The Walt Disney Co. completed the spinoff of its radio holdings company, it was announced Wednesday. ABC Radio Holdings, Inc. was then merged into a subsidiary of Citadel Broadcasting Corp., the third largest radio group in the nation. ABC Radio Holdings includes 22 large-market radio stations and the ABC Radio Network. Burbank-based Disney continues to own ESPN Radio and the Radio Disney network. As a result of the merger Disney shareholders received one share of Citadel common stock in exchange for each whole share of ABC Radio Holdings received in the spinoff.
