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Citadel to file for bankruptcy

It's official. Citadel filed for Chapter 11 Bankruptcy protection and re-organization today according the the Wall Street Journal, All Access and several other trade publications.
 
[size=10pt]Do you think anyone @ WKDF or WGFX cares?

In many of htese casses...its a restructuring @ CORPORATE & the local guys never see a change

Citadel owns 21 stations in TN! [/size]
 
Isn't it amazing that the idiots who put the company into the position of bankruptcy in the first damn place get to keep their corporate jobs? If I were a bank that just took on a load of equity in a business that I don't want, the very FIRST thing I would do is fire all of the corporate people who made their loans worthless.
 
jharmon said:
Isn't it amazing that the idiots who put the company into the position of bankruptcy in the first damn place get to keep their corporate jobs? If I were a bank that just took on a load of equity in a business that I don't want, the very FIRST thing I would do is fire all of the corporate people who made their loans worthless.
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It really didn't make sense for them to by the music formats and specialized programs from ABC. That I couldn't understand. I heard that Citadel has wanted to sell the Nashville Properties for a long time, but they wanted to much for them.

With our economic situation at its worst this past year, there have been little to no bailouts for media companies. Seems they have all suffered. As agencies have been scared to place ads, due to lots of the general public out of work, making it where their products might not get sold. Our government is in so much debt, they can't help. It seems like we have almost hit a rock bottom depression, but the government won't admit it.

All I can say is, technology is changing and terrestrial radio is changing with it. Buy the time we come out of this bad economy, the radio we are accustom to now may be totally different. XM is really pushing the feds, and yes, they can do local programming. The NAB is the ones who have had lobbyist on Capitol Hill to stop them. Something give me a bad feeling in my stomach that the feds will let XM/Sirus take over radio like Cable and Satellite TV has taken over television. This could mean the days of "free radio" are numbered.

I'm not saying this will happen, but if you look at the overall picture over the past 10 years, it frightens me!
 
jharmon said:
Isn't it amazing that the idiots who put the company into the position of bankruptcy in the first damn place get to keep their corporate jobs?
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This quote made me cry because of the truth behind it. These fat cats are being paid way too much and ruining radio in the process. They keep getting paid more and collecting bonuses by firing the real talent and hiring newbies at minimum wage. And the program directors wear so many hats, they don't have time to nurture the new and upcoming talent.

Keep in mind that companies like Citadel have so much interest to pay to the banks because the banks were stupid enough to loan the money in the first place. The banks didn't do their research, all they saw was the profit they could make from the loan, and the companies have to work with a skeleton crew in order to pay back these huge loans. God help Citadel employees with the bankruptcy - the skeleton crew will more than likely be scaled back even more.

One more thing to ad about Citadel: Joshua Sussberg, a CITADEL attorney, said at the hearing, "Cash is exactly what this company needs to stabilize operations and continue business." Brilliant. Just brilliant. I could have told them that, and for half the price! :D
 
No surprise here. Suleman was just a money guy and cared nothing about radio. Money guys lose out in a crash. Poor Larry Wilson and poor ABC and Disney...their names forever associated with bankrupt radio.
 
spew said:
No surprise here. Suleman was just a money guy and cared nothing about radio. Money guys lose out in a crash. Poor Larry Wilson and poor ABC and Disney...their names forever associated with bankrupt radio.
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Poor last suckers who were left holding the bag when the bottom dropped out. But I wouldn't worry about them, it was all OPM.
 
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