After FM station WWMM—now WAPI-FM—100.5 in Helena, AL, announced a format change from alternative music to all talk, Jeff Tenner, owner of Soca Clothing in Homewood, AL, launched a Facebook group called "Save Live 100.5." Tenner said, "I'm an upset advertiser, and I'm also just an upset music listener." Tenner is clearly not the only upset listener; his Facebook group has grown to more than 20,000 members.
A casualty of the format change is Scott Register, whose specialty show "Reg's Coffee House" was broadcast on Live 100.5 on Sundays. He said, "I don't know if I'll be back. I do know that I'll probably be the last human voice you'll hear on Live 100.5." "Reg's Coffee House" had just celebrated its 13th anniversary in January, and its Facebook fan page credits the program with spawning Live 100.5.
Citadel said that Live 100.5, which came on the air in August 2008, had not generated the ratings or the revenue that owners needed to keep it going.
Showing posts with label Citadel. Show all posts
Showing posts with label Citadel. Show all posts
Friday, February 26, 2010
Friday, January 22, 2010
Air America Ceases Programming, Announces Bankruptcy
Air America Media, the progressive radio network that launched in 2004, shut down live programming on Thurs., Jan. 21, and announced that the company would soon file for Chapter 7 bankruptcy. Reruns of Air America shows will air until broadcasting ends completely on Mon., Jan. 25.
The company cited the "difficult economic environment" as the reason for its failure, calling the past year a "perfect storm" in the media industry due to falling advertising revenues. Radio-industry ad revenues have declined for 10 consecutive quarters. Other casualties of the economic storm include Citadel Broadcasting and the long-time trade publication Radio and Records, which recently filed for bankruptcy as well.
Air America said, "Those companies that remain are facing audience fragmentation as a result of new media technologies, are often saddled with crushing debt, and have generally found it difficult to obtain operating or investment capital from traditional sources of funding. In this climate, our painstaking search for new investors has come close several times right up into this week, but ultimately fell short of success." Although Air America saw some hope for increasing revenues through Internet growth, its "expanding online efforts face the same monetization and profitability challenges in the short term confronting the Web operations of most media companies."
Well-known Air America hosts included Al Franken and Rachel Maddow. The network began as a liberal alternative to conservative commentators like Rush Limbaugh, but it struggled financially throughout its history. The company filed for Chapter 11 bankruptcy in 2006 and was sold in 2007 to New York real-estate investor Stephen Green and his brother, politician Mark Green.
Air America described itself as instrumental in building, through its approximately 100 radio outlets nationwide, "a new sense of purpose and determination among American progressives" and in inspiring a revival that it said led to the Democratic gains in the 2006 mid-term elections and to the 2008 election of President Barack Obama.
The company cited the "difficult economic environment" as the reason for its failure, calling the past year a "perfect storm" in the media industry due to falling advertising revenues. Radio-industry ad revenues have declined for 10 consecutive quarters. Other casualties of the economic storm include Citadel Broadcasting and the long-time trade publication Radio and Records, which recently filed for bankruptcy as well.
Air America said, "Those companies that remain are facing audience fragmentation as a result of new media technologies, are often saddled with crushing debt, and have generally found it difficult to obtain operating or investment capital from traditional sources of funding. In this climate, our painstaking search for new investors has come close several times right up into this week, but ultimately fell short of success." Although Air America saw some hope for increasing revenues through Internet growth, its "expanding online efforts face the same monetization and profitability challenges in the short term confronting the Web operations of most media companies."
Well-known Air America hosts included Al Franken and Rachel Maddow. The network began as a liberal alternative to conservative commentators like Rush Limbaugh, but it struggled financially throughout its history. The company filed for Chapter 11 bankruptcy in 2006 and was sold in 2007 to New York real-estate investor Stephen Green and his brother, politician Mark Green.
Air America described itself as instrumental in building, through its approximately 100 radio outlets nationwide, "a new sense of purpose and determination among American progressives" and in inspiring a revival that it said led to the Democratic gains in the 2006 mid-term elections and to the 2008 election of President Barack Obama.
Friday, December 11, 2009
Citadel Broadcasting Prepares for Bankruptcy
Citadel Broadcasting, the third-largest radio broadcasting company in the United States, is preparing a prearranged bankruptcy filing. The Wall Street Journal and The New York Times reported that Citadel's proposal was presented to lenders this week and that major lenders JPMorgan Chase and General Electric's GE Capital are already supporting the plan.
Under the terms of the deal, Citadel would reduce its debt from $2 billion to $760 million, in exchange for handing over 99.5% of the equity in the reorganized company to its creditors. Lenders have until Tuesday to agree to the proposal, and Citadel plans to file for bankruptcy by the end of the year.
Citadel's financial problems resulted in part from its acquisition of Disney's ABC Radio stations in 2006. Another contributing factor was the death of radio legend Paul Harvey in Feb. 2009. Harvey's programs, syndicated by ABC Radio Networks, provided Citadel with steady income as it struggled with its increased debt load and declining advertising revenues.
Under the terms of the deal, Citadel would reduce its debt from $2 billion to $760 million, in exchange for handing over 99.5% of the equity in the reorganized company to its creditors. Lenders have until Tuesday to agree to the proposal, and Citadel plans to file for bankruptcy by the end of the year.
Citadel's financial problems resulted in part from its acquisition of Disney's ABC Radio stations in 2006. Another contributing factor was the death of radio legend Paul Harvey in Feb. 2009. Harvey's programs, syndicated by ABC Radio Networks, provided Citadel with steady income as it struggled with its increased debt load and declining advertising revenues.
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