Citadel Broadcasting Files for Bankruptcy

The Citadel Broadcasting Corporation, one of the nation’s largest radio broadcasters, filed for bankruptcy in New York on Sunday after agreeing to turn over control of the company to its creditors in exchange for reducing its debt.

The filing by the company, which owns 224 stations across the country and syndicates Don Imus’s radio show, was not unexpected but does reflect the troubles plaguing the radio industry amid steep declines in advertising revenue and big debt loads.