Citadel Broadcasting Corporation, noted as "the third-largest radio broadcaster in the U.S." and owner of San Francisco's KGO-AM 810 and KSFO 560, will file for bankruptcy by the end of the year, according to the Wall Street Journal.
Peninsula Press Club notes that "[t]he corporation is discussing with its creditors a "pre-arranged" Chapter 11 filing that would reduce the company's debts from $2 billion to $760 million."
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