Citadel (CSL) may give mike back to Imus

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The Hat That Mumbles, aka Don Imus, is close to reaching agreement with Citadel Broadcasting (NYSE:CDL) to bring his talk show back to the public airwaves. According to Variety, Imus will spurn the interest of Sirius Satellite Radio (NASDAQ:SIRI) to join Citadel's network. The corporation, the third largest radio group in the U.S., owns ABC Radio, as well as a number of web sites and on-line radio stations.

Imus, you will recall, was canned by CBS Radio (NYSE:CBS) for his idiotic 'nappy-haired ho's' remark in reference to the Rutgers woman's basketball team. Ironically, the controversy proved to be a goldmine for Mumbles, who won a $20 million settlement from CBS Radio for improperly terminating his contract.

Variety wrote that, since ABC Radio traditionally chooses its own talent (and I use the word loosely), Citadel's signing of Imus would not guarantee that he would appear on ABC Radio stations. However, given the money that Imus will likely demand, I believe he'll have to run on the radio network in order for Citadel to recoup its investment.

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Last updated: February 10, 2010: 06:25 AM

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