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What Will Become of KCBS and Other Audacy Stations....

A lot of that debt goes poof, which will enable Audacy to do more than just pay interest. The question is: what becomes of David Field? Don't hold your breath thinking he'll remain. Debt holders remember Field telling them the CBS radio purchase made sense. It didn't.
 
Bankruptcy is a business thing. Has nothing to do with station operations. Chapter 7 is liquidation. Audacy is doing Chapter 11, which is reorganization:

forward.audacyinc.com

Announcement - Strengthening Audacy

Audacy Reaches Agreement with a Supermajority of its Debtholders on Balance Sheet Deleveraging Transaction that Will Equitize Over 80% of it's Debt
forward.audacyinc.com forward.audacyinc.com

The stockholders lose equity. David Field and his father owned 25% of the stock. They now own nothing. David was Chairman of the board. For now, he's a non-voting member. My take is he will take the money they're offering and walk away.
 
I see. That's reassuring, since KCBS is doing so well relatively, only a fool would even think of divesting themselves of it.

c
 
I asked this question on a previous thread when Audacy announce the bankruptucy. I was thinking about KRTH, a classic hits station which is highly rated. in Los Angeles. David the moderator replied that Audacy's stations were profitable, so that's not what caused the bankruptcy. I understood this to mean that the stations would stay intact and would not be affected. -- D.
 
Daryl Lynn L.A. said:
I asked this question on a previous thread when Audacy announce the bankruptucy. I was thinking about KRTH, a classic hits station which is highly rated. in Los Angeles. David the moderator replied that Audacy's stations were profitable, so that's not what caused the bankruptcy. I understood this to mean that the stations would stay intact and would not be affected. -- D.
Click to expand...
At least for the moment. But the new owners may look at under-producing markets or ones with a poor cluster. Buffalo comes immediately to mind.
 
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