America's third largest radio group Citadel has filed for bankruptcy in New York on Sunday after reaching a pact with its creditors.
The company, which is known for syndicating Don Imus, owns over 200 radio stations across the United States and offers programming for thousands more.
It bought the Walt Disney Company’s ABC Radio in 2006 and is thought to have been struggling ever since.
Farid Suleman, Citadel’s chief executive says: “We are pleased with the support from the majority of our senior lenders, and we look forward to working with the remaining senior lenders and other stakeholders to ensure a complete and expeditious restructuring.
“Our business will continue as usual and the Company will work to emerge from the restructuring process as quickly as possible.”
Citadel is based in Las Vegas and employs over 4,000 staff.