Citadel Stock Goes OTC on Friday

March 2, 2009 by

NEW YORK CITY -- The New York Stock Exchange ticker symbol "CDL" will be up for grabs soon.  The NYSE has announced it will be taking Citadel Broadcasting off the exchange by the end of the week.

According to the Radio Business Report, the NYSE will suspend trading of CDL stock before the market opens Friday morning.  Citadel will then begin trading with a new, over-the-counter symbol.  That new symbol has not yet been determined (as of 11am Monday).

The NYSE first threatened to delist Citadel last September.  The company issued a turnaround plan in December, but the NYSE apparently wasn't impressed.  RBR reports the NYSE "decided to proceed with suspension of trading" as of Friday.

As of 11am Monday, CDL stock was trading at a dime a share... only a penny more than the company's 52-week low.

Locally, Citadel owns four stations in the Syracuse market: CHR 93Q (WNTQ), active-rocker 95X (WAQX), AC Lite Rock 105.9 (WLTI) and sports-talk ESPN Radio 1260 (WNSS).

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