Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Citadel Broadcasting files Chapter 11 bankruptcy
My Way ^ | Dec 20, 2009 | DAVID PITT

Posted on 12/20/2009 7:07:00 PM PST by AmericaUnite

Citadel Broadcasting Corp., the nation's third-largest radio broadcasting company, filed for Chapter 11 bankruptcy protection on Sunday in an effort to restructure its hefty debt load as it continues to face declining advertising revenue.

Citadel owns and operates 224 radio stations, including KABC-AM in Los Angeles, WLS-AM in Chicago, WABC-AM and WPLJ-FM in New York and KGO-AM in San Francisco. Citadel's WABC is home to several syndicated hosts, including Don Imus, Rush Limbaugh, Joe Scarborough and Mark Levin.

(Excerpt) Read more at apnews.myway.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: abcradio; bankruptcy; citadelbroadcasting; kabc; media; rush; rushlimbaugh; talkradio; wabc; wmal

1 posted on 12/20/2009 7:07:01 PM PST by AmericaUnite
[ Post Reply | Private Reply | View Replies]

To: AmericaUnite

http://www.freerepublic.com/focus/f-news/2411734/posts


2 posted on 12/20/2009 7:13:35 PM PST by Steelfish
[ Post Reply | Private Reply | To 1 | View Replies]

To: AmericaUnite

The greed of modern radio broadcasting has done the first group in....Unsustainable debt. Gee, will they learn a lesson?


3 posted on 12/20/2009 7:13:58 PM PST by Shady (The Fairness Doctrine is ANYTHING but fair!!!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Shady
The greed of modern radio broadcasting has done the first group in..

Was it "greed"? Or was it the economy?

Declining advertising revenues are generally attributable to the latter.

4 posted on 12/20/2009 7:18:27 PM PST by okie01 (THE MAINSTREAM MEDIA: Ignorance on Parade)
[ Post Reply | Private Reply | To 3 | View Replies]

To: AmericaUnite
I'd wager this has a lot to do with getting Rush off the air, a back-door move if I ever saw one.

I hope I'm quite mistaken...

5 posted on 12/20/2009 7:22:45 PM PST by Ron C.
[ Post Reply | Private Reply | To 1 | View Replies]

To: Ron C.
Don't think WABC, WJR, KMOX, WBAP... will go off the air. Even if they did, Rush, Sean, ect. would be on the next day on a different station.
6 posted on 12/20/2009 7:31:24 PM PST by Springman (Rest In Peace YaYa123)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Ron C.; okie01

Citadel was tiny about a decade ago. They went on a spending binge. Now they can’t afford the mortgage.


7 posted on 12/20/2009 7:32:53 PM PST by GeronL
[ Post Reply | Private Reply | To 5 | View Replies]

To: Springman

Not to worry. I’m sure that Obama and Turbo-Tax Timmy will deem Citadel “too big to fail” and will offer them a bailout! [/sarc]


8 posted on 12/20/2009 7:34:27 PM PST by DJ Frisat (How's that change workin' out for ya, Obama voters?)
[ Post Reply | Private Reply | To 6 | View Replies]

To: AmericaUnite

This is amazing .. they have Rush and Mark and they are in the hole ..?? When are they running the programs .. midnight!


9 posted on 12/20/2009 7:39:05 PM PST by The Final Harvest (Healthcare is not a RIGHT guaranteed by the Constitution)
[ Post Reply | Private Reply | To 1 | View Replies]

To: CyberAnt
This has very little to do with Rush and Mark and a whole lot to do with imprudent expansion and accumulation of debt. "Much of Citadel's debt burden stems from its $2.7 billion purchase of ABC Radio from Walt Disney Co. in 2007...
10 posted on 12/20/2009 7:46:46 PM PST by La Lydia
[ Post Reply | Private Reply | To 9 | View Replies]

To: Ron C.

This has nothing to do with getting Rush off the air. The Limbaugh program is syndicated by a division of Clear Channel—not Citadel. His ratings are higher than ever, and he attracts millions of ad dollars for stations like WABC, WLS and WMAL. Put another way, those stations would be also-rans without Rush.

The only way Rush would leave WABC and WLS is if those stations could not longer afford his syndication fee. And believe me, that won’t happen. Keeping Rush on their stations is a #1 priority for Citadel. However, there are some cities (New Orleans comes to mind) where Clear Channel has flipped an FM station to a talk format, and bought the rights to Limbaugh in that market. As a result, the FM talker (WRNO) is now challenging long-time market leader WWL-AM, largely on the strength of Rush’s numbers.

Clear Channel already has a number of stations in New York...would they try the same tactic there? Stay tuned.


11 posted on 12/20/2009 7:47:23 PM PST by ExNewsExSpook
[ Post Reply | Private Reply | To 5 | View Replies]

To: GeronL
Citadel was tiny about a decade ago. They went on a spending binge. Now they can’t afford the mortgage.

I'm not arguing that. But a lot of individuals and businesses got caught over-extended in the current economy.

I'd imagine that the purchase price for ABC Radio made perfectly good sense in 2007.

You takes your choice, pays your money...and accept the consequences of your decisions.

12 posted on 12/20/2009 7:52:04 PM PST by okie01 (THE MAINSTREAM MEDIA: Ignorance on Parade)
[ Post Reply | Private Reply | To 7 | View Replies]

To: AmericaUnite

WLS?! - They can trash them all, but just not WLS - once home to John “Records-is-really-my-middle-name” Linedecker and his nightly “boogie check”.


13 posted on 12/20/2009 8:08:37 PM PST by The Duke (Duncan Hunter = Ronald Reagan on steroids!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ExNewsExSpook
The only way Rush would leave WABC and WLS is if those stations could not longer afford his syndication fee.

I'm so glad to hear it. I wonder about the rest of the line-up.

14 posted on 12/20/2009 8:09:47 PM PST by AmericaUnite
[ Post Reply | Private Reply | To 11 | View Replies]

To: ExNewsExSpook; GeronL; Springman

Thanks for the scoop on Rush and Clear Channel. I know the commies would ~love~ to get Rush off the air, by any means possible. Here’s hoping they lose - and lose big on any attempt.


15 posted on 12/20/2009 11:45:50 PM PST by Ron C.
[ Post Reply | Private Reply | To 11 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson