Quote
Clear Channel Communications is an American media conglomerate company headquartered at 200 East Basse Road in San Antonio, Texas.
Originally posted by: billryan
It's funny that Rush and his coharts are always proclaiming the demise of the "dinosaur media" as an example of how out of touch it is with mainstream America.Each and every newspaper or magazine that folds is seemingly met with smug glee, and a reminder of how talk radio is the new way to get the news.
Now, Citadel Broadcasting-home of Rush, Imus, Mark Levin, Mike Hucklebee and quite a few others is posed to declare the biggest bankruptcy in radio history. Seems that old Rush can't draw the audiance that advertisers want to pay for. Can't wait to see the spin on this.
Premiere Radio Networks Inc., a subsidiary of Clear Channel Communications, syndicates 90 radio programs and services to more than 5,000 radio affiliations and reaches over 190 million listeners weekly.
Citadel Broadcasting Corporation is a Las Vegas, Nevada-based broadcast holding company.
Citadel owns 243 radio stations across the United States and is the third-largest radio station owner in the country. Only Clear Channel Communications and Cumulus Media own more stations.
Premiere Radio Networks is the syndicator of The Rush Limbaugh program.
The Citadel Broadcasting Corporation, which merged its broadcast operations with Disney’s ABC radio stations and network in 2007 broadcasts The Rush Limbaugh Show on several of its big-city ABC affiliates.
The Citadel Broadcasting Corporation is the syndicator for Don Imus and Mark Levin, among others.
Ref: Radio Programs by Syndicator
Citadel added lots of debt to its balance sheet when it merged its broadcast operations with Disney’s ABC radio stations.
“The ongoing weakness in the economy and advertising spending, compounded by rising debt and leverage” have left Citadel with an “unsustainable capital structure,” Neil Begley, an analyst at Moody’s Investors Service, said on 11 December 2009.
Citadel, the owner of radio stations in cities including New York and Chicago, has, indeed, filed for U.S. bankruptcy protection in Manhattan with a deal to shed $1.4 billion of debt.
In general U.S. radio broadcasters including Clear Channel Communications, the largest, have struggled with debt loads and a drop in advertising revenue, particularly from carmakers. Clear Channel Communications and Premiere Radio Networks have not filed for bankruptcy.
There is no need for spin.
The weak economy is impacting the radio broadcast business adversely.
But Rush Limbaugh’s syndicator has not filed for bankruptcy . . . yet.
Oh, and DonDiego would like to see some comparative numbers on which programs (if any) generate profits and which programs generate losses before he'd blame the bankruptcy of Citadel on poor, old Rush.
-------------------------
Tuesday, 22 December 2009
Posts
