Citadel merger ties up less cash
EmptyCitadel 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.