LAS VEGAS - Citadel Broadcasting, owner of four Syracuse radio stations, is a step closer to being delisted from the New York Stock Exchange. The company, which was first threatened with delisting in September, now has 45 days to submit a turnaround plan - but the NYSE doesn't have to accept it.
Citadel issued a statement on Tuesday, saying the business plan will outline Citadel's intention to bring its stock price back up to par, but it admits "there can be no assurance" that the effort will be successful. The press release goes onto say, if NYSE accepts the plan, it will be evaluating Citadel's progress quarterly. If NYSE rejects the plan, Citadel will likely face suspension and delisting proceedings.
CDL was first threatened with delisting in September, because the stock had closed below $1.00 for 30 consecutive trading days. Back in September, we reported the last satisfactory closing price was $1.09 on August 11 -- and that holds true to this day. CDL stock closed at 17 cents Tuesday, and as of 11am Wednesday, it's up to 19.5 cents. You can check the latest CDL stock anytime in the Wall Street box on our homepage.
Citadel has taken some drastic moves to cut costs lately. As reported by Taylor on Radio-Info, last week the company capped all employee vacation time at 2 weeks per year, regardless of longevity. Today, Taylor reports Citadel will no longer pick up the tab for employee parking at its Washington DC cluster - a move that will cost many staffers $125/month.
Locally, Citadel owns four stations in the Syracuse market: CHR 93Q (WNTQ), active-rocker 95X (WAQX), AC Lite Rock 105.9 (WLTI) and sports-talker ESPN Radio 1260 (WNSS).
Related Links:
- NYSE Threatens to Drop Citadel (September 15, 2008)
- Latest CDL stock price (Yahoo Finance)
- NASDAQ Threatens to Drop Regent (August 16, 2008)