Toledo Corporate Radio going broke.


Cumulus Media files for bankruptcy protection
From story:
Industry trade publication Variety reports Cumulus’ current debt at $2.4 billion, with the company having defaulted this month on a $24 million debt payment.

Cumulus had $2.3 billion in debt at the end of September, of which $1.7 billion was a term loan and the rest were 7.5 percent in senior bonds. Some of that stemmed from acquisitions. The Wall Street Journal reports that Cumulus Media spent about $5 billion in acquisitions between 1998 and 2013, the largest being a 2011 purchase of Citadel Broadcasting Corp.

The company’s biggest competitor, IHeartMedia Inc., is also struggling to find a solution to significantly slash its debt pile outside of bankruptcy court.

IHeartMedia owns seven operations in Toledo: 92.5 KISS FM, 101.5 The River, 104-7 WIOT, 1370 WSPD, 103.7 ‘CKY, Fox Sports 1230, and 94.9 The Beat.

IHeartMedia, the largest owner of U.S. radio stations with more than 250 million monthly listeners in the United States, said in May there was substantial doubt about its ability to continue as a going concern, according to Reuters.

No votes yet

for and against State Issue 2???? Well done, Mr I.!
No one ever said that the magnates who run our large radio conglomerates were among the sharpest tacks in the box. But, I'll bet those "big shots" (dot the "O," as my father-in-law used to say) are still riding around in their chauffeur-driven limos and doing their plane travel in first class, if not via a cushy, corporate jet!

I can't listen to corporate radio. Too much ads and fund raising fluff. It kills me that the Republican party does everything to screw over the little guy then WSPD has them on some fund raiser to build their public image while behind the scenes they are doing the opposite. One clown is always on there, or use to be promoting his veterans christmas tree give-a-way while waxing his public image. Out of the public view there is another story.

Statements made are the opinion of the writer who is exercising his first amendment right to freedom of speech. Freedom of speech in the United States is protected by the First Amendment to the United States Constitution and are generally permitted.

Well put, Mr. I.!

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