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Posts Tagged ‘Citadel Broadcasting Corp.’

CNBC Reports Citadel In Negotiations With Cumulus

There is word today that Citadel Broadcasting, anchored in New York by WABC-AM, is in negotiations to sell itself to Cumulus Media.

CNBC’s David Faber was the first to break the story today.

He says the deal would be at $37 a share, with $30 in cash and the remaining $7 in Cumulus stock.  

CNBC’s Faber adds that in December, Cumulus, led by its CEO Lou Dickie, made an offer of around $31 a share for Citadel, which ultimately was rejected by the company. 

Since then, CNBC’s Faber reports, Citadel has been in what he deems “auction mode.”

CNBC’s Faber says he doesn’t expect the exclusive negotiations to linger for a long period of time.

The closest Cumulus get to reaching New York City is WFAS in Westchester and a pair of a stations in Bridgeport, CT.

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Two More Media Companies End 2009 In Bankruptcy

heartland.jpgOne day after Citadel Broadcasting Corp. filed for bankruptcy, two other media companies joined the radio group in Chapter 11.

Yesterday, another radio owner, NextMedia Group Inc., and newspaper publisher Heartland Publications LLC, both filed for bankruptcy protection in Delaware Bankruptcy Court.

NextMedia, which owns 36 AM and FM radio stations and over 5,000 outdoor advertising spaces, reached an agreement with its lenders before entering Chapter 11, and hopes to restructure its debt down to $128 million through the preplanned process.

Heartland, the owner of 23 papers and other pubs, also agreed with its lender and plans to cut its debt by more than half through Chapter 11 reorganization.

While bankruptcy is certainly a last resort, these sorts of pre-negotiated and pre-packaged bankruptcies usually get resolved quickly without much disruption to employees. And restructuring crippling debt can ensure that these struggling companies have more of a chance for success in the New Year. So maybe it’s not all bad news after all.

Heartland, Owner of 23 Papers, Declares BankruptcyEditor & Publisher

Previously: Radio Giant Citadel Files For Chapter 11

Radio Giant Citadel Files For Chapter 11

citadel.jpgCitadel Broadcasting Corp., one of the biggest radio companies in the U.S., announced Sunday that it was entering Chapter 11 bankruptcy protection in order to restructure its massive debt.

Under the terms of a pre-negotiated reorganization plan, Citadel’s $2.1 billion loan will be converted into $762.5 million. The company will also gain access to $36 million in cash in order to fund the restructuring.

Citadel said yesterday that 60 percent of its senior secured lenders agreed to the reorg plan before the company filed in bankruptcy court in Manhattan.

“We are pleased with the support from the majority of our senior lenders, and we look forward to working with the remaining senior lenders and other stakeholders to ensure a complete and expeditious restructuring,” said Citadel CEO Farid Suleman in a statment. “Our business will continue as usual and the company will work to emerge from the restructuring process as quickly as possible.”

With 166 FM stations and 58 AM stations, Citadel is the third largest radio group in the country. It also owns radio network Citadel Media, which produces shows including “ABC News Radio” and Don Imus‘ show “Imus in the Morning.”