> I stand by my choice of words: "essentially ends up in a
> joint venture with the winning bidder", since the new
> company is co-owned between Disney shareholders and Citadel
Uh...not even close.
joint venture - Definition
"A contractual agreement joining together two or more parties for the purpose of executing a particular business undertaking. All parties agree to share in the profits and losses of the enterprise."Source
It is not a joint venture because Citadel will be responsible for all future programming decisions, profits, and losses. Usually in a joint venture, executives and project leaders are shared. Not in this case.
I would call it more of a spin-off, with Citadel buying half the company in the process.