Disney May Be Near Deal to Sell ABC Radio Unit

New York Times ^

[Lunatic Fringe]

The Walt Disney Company is near a deal to sell its ABC Radio unit to Citadel Broadcasting, the nation's fifth-largest radio broadcaster, for nearly $3 billion, according to people involved in the deal.

After receiving bids last week from several suitors, including Kohlberg Kravis Roberts and Entercom Communications, Disney selected Citadel as the preferred bidder and entered into exclusive negotiations, these people said. A deal would be reached within the next two weeks, these people added, though they cautioned that it was possible the talks could break down and another bidder could be chosen.

The sale of ABC, which owns and operates 73 stations in many top markets and a syndicated network with programming including "The Sean Hannity Show," comes just as Disney is considering an acquisition of Pixar Animation Studios. Disney has long planned to sell its ABC Radio business, which it does not consider part of its core operations. It put the business up for sale over the summer, and the auction process has dragged on for several months.

[Lunatic Fringe]

Kohlberg Kravis Roberts was the firm that tried to buy RJR-Nabisco, the deal that was the subject of "Barbarians at the Gate."

[Red Badger]

Does this mean Sean Hannity won't have to wear Mouse Ears while doing his radio show now?...........

[cvq3842]

I just hope whoever buys it doesn't monkey around with WABC radio 77 (NYC). It's a great station!

[Eagles Talon IV]

If this happens the first order of business for Citadel should be to replace the top of the hour ABC news with FOX NEWS.