Citadel Broadcasting Corp. has agreed to merge its radio operations with Walt Disney Co.'s ABC Radio in a $2.7 billion deal that will create America's third-largest radio group.Disney will combine its 22 ABC radio stations and the ABC Radio Network with Citadel's more than 200 FM and AM stations. Disney shareholders will own about 52% of Citadel, while Citadel shareholders control the remaining 48%.
Disney will also retain ESPN Radio and Radio Disney.
