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WASHINGTON, April 3 (Reuters) - Citadel Broadcasting Corp has received U.S. antitrust approval to acquire industry rival ABC Radio from Walt Disney Co., U.S. officials said on Monday.
Antitrust authorities have completed their review of the $2.7 billion deal without taking any action to block it, the U.S. Federal Trade Commission said in a notice.
Citadel, which is majority-owned by investment firm Forstmann Little & Co., announced in February it would buy the ABC Radio assets. Disney said at that time it planned to break off ABC's 22 radio stations and the ABC Radio Networks programming business into a separate entity, which would then be combined with Citadel to make the transaction tax-free for Disney shareholders.
Antitrust authorities have completed their review of the $2.7 billion deal without taking any action to block it, the U.S. Federal Trade Commission said in a notice.
Citadel, which is majority-owned by investment firm Forstmann Little & Co., announced in February it would buy the ABC Radio assets. Disney said at that time it planned to break off ABC's 22 radio stations and the ABC Radio Networks programming business into a separate entity, which would then be combined with Citadel to make the transaction tax-free for Disney shareholders.
