Thursday, March 05, 2009
Citadel owns all the radio stations that used to be owned by ABC. You know, unknown broadcasting entities like WLS, WABC, KABC, KGO, WJR.
Likewise, Citadel also now owns the ABC Radio Networks. Now the company's trading for one cent, and you can't get more "penny stock" than that.
Given what the corporate consolidators did to a once-proud and useful industry even before the economics of it all caught up with them, it's absolutely metaphorical.