This time the drag was mostly on the local side, which was down 2%, while national was flat.

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ABC and Citadel differ quite significantly in both cluster size and geography, making it difficult for Citadel to realize cost savings across its newly merged platform. We believe that additional synergies may be generated on the top line, but more so for national advertisers rather than local advertisers, which make up the majority of Citadel's revenue.

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