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Citadel and NextMedia File Bankruptcy

"NextMedia owns 36 stations, including San Jose-based KBAY (94.5 FM) and KEZR (106.5 FM)".

And in making that purchase a few years ago, NextMedia blew through what it left of the 350 million or so it borrowed to form the company..

NextMedia has several problems that are immediate..much of their holdings are in RustBelt areas..Illinois, Ohio, Michigan--and they will never get what they originally paid for the bulk of those properties..they'll try to hold on to the San Jose stations, as that purchase was a break with their original business plan, such as it was, to invest in medium and small markets and build those properties as a collection to be sold to Clear Channel or someone else..

Those plans now lay in ashes..

NextMedia right now is claiming debts of anywhere from 100 to 500 million dollars, and their Citadel inspired plan will result in bankers owning the assets..and who don't want to be in the radio business..and who are holding the bag on 128 million dollars in debt..there was a period about five years ago when NM was claiming cash reserves of around 3 million dollars..

I still can't wipe the smile off my face when I think of this day coming..those in Denver, whose egos and stupidity led to this moment, are going to be wiping egg off their collective faces for the rest of their careers.

Fire sale anyone?
 
Hopefully Citadel will recover under the bankruptcy plan. I hope so for the employee's sake. Some stations could be sold off, although looking at the plan laid out that may not be necessary and the group may be held intact awaiting a turnaround in the economy.
 
RadioStarOne said:
Hopefully Citadel will recover under the bankruptcy plan. I hope so for the employee's sake. Some stations could be sold off, although looking at the plan laid out that may not be necessary and the group may be held intact awaiting a turnaround in the economy.
Click to expand...

Here here!
 
NextMedia is a company built by people who've had first-hand broadcasting experience, which is a prized attribute among radio professionals. Their personal touch is evident in their newest stations, KBAY and KEZR which have seen substantial ratings increases in both San Jose and San Francisco since departing CBS. The employees, especially those involved in programming, strongly support their company leaders and believe in the future of NextMedia.
 
Michael Rivers Kramer said:
RadioStarOne said:
Hopefully Citadel will recover under the bankruptcy plan. I hope so for the employee's sake. Some stations could be sold off, although looking at the plan laid out that may not be necessary and the group may be held intact awaiting a turnaround in the economy.
Click to expand...

Here here!
Click to expand...

Ditto!!
--jay
 
According to the FCC Daily Digest, "Involuntary Assignment of License" applications have been accepted for filing over the past few days for all Citadel and NextMedia stations, changing their ownership status to "Debtor-In-Possession."
 
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