Citadel IPO raises $418 million

August 1, 2003 by Scott Jameson

Citadel Broadcasting collected a whopping $418 million on its sale of 12 million shares of common stock during Friday's IPO.

Trading on the New York Stock Exchange under the symbol CDL, the company, which owns and operates 151 FM and 64 AM stations in 44 markets, will use some of the proceeds to pay down its $389 million in debt.

Citadel owns six stations in Central New York: 93Q (WNTQ), 95X (WAQX), Lite 105.7 (WLTI), ESPN Radio 1260 (WNSS), I100 (WIII), and NewsTalk 920 (WKRT).

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