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Mega Media Files Chapter 11 Bankruptcy

O

oaktree

As expected, Mega Media today filed for Chapter 11 Bankruptcy protection, in light of demands from Island Media that it get its financial house in order by the end of August. Mega has failed in making payments to the parent of Pulse 87 for months, according to sources that include Island's CEO. The owner stated last week that the company is looking to sell the station.



Mega Media files Chapter 11.
The company that's developed a strategy of using a low-power TV station to attract listeners to its dance-formatted "Pulse 87" WNYZ-LP, New York is seeking bankruptcy protection. Court filings show Mega owes creditors more than $3.5 million. (Inside Radio.)

According to Crain's New York Business at 3:30 EDT ... http://www.crainsnewyork.com/article/20090811/FREE/908119

Shares of Mega Media stock closed up 10% today, to $.0055, before sliding to a closing price of a half-cent per share.
 
i think nick is going to have a heart attack when he sees this....
 
Look, most of us knew that this was a possibility and it has happened. Now, what happens next remains a bit open. Maybe this would be an opportunity for some other company to take over the operation and keep Pulse on the air. It may as well be that bankruptcy is the opportunity that is needed to change to new management.
 
tony launch your stream site...wonder how long this will go on for
 
As much as I would love to see Pulse pull this through, I have a bad feeling this is where the road will end. All we gotta do is just hope and pray some millionaire can save Pulse and still have dance music on terrestrial, even though it's technically a TV station. Come August 31, it's all or nothing for the dance music community.
 
I had such a great time at the DJ Expo last night, and then I read this thread :-(
I hope that bankruptcy protection will allow them to continue operating the radio station (it's the only thing bringing in money, without it they'll probably be forced to do a chapter 7 liquidation)
They did have ads recently that Pulse 87 is looking to hire sales staff. Would anyone want to work for a company that's going bankrupt soon?

As a shareholder, I might be losing the value of my shares. Luckily, I sold some off at a profit, so that will offset my losses. I will just consider the money gone and not touch the shares I have now, even though the stock price is half a cent. In a bankruptcy, the shareholders are the lowest priority class to receive any compensation. If the secured or unsecured creditors receive nothing, I'll also receive nothing. If the secured or unsecured creditors are offered new shares, the old shares would become worthless.

Here is their chapter 11 filing
http://www.implu.com/releases/2009/20090810/29293/implu_viewer

It shows that Alex Shvarts will continue to make 6 figures plus a bonus. And his employment will terminate on 7/14/2011. If we can get Pulse to last till July 14, 2011, that will be great.
 
type in the stock symbol and let me know what it says...and yea that is nuts that he is still making that much money...
 
Island Broadcasting, owner of the 87.7 frequency is seeking $15-million for it and says it will be shut down at the end of August, despite a 10-year lease and, no doubt, the bankruptcy filing.

http://news.****************/cgi-bin/rol.exe/headline_id=b11827
 
stationless listener said:
Look, most of us knew that this was a possibility and it has happened. Now, what happens next remains a bit open. Maybe this would be an opportunity for some other company to take over the operation and keep Pulse on the air. It may as well be that bankruptcy is the opportunity that is needed to change to new management.
Click to expand...

Maybe deep down, there is a "blessing in disguise" that we don't know of......yet. :)
 
d21ofnj said:
As much as I would love to see Pulse pull this through, I have a bad feeling this is where the road will end. All we gotta do is just hope and pray some millionaire can save Pulse and still have dance music on terrestrial, even though it's technically a TV station. Come August 31, it's all or nothing for the dance music community.
Click to expand...

Hmmm....I wouldn't necessarily say that now :)
 
oaktree said:
Island Broadcasting, owner of the 87.7 frequency is seeking $15-million for it and says it will be shut down at the end of August, despite a 10-year lease and, no doubt, the bankruptcy filing.

http://news.****************/cgi-bin/rol.exe/headline_id=b11827
Click to expand...

15 mil for a frequency that will go away in a few years??? Good luck!
 
Tony..care to share your secret? some business owners and other advertisers are all wondering if their will be airwaves after Aug 31.
 
And this has come just before the news that Pulse officially broke the 1.0 ratings barrier in the July 2009 period. Oh, what cruel irony.

Oh, and while I don't think they'll get anywhere close to $15 million, it's not really for the 87.7 frequency but the RF 6 slot for television. Look for a religious or Spanish-language group to snatch it up if no one steps up to save Pulse.
 
stationless listener said:
And this has come just before the news that Pulse officially broke the 1.0 ratings barrier in the July 2009 period. Oh, what cruel irony.

Oh, and while I don't think they'll get anywhere close to $15 million, it's not really for the 87.7 frequency but the RF 6 slot for television. Look for a religious or Spanish-language group to snatch it up if no one steps up to save Pulse.
Click to expand...

The 1.0 share does attest to the fact that you *can* have a viable dance-formatted station in the New York City market, but expecting it, as Tony Santiago does, to reach into the top five is, well, rather delusional. A dance-formatted station might perform reasonably well in the 5 boroughs, but will probably not do so in the Nassau-Suffolk embedded component of the market.
 
1.0 in the July PPM's and increasing cume...despite the poor signal. Not bad.
It will be sad if Pulse disappears. I'm hoping someone other than Mega Media can swoop in and pick up the format but I wouldn't know who...
Call me crazy but 92.3NOW seems to be adding more dance in rotation...if they picked up Pulse's loss they may increase their cume. It's doubtful Pulse listeners will go to KTU.

Maybe Family Radio could switch WFME to dance. A full powered fm signal in market number 1 and no one is listening anyway. They could make some money to support their crusade..... ;)
 
Jeffrey said:
1.0 in the July PPM's and increasing cume...despite the poor signal. Not bad.
It will be sad if Pulse disappears. I'm hoping someone other than Mega Media can swoop in and pick up the format but I wouldn't know who...
Call me crazy but 92.3NOW seems to be adding more dance in rotation...if they picked up Pulse's loss they may increase their cume. It's doubtful Pulse listeners will go to KTU.

Maybe Family Radio could switch WFME to dance. A full powered fm signal in market number 1 and no one is listening anyway. They could make some money to support their crusade..... ;)
Click to expand...

You guys exaggerate the supposed "weakness" of Pulse's signal, but, of course, the station could've used a better dial position. As for Now-Fm, somebody on the dentist's board said that they were adding a certifiable Rock song to their playlist, something any CHR station has to do if they expect to play in the big leagues, even in the NYC market.
 
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