Citadel Broadcasting Corporation Announces the Completion of the Offer to Purchase...

Citadel Broadcasting Corporation Announces the Completion of the Offer to Purchase and Exchange for Its 1.875% Convertible Subordinated Notes Due 2011

LAS VEGAS--(Business Wire)--
Citadel Broadcasting Corporation (NYSE: CDL) (the "Company") today
announced that it has completed its offer (the "Offer") to purchase,
on a pro rata basis, up to an aggregate principal amount of $55.0
million its 1.875% Convertible Subordinated Notes due 2011 (the
"Existing Notes") for a price of $900 per $1,000 principal amount of
the Existing Notes, and to exchange all Existing Notes validly
tendered and not withdrawn in excess of $55.0 million for an equal
amount of its newly authorized Amended and Restated Convertible
Subordinated Notes due 2011 (the "Amended Notes").

Pursuant to the Offer, $329.474 million aggregate principal amount
of the Company's Existing Notes (of which $330.0 million aggregate
principal amount were previously outstanding) were validly tendered
and not withdrawn. The Company accepted all of the tendered Existing
Notes. As a result, $526,000 aggregate principal amount of Existing
Notes remain outstanding and $274.474 million aggregate principal
amount of Amended Notes will be issued.

About Citadel Broadcasting Corporation

Citadel Broadcasting Corporation is the third largest radio group
in the United States, with a national footprint reaching more than 50
markets. Citadel is comprised of 165 FM and 58 AM stations in the
nation's leading markets, in addition to the ABC Radio Network
business, which is one of the three largest radio networks in the
United States.

Citadel Broadcasting Corporation
Patricia Stratford, 212-887-1670

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