Today's Daily Schadenfreude: Citadel Broadcasting

It's a happy day whenever wingnuts suffer...and especially when their businesses suffer. That adage definitely holds true today with the news that notorious right-wing radio conglomerate Citadel Broadcasting will be filing for bankruptcy. Merry Christmas and Happy Bankrupt New Year, you Citadel clowns!

Citadel is expected to file in a deal supported by many lenders collectively owed $2 billion, known as a "prearranged" deal in bankruptcy parlance.

These lenders plan to swap a big portion of their debt for equity in a reorganized Citadel, effectively handing them control.

The deal would reduce Citadel's debt load to about $762.5 million, the people said. The company will need to solicit more creditor support in court to get its reorganization plan approved by a judge.

Citadel's board approved the filing in recent days.

Citadel Chief Executive Farid Suleman is likely to remain at the helm once the company emerges from Chapter 11 protection, people familiar with the situation said.

Citadel representatives didn't respond to requests for comment..

Citadel's fall is emblematic of the troubles ravaging radio broadcasters, which took on loads of debt during boom times and now face a harsh advertising climate.

Of course, the economy isn't the only reason these wingnut gasbag outlets are facing a harsh advertising climate. Just look at the concerted efforts by the netroots to deprive Glenn Beck of the advertising dollars that fuel his ongoing campaign of hate and bigotry: nearly 100 advertisers to date have elected not to align themselves with Beck's idiocy any longer.

Citadel, though, has been one of the leading purveyors of wingnut ideology for years. Hatemongers like KSFO's Melanie Morgan and syndicated fossil Don Imus have relied on Citadel to dish out their vomitous spew to the mouth-breathing masses. Now, while Citadel apparently will survive in a streamlined form, the days of whine and roses appear to be over.

And that's good news for Americans who value truth and abhor the kind of disgusting garbage that Citadel airs. So, congratulations to Citadel Broadcasting and its CEO, Farid Suleman -- there's a special holiday gift under your tree now, because today's Blast Off! Daily Schadenfreude is for you!