After more than a year under review by the Federal Communications Commission, the $2.7 billion spinoff of Walt Disney Co.’s radio group is set to win the agency’s approval Thursday.
Before getting the nod, the buyer, Citadel Broadcasting, must settle FCC charges over a number of violations, including accepting illegal “payola” from record producers and failure to adequately maintain transmission towers.
The agency also must renew some expired Citadel radio licenses and sources close to the agency said FCC Chairman Kevin Martin has likely reached an agreement that will allow the renewals and require Citadel to pay some small fines. With those renewals in place, the agency then can also approve the Disney deal. Along with Martin, the FCC’s two other Republican commissioners are believed to be ready to vote for the agreement—enough for a majority.
Full coverage coming soon in The Daily Deal and on TheDeal.com
Related story: Citadel clinches deal for ABC radio
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