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Exhibit 99.1
[CITADEL LOGO] Citadel Communications Corporation
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News Announcement For Immediate Release
CONTACT:
Donna Heffner Joseph N. Jaffoni
Chief Financial Officer Stewart A. Lewack
Citadel Communications Corporation Jaffoni & Collins Incorporated
702/804-5200 212/835-8500 or citc@jcir.com
CITADEL COMMUNICATIONS AGREES TO
ACQUIRE BLOOMINGTON BROADCASTING
- Adds 20 Stations in Five New Mid-Sized Markets -
BLOOMINGTON, IL and LAS VEGAS, NV, January 24, 2000 - Mid-sized market radio
broadcaster Citadel Communications Corporation (Nasdaq: CITC) announced today
that its principal operating subsidiary, Citadel Broadcasting Company, has
entered into a definitive agreement to acquire Bloomington Broadcasting, the
owner of 20 radio stations in five mid-sized markets, for approximately $176
million cash.
Upon completion of the transaction, Citadel will add WKLQ-FM, WLAV-FM, WODJ-FM
and WBBL-AM in Grand Rapids, Michigan, the nation's 66th largest market;
WOMG-FM, WTCB-FM, WLXC-FM and WISW-AM in Columbia, South Carolina, the nation's
88th largest market; WKOS-FM, WQUT-FM, WGOC-AM, WJCW-AM and WKIN-AM in Johnson
City-Kingsport-Bristol, Tennessee, the nations's 95th largest market; WOGT-FM,
WSKZ-FM, and WGOW-AM/FM in Chattanooga, Tennessee, the nation's 102nd largest
market; and, WBNQ-FM, WBWN-FM and WJBC-AM in Bloomington, Illinois, the
nation's 230th largest market.
Commenting on the transaction, Citadel Chairman and Chief Executive Officer,
Larry Wilson, stated, "Bloomington Broadcasting is one of the most well
respected private station groups in the industry today, and we're very excited
to welcome its management team to the Citadel family. Upon completion of the
transaction, Ken Maness, the President of Bloomington, will assume a senior
management position at Citadel. Bloomington brings to Citadel some dynamic
regional clusters, two of which add to our growing presence in Michigan and
South Carolina. We look forward to a long-term partnership with Ken and to
extending his company's already impressive track record of success."
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CITADEL COMMUNICATIONS, 1/24/00 Page 2
Kenneth H. Maness, President and Chief Executive Officer of Bloomington
Broadcasting, added, "We're proud of the great people and radio clusters that we
have developed and it is especially exciting to pass them forward to one of the
most dynamic radio broadcasters in the country. When we decided to sell the
company, our goal was to maximize value for our shareholders and to create the
best possible opportunities for our employees. In Citadel, we found the perfect
match. We are thrilled to be able to advance our vision with a great radio
company."
Completion of the transaction, expected to close in the second quarter of 2000,
is subject to regulatory approval and other customary closing conditions. First
Union Securities, Inc. represented the sellers in the transaction.
Citadel is a radio broadcasting company that, upon completion of pending
transactions, will own or operate 136 FM and 60 AM radio stations concentrated
in 42 mid-sized markets. The Company owns all of the issued and outstanding
common stock of Citadel.
This news announcement contains certain forward-looking statements that are
based upon current expectations and involve certain risks and uncertainties
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Words such as "will" or variations of such words and similar expressions are
intended to signify such forward-looking statements. Key risks are described in
the Company's and Citadel's reports filed with the U.S. Securities and Exchange
Commission. Readers should note that these statements may be impacted by several
factors, including economic changes and changes in the radio broadcast industry
generally and, accordingly, the Company's and Citadel's actual performance and
results may vary form those stated herein and the Company and Citadel undertake
no obligation to update the information contained herein.
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