CEO Farid Suleman says 2010 was a difficult year, partly because Citadel spent the first five months in Chapter 11 bankruptcy protection. But the company ends the year with net radio revenue gaining 4.1%, and adjusted EBITDA up 28%.

For the fourth quarter, October through December, radio station revenue would have increased by 3.3%, says the company, except for these factors: the move of a talk format in Knoxville as an LMA ended and the non-renewal of the Oakland Raiders football contract. "Radio markets" revenue grew by $3.7 million. At the Citadel Media syndication division, the impact of dropping unprofitable shows and "lower revenue from our news-related RADAR networks" hurt the topline. It was down $4.9 million compared to the fourth quarter of 2009.

Lew Dickey-run Cumulus and CItadel announced a merger agreement a month ago that values Citadel stock at $37 a share in cash and stock. The deal brings Atlanta-based Cumulus Media 166 FM stations and 59 AMs, though some of those will need to be divested to comply with FCC rules. No details from Citadel CEO Farid Suleman today about those plans. Check today's press release from Citadel here.