's stock here.
Keep Up To Date With Our Industry's Financials
To keep tabs on radio stocks, head for the ALL ACCESS STOCK PAGE, and then scroll down through the radio stocks the ALL ACCESS COMPOSITE, and other quotes in the INDUSTRY-RELATED INDEX.