Market Overview

R2 Investments Intends to Nominate Two Directors to the Citadel Broadcasting Board of Directors at the 2011 Annual Meeting


FORT WORTH, Texas, Feb. 8, 2011 /PRNewswire/ -- R2 Investments, LDC, one of the largest owners of Citadel Broadcasting's (Pink Sheets: CDELB) outstanding shares, intends to nominate two directors to Citadel's board at the 2011 annual meeting.  R2 has sent a written request to Citadel to obtain the necessary documents detailed in the company's bylaws to properly nominate the two directors.

R2 continues to be frustrated by the lack of meaningful response by the company to numerous shareholder requests regarding a potential business combination with Cumulus and expects the replacement of two board members at this year's annual meeting to help provide the board with necessary direction.

SOURCE R2 Investments

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