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[CITADEL COMMUNICATIONS CORPORATION LETTERHEAD]
EXHIBIT 99.2
NEWS ANNOUNCEMENT FOR IMMEDIATE RELEASE
CONTACT:
Donna Heffner Joseph N. Jaffoni
Chief Financial Officer Stewart A. Lewack
Citadel Communications Corporation Jaffoni & Collins Incorporated
Incorporated
602/731-5222 212/835-8500 or
citc@jcir.com
CITADEL COMMUNICATIONS ACQUIRES 16 RADIO STATIONS
FROM WICKS BROADCAST GROUP FOR $77 MILLION
- AGREEMENT EXTENDS CITADEL'S EASTWARD EXPANSION INTO FOUR NEW MARKETS -
CHARLESTON, South Carolina, BINGHAMTON, New York, KOKOMO and MUNCIE, Indiana,
and TEMPE, Arizona, November 23, 1998 - Citadel Communications Corporation
(Nasdaq: CITC) announced today that its principal operating subsidiary, Citadel
Broadcasting Company, has entered into a definitive agreement to acquire from
Wicks Broadcast Group the assets of eight radio stations in Charleston, South
Carolina, five radio stations in Binghamton, New York and three radio stations
in central Indiana for $77 million in cash. The acquisition extends Citadel's
eastward expansion, marking the Company's entry into the nation's 97th and 164th
largest radio markets.
Commenting on the transaction, Citadel Chairman and Chief Executive Officer,
Larry Wilson, stated, "Today's agreement offers Citadel the opportunity to enter
excellent new markets with top-performing heritage stations. These communities
are economically sound, offer significant growth potential and will provide us a
strong local presence. All of the stations are performing well and we do not
intend to make any format or management changes."
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CITADEL COMMUNICATIONS, 11/23/98 page 2
Upon consummation of the agreement, Citadel would acquire Charleston's WSSX-FM,
WSUY-FM, WNKT-FM, WWWZ-FM, WMGL-FM, WTMA-AM, WXTC-AM and WTMZ-AM; Binghamton's
WHWK-FM, WAAL-FM, WYOS-FM, WNBF-AM and WKOP-AM; Kokomo's WWKI-FM and Muncie's
WMDH-AM/FM.
Craig Klosk, a principal at the Wicks Group of Companies, Inc., added, "We take
great pride in having built leading station groups in our respective markets,
and are pleased to see these stations pass to Citadel, one of the nation's
leading mid-sized market radio broadcasters. Larry and his management team share
our long-term vision for, and approach to, the radio business. We have every
confidence in their ability to open up new opportunities for our managers and
employees."
Completion of the transaction, expected to close in the first quarter of 1999,
is subject to FCC approval, the expiration of the applicable Hart-Scott-Rodino
waiting period and other customary closing conditions. Merrill Lynch & Co. was
the exclusive broker in the transaction.
Citadel is a radio broadcasting company that, upon completion of pending
transactions, will own or operate 92 FM and 43 AM radio stations concentrated in
26 mid-sized markets.
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 "expects," "anticipates," "intends" or "believes" or variations of
such words and similar expressions are intended to identify 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 from those
stated herein and the Company and Citadel undertake no obligation to update the
information contained herein.
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