Thanks to our friends at AllAccess for the tip:
The various companies associated with Stop 26-Riverbend Productions, which owns three Youngstown/Warren market stations, have filed for Chapter 11 bankruptcy protection, according to the site TheDeal.com.
The move comes after a lender filed to appoint a court-ordered trustee in the case, which covers tens of millions of dollars in reported liabilities.
In addition to urban WRBP/101.9 Hubbard, religious WGFT/1330 Campbell and Spanish language WASN/1500 Youngstown (also the home of English language brokered host Louie Free), Stop 26-Riverbend also operates stations in the Columbus market.
The numbers in the story above make Beacon Broadcasting's problems look almost quaint. With its new moneyman in charge - you know, the guy whose last name rhymes with "Blunt" - maybe he's sniffing around one or more of the above properties? Our Beacon-connected source has already told us that the new operator is already looking at Columbus, where Stop 26-Riverbend owns stations...hmm.
Monday, July 18, 2005
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