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Radio Cantico Applies For Chapter 11

B

Barry

According to AllAccess the religious broadcaster, which owns and leases numerous stations in the area, has only about $22,500 in assets and almost $674,000 in liabilities. The article states they owe about $550,000 to the owner of WNYH 740 AM for leased airtime, and smaller amounts to some other broadcasters. They are also said to owe Federal and NJ state taxes.
I would expect this could have an effect on their pending purchase of WTHE 1520 AM on Long Island, and the stations and translators they own and lease.
It did seem strange that a local religious group could purchase and lease so many stations in Long Island and NJ.
 
Not really surprising. They were having financial problems back when they were on WNTY 990-AM in the Hartford, Connecticut market. They were LMAing that station's airtime 24/7 from May 2007 until January 2012 at which time it switched to Saturday and Sundays only. DMG the company that owned WNTY at the time switched WNTY to simulcasting the Spanish CHR format from POWER 1270 in Springfield, MA Monday-Friday. Today they're an Oldies Station owned bv Full Power Radio.
 
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