Larry Wilson, chairman of Citadel Communications, has decided to leave the company he founded. With the recent hiring of Infinity's Farid Suleman to head the day-to-day operations of the radio group, there was little room at the top for Wilson.
In a surprise move yesterday, it was announced that Farid Suleman is leaving his position as head of Infinity Broadcasting to run Citadel Communications.
Forstmann Little has purchased Citadel Communications for $2 billion. With the deal, which works out to $26 a share, Citadel moves from a publicly traded to a privately held company.