Today's the day and it looks like all is in readiness for the long-planned merger of ABC Radio into Citadel Broadcasting. The Walt Disney Company yesterday notified the SEC that it had officially spun off ABC Radio Holdings Inc. (as of Friday) into a separate corporation. The new company is currently a wholly owned subsidiary of Disney, but should today become one with Citadel. Disney shareholders will be receiving lots of newly minted Citadel shares, giving them 58% ownership of the merged company.
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