Citadel B'casting stock value falls to 1 cent
Struggling company sees 90% plunge on ThursdayShares of Citadel Broadcasting fell 90% to one penny on Thursday, its second-to-last day of trading on the New York Stock Exchange before it moves to the pink sheets.
Citadel owns and operates more than 220 radio stations in 27 states, including KABC in Los Angeles, WABC in New York and WLS in Chicago.
Its one-cent share price Thursday gives the company a $2.7 million market capitalization, while its debt stood at more than $2 billion.
Citadel has been struggling for three years, ever since it struck a $2.7 billion deal with Disney that resulted in the acquisition of 22 of the company's radio stations. At the time, Citadel shares traded for north of $7.
Citadel's rivals are hurting, too. Entercom has fallen from about $24 a share three years ago to 89 cents on Thursday, while Cox Radio has shrunk from about $14 a share to $4.09 in the same frame.