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Audacy Filed For Bankruptcy

Audacy has filed paperwork with the bankruptcy court to recover $25 million for its share of BMI:

Audacy Seeks Bankruptcy Court OK To Redeem Its Ownership Stake In BMI.

This goes back to the story that BMI is being sold to an investment firm. Apparently several radio groups had ownership stakes in BMI, and they're being bought out. iHeart announced it was receiving $100 million from their investment.

www.insideradio.com

iHeart To Receive $100 Million Payout For Its Investment In BMI.

iHeartMedia said Monday that it expects to receive $100 million in proceeds from its equity interest in BMI following the acquisition of the performance rights organization from a shareholder group
www.insideradio.com www.insideradio.com
 
The combined Disclosure Statement and Plan Confirmation Hearing is scheduled for the afternoon of February 20.

Bear in mind the Effectiveness date of the Plan of Reorganization is not same day. The Judge may choose to allow for an appeal period. The Debtor may also want time to sort out loose-ends with regard to director appointments, execution of loan documentation and the like. There may also be legal entity formation filings that need to be processed first (this can usually occur quickly).
 
Mediafrog+ said:
radioinsight.com

Soros Fund Management Preparing To Become Audacy’s Largest Shareholder

As Audacy's pre-packaged Chapter 11 proceedings continue, court filings have revealed that Soros Fund Management will be the largest shareholder
radioinsight.com radioinsight.com

This will have some people in meltdown mode, after the whining about Soros and Latino Media Network.
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MAGA republicans ain't gonna be happy about this due to it being George Soros' company trying to buy out Audacy via majority shareholding.
 
Mediafrog+ said:
This will have some people in meltdown mode, after the whining about Soros and Latino Media Network.
Click to expand...
And a year later, LMN has created no new formats or new "balanced" talk shows on any of the stations.
 
Mark Roberts said:
I wonder how much of that meltdown will be heard on talk stations owned by Audacy! But you know it's going to happen.
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They should all quit. That's what a bunch of talk hosts did in Miami when LMN bought the Univision stations.

As I often say, somebody has to own these stations. Radio is not the kind of investment it once was, so it becomes prey to rich billionaires who are looking for places to put their money. I doubt Soros will interfere at all in the programming. He hasn't anywhere else he's invested.
 
Now we know to whom JPM Chase likely sold its debt last autumn! :)

I suspect few (if any) traditional banks will be among the equity holders as of the plan effective date; it's going to be a slew of hedge funds.
 
To be fair, we should point out that Mitt Romney founded Bain Capital that owned half of Clear Channel in 2008. Bass Brothers and other Texas conservatives also were early funders of growth of Clear Channel and other radio companies.

radioink.com

Soros Fund To Hold Audacy Majority Stake Post-Bankruptcy - Radio Ink

Soros Fund Management is set to become the primary shareholder of Audacy following the company's pending emergence from Chapter 11 bankruptcy.
radioink.com radioink.com
 
TheBigA said:
To be fair, we should point out that Mitt Romney founded Bain Capital that owned half of Clear Channel in 2008. Bass Brothers and other Texas conservatives also were early funders of growth of Clear Channel and other radio companies.

radioink.com

Soros Fund To Hold Audacy Majority Stake Post-Bankruptcy - Radio Ink

Soros Fund Management is set to become the primary shareholder of Audacy following the company's pending emergence from Chapter 11 bankruptcy.
radioink.com radioink.com
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Oh no! All the Audacy stations will be trying to convert you to Godless Communism! They'll all start playing Taylor Swift records to hypnotize the youth!
 
TheBigA said:
To be fair, we should point out that Mitt Romney founded Bain Capital that owned half of Clear Channel in 2008.
Click to expand...
An ironic chuckle from us in Houston, as Bain Capital also had a stake in Cumulus Media Partners, which owned two FMs here. As Clear Channel already had five FMs in the market, Bain was considered over the market cap and CC was forced to divest KHMX and KLOL. To whom? CBS Radio, which of course is now Audacy.🤪🤭
 
Mediafrog+ said:
An ironic chuckle from us in Houston, as Bain Capital also had a stake in Cumulus Media Partners, which owned two FMs here. As Clear Channel already had five FMs in the market, Bain was considered over the market cap and CC was forced to divest KHMX and KLOL. To whom? CBS Radio, which of course is now Audacy.🤪🤭
Click to expand...

Could be a similar situation here, since he has a stake in both Audacy and LMN.
 
DavidEduardo said:
And a year later, LMN has created no new formats or new "balanced" talk shows on any of the stations.
Click to expand...
Here in Houston LMN’s KLAT is still simulcasting TelevisaUnivision’s KQBU 93.3 and its TUDN sports format, despite the KLAT sale to LMN having been consummated on January 4, 2023.
MarkW said:
LMN only has 1 station in Houston - and it's on the AM dial - if my facts are straight.
Click to expand...
Correct, KLAT 1010.
 
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