Forstmann Little Completes Acquisition of Citadel Communications.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 26, 2001

Forstmann Little & Co. announced today that its affiliate FLCC Holdings, Inc. has completed its previously announced acquisition of Citadel Communications Corporation through the merger of FLCC Acquisition Corp., a

wholly owned subsidiary of FLCC Holdings, Inc., into Citadel Communications Corporation. Each outstanding publicly held Citadel Communications Corporation common share has been converted in the merger into the right to receive $26.00 in cash, without interest. Citadel Communications Corporation stockholders of record as of the close of business today will be mailed information describing how they may present their shares for payment.

"Citadel is a market leader, with a highly capable management team and significant growth potential. We look forward to helping the Company continue to solidify its leadership position," said senior partner Theodore J. Forstmann.

"Forstmann Little is the ideal partner to help Citadel as we support our stations, pursue our growth strategy and continue to serve our audiences and the local communities in which we operate," said Lawrence R. Wilson, Chairman, President and CEO of Citadel Communications. "Forstmann Little's unique capital structure and extensive experience in helping high quality companies accelerate their growth will be instrumental in helping Citadel reach its full potential."

Citadel Communications is a radio broadcaster focused primarily on acquiring, developing and operating radio stations in mid-sized markets throughout the United States. Upon completion of pending transactions, the Company will own or operate 140 FM and 65 AM radio stations in 42 markets, including clusters of four or more stations in 32 markets.

Since 1978, Forstmann Little has made 28 acquisitions and significant equity investments, returning billions of dollars to its investors. The firm's best-known investments include Gulfstream Aerospace, General Instrument and Ziff-Davis Publishing. Current Forstmann Little investments include Community Health Systems (NYSE: CYH), a leading rural hospital company; McLeodUSA (NASDAQ: MCLD), one of the fastest-growing integrated communications providers; XO Communications (NASDAQ: XOXO) (formerly NEXTLINK Communications), one of the world's fastest-growing providers of broadband communications services; Yankee Candle Company (NYSE: YCC), the leading designer, manufacturer, wholesaler and retailer of premium scented candles; and Capella Education Company, the for-profit parent company of Capella University, a leading accredited, Internet-based university. The firm currently has approximately $2.5 billion in committed capital for future investments.