Disney, Citadel Ink $14M Ch. 11 Settlement

Law360, New York (May 11, 2011, 2:22 PM EDT) -- The Walt Disney Co. will get cash and free advertising from Citadel Broadcasting Corp. as part of a $14 million settlement reached in New York on Tuesday over intellectual property tied to the reorganized Citadel's 2006 purchase of ABC stations.

Judge Burton R. Lifland's order, which sorts out Disney's claims in the Chapter 11 case, eliminates one hurdle for Cumulus Media Inc., the Atlanta-based broadcaster trying to buy Las Vegas-based Citadel Broadcasting for $2.4 billion.

Citadel, the troubled broadcaster that emerged from bankruptcy in June 2010...
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