LOS ANGELES - The Walt Disney Co. said it will sell its 22 ABC Radio stations and network to Citadel Broadcasting Corp. in a cash and stock deal valued at $2.7 billion.

The transaction gives Disney shareholders about a 52 percent stake in a new company, called Citadel Communications, which combines Citadel's stations with Disney's ABC assets.

The deal does not include Disney's ESPN and Radio Disney network.