Forstmann-Little buys Citadel for $2 billion

["Chris Beckwith" <beckwith@ime.net>]

http://www.citadelcommunications.com/press/pr_full.cfm?press_ID=77

Forstmann-Little is a privately-held firm which has (or has had, as the case
may be) an eclectic portfolio of investments including corporate jet
manufacturer Gulfstream Aerospace, Ziff-Davis Publishing, General Instrument,
Topps baseball cards, Yankee Candle Company, Dr. Pepper and WRGB-TV/Albany, NY.
In the official statement, Citadel chairman Larry Wilson said the buyout will
help the company continue to acquire stations.  In the NYT story, Teddy
Forstmann said he knows he bought the company at a lean time for advertising
revenues and is prepared to ride it out.  We'll see...

Take care,
Chris