Citadel Broadcasting to Acquire Radio Stations in Springfield, MA

Business Wire, April 21, 2004

Business Editors

NEW YORK--(BUSINESS WIRE)--April 21, 2004

Citadel Broadcasting Corporation (NYSE:CDL) today announced that it has entered into an agreement with Lappin Communications, Inc., to acquire radio stations WMAS(AM) and WMAS-FM in Springfield, MA (the Nation's 89th largest market) for $22 million. The agreement is subject to certain conditions and regulatory approval.

Farid Suleman, Chairman & CEO of Citadel said, "The acquisition of Springfield is consistent with the Company's strategy of acquiring radio stations in the Nation's top 100 markets. These stations are leading stations in Springfield and will enhance the Company's position in the New England region." The Company currently has 21 stations in New England including Providence, Worcester, Portsmouth, New Bedford and Portland.

Bob Lappin, Chairman of the Board of Lappin Communications, Inc., commented, "We are very grateful to the outstanding employees of WMAS(AM) and WMAS-FM in Springfield who have made these stations very successful. Citadel Broadcasting is an excellent company with the resources to provide the stations with continued support and opportunity."

Citadel Broadcasting Corporation is a radio broadcaster focused primarily on acquiring, developing and operating radio stations throughout the United States. The Company owns and operates 148 FM and 58 AM radio stations in 44 markets, located in 24 states across the country.

Forward-Looking Statements

This news release contains both historical and forward-looking statements. All statements, other than statements of historical fact are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results or performance of the Company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this release include, but are not limited to: changes in economic conditions in the U.S.; fluctuations in interest rates; changes in industry conditions; changes in operating performance; shifts in population and other demographics; changes in the level of competition for advertising dollars; technological changes and innovations; changes in governmental regulations and policies and actions of regulatory bodies; changes in tax rates; and changes in capital expenditure requirements. Other key risks are described in the Company's reports filed with the U.S. Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise any forward-looking statements.