MANHATTAN (CN) - Citadel Broadcasting, a radio chain, has filed for bankruptcy, listing $1.4 billion in assets and $2.5 billion in debt. Citadel, which broadcasts the "Imus in the Morning" show, suffered the same decline in advertising that has left newspapers reeling: fewer ads from major industries such as autos, banks and restaurants.
Citadel, the third-largest radio chain in the United States, said that shareholders will be wiped out under its proposed reorganization, according to Reuters.
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