Citadel Broadcasting Corporation
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Corporate History

Corporate History

Citadel was founded in 1984, and at that time was formed as a limited partnership, Citadel Associates Limited Partnership (CALP). In 1990 we formed Citadel Associates Montana Limited Partnership (CAMLP) for the purpose of owning and operating stations in Montana, that were formerly owned by CALP. Citadel Broadcasting Company was incorporated in 1991, and in 1992, acquired all of the radio stations then owned or operated by CALP and CAMLP.

In June 2001, affiliates of Forstmann Little & Co. acquired our predecessor company from its public shareholders for an aggregate purchase price, including the redemption of debt and exchangeable preferred stock of approximately $2.0 billion. Our operating subsidiary, Citadel Broadcasting Company, owns and operates radio stations and holds Federal Communications Commission (FCC) licenses in Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Idaho, Indiana, Iowa, Louisiana, Maine, Massachusetts, Michigan, Nevada, New Hampshire, New Mexico, New York, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah and Washington.

Below is a chronological summary of highlights from the past ten years for our predecessor company:

    1992
  • Basically doubled the size of the company with the acquisition of four FM and four AM stations from Price Broadcasting Company.
    1992
  • Acquired one AM and six FM stations from various parties, bringing the total station count to 26.
  • Citadel Communications Corporation was formed as the parent company to its wholly-owned operating subsidiary Citadel Broadcasting Company.
    1994
  • Entered the Albuquerque market, one of our major markets, with the acquisition of two FM and two AM radio stations.
    1996
  • Expanded our ownership in the Albuquerque market with the acquisition of one AM and three FM stations, and acquired an additional FM station in both Modesto and Colorado Springs for a total purchase price of approximately $39 million.
    1997
  • Sold an aggregate of 1,000,000 shares of our 13 1/4% Exchangeable Preferred Stock and completed the issuance of $101.0 million of our 10 1/4% Senior Subordinated Notes due 2007.
  • Acquired a total of 61 radio stations (44 FM and 17 AM) for approximately $230 million. The Tele-Media acquisition took us, for the first time, to the east coast with stations in Pennsylvania and Rhode Island.
    1998
  • Completed an initial public offering of common stock, selling 6.2 million shares and raising $106.9 million.
  • Completed the issuance of $115.0 million of 9 1/4% Senior Subordinated Notes due 2008.
  • Acquired 11 stations (7 FM and 4 AM) for approximately $41 million.
    1999
  • Using the proceeds from a June secondary offering of Citadel Communications Corporation's common stock, we redeemed approximately 35% of our issued and outstanding exchangeable preferred stock for a total of approximately $51.2 million.
  • Citadel announced or completed the acquisition of 78 radio stations for approximately $537 million, vaulting the Company into the 6th largest radio station group in the country based on net revenues and the fourth largest radio station in terms of stations owned.
  • We sold 18 FM and seven AM radio stations located in our smaller markets, to Marathon Broadcasting for $26.0 million in cash.

    2000
  • On June 28, 2000 we acquired Bloomington Broadcasting Holdings, Inc. and its 13 FM and 7 AM radio stations serving the Grand Rapids, Michigan; Columbia, South Carolina; Chattanooga, Tennessee; Johnson City/Kingsport/Bristol, Tennessee; and Bloomington, Illinois markets for approximately $175.9 million.
  • On February 11, 2000 we completed an offering of 4,750,000 shares of common stock at $51.50 per share which netted the Company $234.8 million in proceeds.
  • Citadel acquired the assets of 11 radio stations from Dick Broadcasting Company, for approximately $289 million in cash. The transaction gave Citadel two FM stations in Nashville, TN, the nation's 44th largest market, three FM and two AM stations in Birmingham, AL, the 56th largest market; and four FM and one AM station in Knoxville, TN, the 69th largest market.
    2001
  • In January, Citadel signed a definitive agreement whereby Forstmann Little & Co. would acquire all of the outstanding shares of Citadel Communications Corporation for $26 per share in cash, in a transaction valued at approximately $2 billion including assumed and refinanced debt, and preferred stock. The transaction closed June 26, 2001.
  • Citadel sold four radio stations in Monroe, LA to Monroe radio partners for approximately $4 million in cash in April 2001.
  • On April 5th, Citadel began a JSA in Albuquerque with American General Media for radio station KHFM.
  • Citadel sold three Atlantic City, NJ radio stations, as well as the right to operate one under a long-term marketing agreement to Millennium Radio Group, LLC for approximately $19.4 million in cash, in July.
  • In July, Citadel acquired three FM and two AM stations in Tucson, AZ from Slone Broadcasting, Inc. and Slone Radio, LLC for approximately $66.3 million cash. Tucson, Arizona is the nation's 60th largest market.
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