Walt Disney CFO Tom Staggs has said the company expects to close the sale of its ABC Radio arm to Citadel Broadcasting in the first half of 2007. In a conference call with analysts on Thursday, Staggs also said that Disney has had discussions about possibly modifying to the agreement to facilitate Citadel's post-closing financing, according to a Reuters report. Staggs noted that upon completion of the transaction, the portion of Disney's radio assets involved would be treated as discontinued operations. Therefore, financial results for the assets included in the deal would be excluded for all periods.
As reported back in February, Citadel agreed to purchase the majority of Disney's radio assets to the tune of $2.7 billion. Fourteen FM and eight AM stations were involved in the deal.