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from Radio Equalizer (same guy; link is above)

*** Developing: WABC Layoffs Begin, All WJZW-FM Staffers Dismissed ***
*** Large-Scale Atlanta Layoffs ***
*** Redundancies Hit DC - All Access: WMAL Cuts, Chris Core Fired***
*** Staffers: Send Tips To Radioequalizer (at) aol.com ***
*** John Gambling Fired At WABC ***

(God! The Rambling Gambling man...part of a legacy
family @ WABC and WOR)
*** Sackings Hit West Coast ***

In what must be an unnerving development for a number of the nation’s top talk show hosts, station owner Citadel reported devastatingly bad earnings this morning.

Confirming the worst fears (and then some) of broadcast industry insiders, CDL reported a stunning fourth- quarter loss of $3.24 a share, against Wall Street’s expectation of a 7 cent profit, according to the AP.

Meanwhile, expenses grew and sales came in below expectations, according to the wire service:

Operating expenses grew to $1.29 billion from $103.1 million as asset impairment and disposal charges surged to $1.1 billion from $24.3 million in the year-ago period. The company said the asset impairment charges are related to a continued deterioration in the radio marketplace and a decline in the company’s share price.

Sales for the period ended Dec. 31 more than doubled to $245.5 million from $114 million mostly due to the June acquisition of ABC Radio Holdings Inc. from Walt Disney Co. for nearly $2 billion in cash and stock.

Analysts expected sales of $246.5 million.

Because Citadel now owns ABC Radio, this places the nation’s biggest news-talk outlets in a precarious position, even while ratings are as strong as ever and even poised to break records during this white- hot election year.

The Las Vegas- based company owns WABC/ New York, KABC/ Los Angeles, WLS/ Chicago, KGO-KSFO/ San Francisco, WBAP/ Dallas, WJR/ Detroit and many other mega- talkers nationwide. But the longtime operator of small and medium- market outlets seems to have bit off more than it could chew with the ABC acquisition.

In addition, it hasn’t brought needed programming expertise to ABC’s stations. Instead, Citadel CEO Farid Suleman pushed for an expensive deal with aging talker Don Imus, but a planned push to place Imus on its stations nationwide mysteriously didn’t come to pass.

So far, Citadel has avoided slashing its workforce, but cuts seem inevitable, even if they aren’t likely to do much to slow the firm’s continuing collapse.

Today, CDL shares are down 10 cents to $1.26 per share, after a 20-cent drop yesterday. About an hour ago, Citadel hit an all- time low on Wall Street. In 2003, it was trading over $22 a share.

We have previously covered Citadel’s troubles here and here.

UPDATE: CDL shares now trading at $1.22, down 14 cents and hitting a new all- time low.

UPDATE: sell-off continues, now down 17 cents to $1.19.

UPDATE: it’s getting worse, now down 26 cents to $1.10. How soon will it close below $1?

UPDATE: at 11:47, now collapsing further, down 31 cents to $1.05.