Citadel/ABC Merger almost there

According to Radio Ink, Walt Disney Co. has released the details for the spin-off of ABC Radio and programming operations to Citadel Broadcasting. The 22 radio stations (NOT including Pittsburgh’s WEAE 1250 as it is an ESPN Radio Outlet) and ABC Radio Network will be transferred into ABC Radio Holdings Inc. – a subsidiary. Stock for the new company will be distributed to current shareholders. The new subsidiary will then merge with a wholly owned subsidiary of Citadel thereby allowing Citadel to exchange one share of stock for each share of ABC Radio Holdings. The proposed merger was announced in February 2006 and the closing will happen 6/12.