By Jacqueline Bell

Law360, New York (December 11, 2009, 5:10 PM ET) -- Radio broadcaster Citadel Broadcasting Corp. is reportedly preparing to file a prearranged Chapter 11 bankruptcy plan by the end of the year, joining the ranks of media companies struggling with falling advertising revenues and changing consumer tastes.

Citadel's prepackaged bankruptcy plan has already garnered the support of many of the floundering company's creditors, the Wall Street Journal reported Friday, citing unnamed sources familiar with the proposal.

The restructuring plan, presented to lenders recently, largely involves Citadel handing over the company to its lenders, according to the...