The Portland company that owns radio stations KXL, KINK and KUPL -- along with more than 200 other stations around the country -- filed for bankruptcy Sunday night.
Alpha Media Holdings said none of its stations will go off the air. It told employees Monday that operations will continue as usual.
The company said it will use the protection afforded by Chapter 11 bankruptcy to reduce its debt and find additional capital. In bankruptcy documents filed in the Eastern District of Virginia, Alpha told the court that it has already reached preliminary agreement to accomplish that restructuring,
Alpha owns properties in 44 markets across the country. Endeavour Capital, a Portland private equity firm, invested in Alpha and helped fund its growth.
Alpha owes its creditors more than $267 million, according to bankruptcy filings. It owes more than $103 million to a single lender, ICG North America Holdings.
Alpha said in bankruptcy documents that its stations relied on “engaging live content” to cultivate a “passionate” base of listeners. KXL is the flagship station of ring-wing talker Lars Larson.
Alpha also owns sports talk station 750 The Game. John Canzano, sports columnist for The Oregonian/OregonLive, also has a daily radio show on that station.
The growing popularity of streaming and other alternatives has taken a toll on the traditional radio business. Then the pandemic hit, taking a major bite out of ad sales. The company laid off staff and reduced the salaries or required furloughs for others. But it was not enough to avert the current crisis.
“Our core business continues to perform well despite current market challenges,” said Bob Proffitt, Alpha’s CEO. “We will continue to invest in our talented teams to foster the unique culture that has been key to Alpha Media’s success.”
Jeff Manning
971-263-5164
jmanning@oregonian.com
"Media" - Google News
January 26, 2021 at 06:28AM
https://ift.tt/3sWLUSH
Alpha Media, parent of KINK, KXL, files bankruptcy as media industry shakeup continues - OregonLive
"Media" - Google News
https://ift.tt/2ybSA8a
https://ift.tt/2WhuDnP
Bagikan Berita Ini
ayo segera bergabung dengan saya di D3W4PK
ReplyDeletehanya dengan minimal deposit 10.000 kalian bisa menangkan uang jutaan rupiah
ditunggu apa lagi ayo segera bergabung, dan di coba keberuntungannya
untuk info lebih jelas silahkan di add Whatshapp : +8558778142
terimakasih ya waktunya ^.^