Citadel Broadcasting to Acquire 4 Radio Stations from Barnstable Broadcasting

NEW YORK--()--Jan. 29, 2004--Citadel Broadcasting Corporation (NYSE:CDL) today announced that it has entered into an agreement with affiliates of Barnstable Broadcasting, Inc., to acquire 4 radio stations in Memphis, TN for $100 million. The agreement is subject to customary conditions and regulatory approval.

Farid Suleman, Chairman & CEO of Citadel said, "Memphis is a significant strategic acquisition for Citadel as it is a top 50 radio revenue market and also completes our Tennessee regional cluster, where Citadel currently owns radio stations in Knoxville, Nashville, Tri-Cities and Chattanooga." Mr. Suleman added, "Barnstable has developed a great group of radio stations in Memphis and we are pleased to have acquired such an outstanding cluster of radio stations."

Al Kaneb, CEO of Barnstable Broadcasting, said, "We thank our outstanding employees who have made our 19 years in Memphis successful and enjoyable. Citadel is a great radio company that should provide them with both support and opportunity."

The stations included in the transaction are WGKX(FM), Memphis, TN; WSRR-FM, Millington, TN; WRBO(FM), Como, MS; and WJZN(FM), Munford, TN.

Kalil & Co., Inc. represented Barnstable in this transaction.

Citadel Broadcasting Corporation is a radio broadcaster focused primarily on acquiring, developing and operating radio stations throughout the United States. The Company owns and operates 150 FM and 63 AM radio stations in 44 markets, including clusters of four or more stations in 34 markets. On August 1, 2003 Citadel completed its initial public offering.

Contacts

Citadel, New York
Patricia Stratford, 212-355-5656

Contacts

Citadel, New York
Patricia Stratford, 212-355-5656