Citadel merger ties up less cash

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Citadel Broadcasting Corp. and Walt Disney Co. modified the terms of the merger between Citadel and ABC Radio, reducing the amount of cash to be retained by Disney by $300 million.

 Of the total reduction, $100 million will be in cash. The remaining will be against increasing Disney shareholder's equity ownership in the combined company, Citadel said in a statement on Wednesday.

 The modification will increase Disney shareholders' equity ownership in Citadel after the merger to about 57% from about 52%. The merger is not expected to close prior to May 31, 2007, the statement added.
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