UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G
                                 (Rule 13d-102)

             Information Statement Pursuant to Rules 13d-1 and 13d-2
                    Under the Securities Exchange Act of 1934
                                (Amendment No. )*


                        Price Communications Corporation
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    741437305
                         ------------------------------
                                 (CUSIP Number)


                                  July 30, 2007
              ----------------------------------------------------
              Date of Event Which Requires Filing of the Statement


Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

|_|    Rule 13d-1(b)
|X|    Rule 13d-1(c)
|_|    Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


                                  Page 1 of 10


CUSIP NO. 741437305                    13G                    Page 2 of 10 Pages

--------------------------------------------------------------------------------
   1.      NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Citadel Limited Partnership
--------------------------------------------------------------------------------
   2.      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
           (a) |X|

           (b) |_|
--------------------------------------------------------------------------------
   3.      SEC USE ONLY

--------------------------------------------------------------------------------
   4.      CITIZENSHIP OR PLACE OF ORGANIZATION
           Delaware limited partnership
--------------------------------------------------------------------------------
                5.    SOLE VOTING POWER
  NUMBER OF           0
   SHARES       ----------------------------------------------------------------
BENEFICIALLY    6.    SHARED VOTING POWER
  OWNED BY
    EACH              4,798,892 shares
  REPORTING     ----------------------------------------------------------------
   PERSON       7.    SOLE DISPOSITIVE POWER
    WITH              0
                ----------------------------------------------------------------
                8.    SHARED DISPOSITIVE POWER
                      See Row 6 above.
--------------------------------------------------------------------------------
   9.      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
           See Row 6 above.
--------------------------------------------------------------------------------
   10.     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
           CERTAIN SHARES                                                    |_|
--------------------------------------------------------------------------------
   11.     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           Approximately 8.5%(1) as of the date of this filing
--------------------------------------------------------------------------------
   12.     TYPE OF REPORTING PERSON
           PN; HC
--------------------------------------------------------------------------------

(1)   Based on 56,362,701 outstanding shares of the Common Stock of Issuer, as
      reported in the Issuer's Quarterly Report on Form 10-Q, filed with the
      Securities and Exchange Commission on January 19, 2007.


                                  Page 2 of 10


CUSIP NO. 741437305                    13G                    Page 3 of 10 Pages

--------------------------------------------------------------------------------
   1.      NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Citadel Investment Group, L.L.C.
--------------------------------------------------------------------------------
   2.      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
           (a) |X|

           (b) |_|
--------------------------------------------------------------------------------
   3.      SEC USE ONLY

--------------------------------------------------------------------------------
   4.      CITIZENSHIP OR PLACE OF ORGANIZATION
           Delaware limited liability company
--------------------------------------------------------------------------------
                5.    SOLE VOTING POWER
  NUMBER OF           0
   SHARES       ----------------------------------------------------------------
BENEFICIALLY    6.    SHARED VOTING POWER
  OWNED BY
    EACH              4,798,892 shares
  REPORTING     ----------------------------------------------------------------
   PERSON       7.    SOLE DISPOSITIVE POWER
    WITH              0
                ----------------------------------------------------------------
                8.    SHARED DISPOSITIVE POWER
                      See Row 6 above.
--------------------------------------------------------------------------------
   9.      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
           See Row 6 above.
--------------------------------------------------------------------------------
   10.     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
           CERTAIN SHARES                                                    |_|
--------------------------------------------------------------------------------
   11.     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           Approximately 8.5%(2) as of the date of this filing
--------------------------------------------------------------------------------
   12.     TYPE OF REPORTING PERSON
           OO; HC
--------------------------------------------------------------------------------

(2)   See footnote 1 above.


                                  Page 3 of 10


CUSIP NO. 741437305                    13G                    Page 4 of 10 Pages

--------------------------------------------------------------------------------
   1.      NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Kenneth Griffin
--------------------------------------------------------------------------------
   2.      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
           (a) |X|

           (b) |_|
--------------------------------------------------------------------------------
   3.      SEC USE ONLY

--------------------------------------------------------------------------------
   4.      CITIZENSHIP OR PLACE OF ORGANIZATION
           U.S. Citizen
--------------------------------------------------------------------------------
                5.    SOLE VOTING POWER
  NUMBER OF           0
   SHARES       ----------------------------------------------------------------
BENEFICIALLY    6.    SHARED VOTING POWER
  OWNED BY
    EACH              4,798,892 shares
  REPORTING     ----------------------------------------------------------------
   PERSON       7.    SOLE DISPOSITIVE POWER
    WITH              0
                ----------------------------------------------------------------
                8.    SHARED DISPOSITIVE POWER
                      See Row 6 above.
--------------------------------------------------------------------------------
   9.      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
           See Row 6 above.
--------------------------------------------------------------------------------
   10.     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
           CERTAIN SHARES                                                    |_|
--------------------------------------------------------------------------------
   11.     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           Approximately 8.5%(3) as of the date of this filing
--------------------------------------------------------------------------------
   12.     TYPE OF REPORTING PERSON
           IN; HC
--------------------------------------------------------------------------------

(3)   See footnote 1 above.


                                  Page 4 of 10


CUSIP NO. 741437305                    13G                    Page 5 of 10 Pages

--------------------------------------------------------------------------------
   1.      NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Citadel Equity Fund Ltd.
--------------------------------------------------------------------------------
   2.      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
           (a) |X|

           (b) |_|
--------------------------------------------------------------------------------
   3.      SEC USE ONLY

--------------------------------------------------------------------------------
   4.      CITIZENSHIP OR PLACE OF ORGANIZATION
           Cayman Islands company
--------------------------------------------------------------------------------
                5.    SOLE VOTING POWER
  NUMBER OF           0
   SHARES       ----------------------------------------------------------------
BENEFICIALLY    6.    SHARED VOTING POWER
  OWNED BY
    EACH              4,798,892 shares
  REPORTING     ----------------------------------------------------------------
   PERSON       7.    SOLE DISPOSITIVE POWER
    WITH                       0
                ----------------------------------------------------------------
                8.    SHARED DISPOSITIVE POWER
                      See Row 6 above.
--------------------------------------------------------------------------------
   9.      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
           See Row 6 above.
--------------------------------------------------------------------------------
   10.     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
           CERTAIN SHARES                                                    |_|
--------------------------------------------------------------------------------
   11.     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

           Approximately 8.5%(4) as of the date of this filing
--------------------------------------------------------------------------------
   12.     TYPE OF REPORTING PERSON
           CO
--------------------------------------------------------------------------------

(4)   See footnote 1 above.


                                  Page 5 of 10


CUSIP NO. 741437305                    13G                    Page 6 of 10 Pages


Item 1(a)      Name of Issuer:   Price Communications Corporation
     1(b)      Address of Issuer's Principal Executive Offices:

                               45 Rockefeller Plaza
                               New York, New York 10020

Item 2(a)      Name of Person Filing(5)
Item 2(b)      Address of Principal Business Office
Item 2(c)      Citizenship

                               Citadel Limited Partnership
                               131 S. Dearborn Street
                               32nd Floor
                               Chicago, Illinois 60603
                               Delaware limited partnership

                               Citadel Investment Group, L.L.C.
                               131 S. Dearborn Street
                               32nd Floor
                               Chicago, Illinois 60603
                               Delaware limited liability company

                               Kenneth Griffin
                               131 S. Dearborn Street
                               32nd Floor
                               Chicago, Illinois 60603
                               U.S. Citizen

                               Citadel Equity Fund Ltd.
                               c/o Citadel Investment Group, L.L.C.
                               131 S. Dearborn Street
                               32nd Floor
                               Chicago, Illinois 60603
                               Cayman Islands company

(5) Citadel Holdings Ltd., a Cayman Islands company ("CH"), is a subsidiary of
Citadel Wellington LLC, a Delaware limited liability company ("CW"), and Citadel
Kensington Global Strategies Fund Ltd., a Bermuda company ("CKGSF"). Citadel
Equity Fund Ltd. ("CEF") is a subsidiary of CH. None of CW, CKGSF or CH has any
control over the voting or disposition of securities held by CEF.


                                  Page 6 of 10


CUSIP NO. 741437305                    13G                    Page 7 of 10 Pages

      2(d)     Title of Class of Securities:

               Common Stock, par value $0.01.

      2(e)     CUSIP Number:   741437305

Item 3  If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or
        (c), check whether the person filing is a:

        (a) |_| Broker or dealer registered under Section 15 of the Exchange
                Act;

        (b) |_| Bank as defined in Section 3(a)(6) of the Exchange Act;

        (c) |_| Insurance company as defined in Section 3(a)(19) of the Exchange
                Act;

        (d) |_| Investment company registered under Section 8 of the Investment
                Company Act;

        (e) |_| An investment adviser in accordance with Rule
                13d-1(b)(1)(ii)(E);

        (f) |_| An employee benefit plan or endowment fund in accordance with
                Rule 13d-1(b)(1)(ii)(F);

        (g) |_| A parent holding company or control person in accordance with
                Rule 13d-1(b)(1)(ii)(G);

        (h) |_| A savings association as defined in Section 3(b) of the Federal
                Deposit Insurance Act;

        (i) |_| A church plan that is excluded from the definition of an
                investment company under Section 3(c)(14) of the Investment
                Company Act;

        (j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

    If this statement is filed pursuant to Rule 13d-1(c), check this box.    |X|

Item 4  Ownership:

CITADEL LIMITED PARTNERSHIP
CITADEL INVESTMENT GROUP, L.L.C.
KENNETH GRIFFIN
CITADEL EQUITY FUND LTD.

        (a)    Amount beneficially owned:

               4,798,892 shares


                                  Page 7 of 10


CUSIP NO. 741437305                    13G                    Page 8 of 10 Pages


        (b)    Percent of Class:

Approximately 8.5%(6) as of the date of this filing

        (c)    Number of shares as to which such person has:

               (i)    sole power to vote or to direct the vote:

                      0

               (ii)   shared power to vote or to direct the vote:

                      See Item 4(a) above.

               (iii)  sole power to dispose or to direct the disposition of:

                      0

               (iv)   shared power to dispose or to direct the disposition of:

                      See Item 4(a) above.

Item 5  Ownership of Five Percent or Less of a Class:

                       Not Applicable.

Item 6  Ownership of More than Five Percent on Behalf of Another Person:

                       Not Applicable.

Item 7  Identification  and  Classification of the Subsidiary which Acquired the
        Security Being Reported on by the Parent Holding Company:

                       See Item 2 above.

Item 8  Identification and Classification of Members of the Group:

                       Not Applicable.

Item 9  Notice of Dissolution of Group:

                       Not Applicable.


(6)   Based on 56,362,701 outstanding shares of the Common Stock of Issuer, as
      reported in the Issuer's Quarterly Report on Form 10-Q, filed with the
      Securities and Exchange Commission on January 19, 2007.


                                  Page 8 of 10


CUSIP NO. 741437305                    13G                    Page 9 of 10 Pages


Item 10  Certification:

      By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.

* John C. Nagel is signing on behalf of Kenneth Griffin as attorney-in-fact
pursuant to a power of attorney previously filed with the Securities and
Exchange Commission on February 24, 2006, and hereby incorporated by reference
herein. The power of attorney was filed as an attachment to a filing by Citadel
Limited Partnership on Schedule 13G for Morgans Hotel Group Co.


                                  Page 9 of 10


CUSIP NO. 741437305                    13G                   Page 10 of 10 Pages


      After reasonable inquiry and to the best of its knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.

Dated this 3rd day of August, 2007

--------------------------------------------------------------------------------
KENNETH GRIFFIN                          CITADEL EQUITY FUND LTD.

By: /s/ John C. Nagel                    By:   Citadel Limited Partnership,
    -----------------------------------        its Portfolio Manager
    John C. Nagel, attorney-in-fact*

CITADEL LIMITED PARTNERSHIP              By:   Citadel Investment Group, L.L.C.,
                                               its General Partner
By: Citadel Investment Group, L.L.C.,
    its General Partner                  By:   /s/ John C. Nagel
                                               ---------------------------------
                                               John C. Nagel, Director and
By: /s/ John C. Nagel                          Associate General Counsel
    ---------------------------------
    John C. Nagel, Director and
    Associate General Counsel            CITADEL INVESTMENT GROUP, L.L.C.

                                         By:   /s/ John C. Nagel
                                               ---------------------------------
                                               John C. Nagel, Director and
                                               Associate General Counsel
--------------------------------------------------------------------------------


                                 Page 10 of 10