KABC 790 TalkRadio Owner Files for Chapter 11 Bankruptcy
In the face of "declining advertising revenue" and with plans to "restructure its hefty debt load," the country's third-largest radio broadcasting company, Citadel Broadcasting Corp., "filed for Chapter 11 bankruptcy protection on Sunday," reports the Press-Telegram. Of Citadel's 224 radio stations is our KABC 790 AM, a talk radio-format station that airs syndicated programming such as Don Imus' show, as well as local talkers Frosty, Heidi, and Frank, and Dodgers' game broadcasts. Citadel's bankruptcy paperwork indicates they have "total assets at Oct. 30 of $1.4 billion and total debt of $2.46billion." A deal agreed to by 60 percent of their lenders "would erase about $1.4 billion of debt in exchange for control of the company."