Metro Detroit/Mid-Michigan/West Michigan: Newsmakers Dec. 21, 2009

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Detroit Free Press:

The parent firm for three metro Detroit radio stations, WJR-AM (760), WDRQ-FM (93.1) and WDVD-FM (96.3), filed for Chapter 11 bankruptcy protection Sunday to restructure its debt load. In documents filed in U.S. Bankruptcy Court for the Southern District of New York, Citadel Broadcasting Corp., the nation's third-largest radio broadcasting company, listed total assets of $1.4 billion and total debt of $2.46 billion. The presidents of WJR, WDRQ and WDVD did not return calls Sunday to explain the impact in Detroit. Much of Citadel's debt burden stems from its $2.7 billion purchase of ABC Radio from Walt Disney Co. in 2007... WJR, WDRQ, WDVD parent files Chapter 11 (Mon, 12/21)

 


 

ABC12 (WJRT TV):

Citadel Broadcasting Corp., the third-largest radio group in the United States, filed for Chapter 11 bankruptcy Sunday. The company, which owns and operates 224 radio stations in 25 states, listed liabilities of $2.5 billion on assets of $1.4 billion, according to court papers filed with the Southern District of New York. Citadel owns six Mid-Michigan stations including 96 WHNN-FM, home of popular morning DJ Johnny Burke; Flint's country station, WFBE-FM (B95); and Saginaw's 102.5 WIOG-FM. The company has been saddled with debt for some time as the radio industry continues to be hard hit by depressed advertising revenue. It had been widely reported in recent months that the company could be headed toward bankruptcy. More than 60 percent of the company's secured lenders backed Citadel's pre-negotiated bankruptcy, which will allow it to extinguish $1.4 billion of debt and convert its $2.1 billion secured credit facility into a new term loan... Citadel Broadcasting files for bankruptcy protection (Sun, 12/20)

 


 

Lansing State Journal:

These days, local TV newscasts have to do it all themselves. There are no big lead-ins, no easy audiences. So two stations find some reasons to cheer the new Nielsen ratings books. "I consider it my first book as news director and I couldn't be happier," said Jam Sardar at WLNS (Channel 6). "We're up in five (of eight) shows. ... They drop in seven shows." Many of those drops were by tiny fractions, said Michael King, general manager of WILX (Channel 10). The key thing is what has been overcome... TV news stations see local loyalty in ratings (Mon, 12/21)

 


 

AllAccess.com:

Yet another radio group has filed for bankruptcy protection, as NEXTMEDIA GROUP has filed a pre-arranged plan that will hand over control to certain creditors, court papers showed. NEXTMEDIA lists between $100 and $500 Million in total debt. REUTERS reports NEXTMEDIA's first lien debt and general unsecured claims will be paid in full while second lien debt will be converted into 95% equity in the reorganized company, said CFO ERIC NEUMANN, in an affidavit. In a statement on its website, NEXTMEDIA said the reorganization process will have no impact on day-to-day operations and will not result in any changes to senior management or any reduction to employee headcount... NextMedia Also Files For Chapter 11 (Mon, 12/21)

 

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About this Entry

This page contains a single entry by Mike Austerman published on December 21, 2009 6:27 AM.

Mid-Michigan: Newsmakers Dec. 18, 2009 was the previous entry in this blog.

Sales / Transactions / FCC Actions: Dec. 21, 2009 is the next entry in this blog.

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