Just before the long Thanksgiving weekend, Citadel announced that it has renegotiated the terms of its purchase of ABC Radio. The original $2.7 billion deal has been reduced by $300 million — $100 in cash and $200 in stock. Since the deal was announced in February, Citadels stock price has dipped, prompting the company to push for a better deal from ABC parent company Disney.

The sale is expected to close before May 31, 2007, which is nearly six months later than initially expected. The delay is said to be causing some management and human resources problems within ABC. When completed 22 radio stations and the ABC Radio Network will become a part of Citadel, which will then become the third largest group in the country.

Locally, ABC-owned WLS-AM and WZZN-FM will be transfered as part of this deal, but WMVP-AM and WRDZ-AM will remain properties of Disney.