Citadel Broadcasting Corporation announced that it has retained Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. to serve as its financial advisors for the divestiture of some of its stations. Citadel isn’t saying just what it wants to sell, but says these divestitures are in addition to those required to be divested as a result of its acquisition of ABC Radio. Including those required divestitures related to ABC Radio, Citadel said it expects to generate 75-175 million in gross sale proceeds over the next 12-24 months. “While Citadel has begun the process of exploring these divestitures, it has not yet determined to engage in any such transactions. There can be no assurance as to whether any such transactions will occur or, if they occur, the amount of proceeds they will generate, their timing or their other terms,” yesterday’s announcement cautioned.
RBR observation: Well, if the whole shooting match is only going to bring in 75-175 million, don’t look for any primo beachfront property to be put up for sale. This is just a modest pruning of the group. And given that, we wonder why Citadel is bothering to involve investment bankers, especially two of them. It seems more like the type of assignment for a media broker.
