Friday, February 27, 2009

Citadel booted off NYSE, stock at 9 cents

The New York Stock Exchange has informed Citadel broadcasting, which purchased ABC Radio’s stations from Disney about two years ago, that it will no longer trade the company's stock. The NYSE delists companies whose stock falls below $1 for 30 consecutive days. The stock closed today at 9 cents a share. That puts the company's value at $25 million, but if you want to buy it for that price, you'd have to get in line behind creditors who are owed $2.4 billion. Delisting also means that the company cannot raise money by selling stock. Citadel owns approximately 240 stations including KSFO 560 and KGO-AM 810.

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