Not Unexpectedly, Citadel, Owner of WBAP and KSCS, Files for Chapter 11
Citadel Broadcasting owns 224 radio stations across the U.S. -- three in Texas, all in Dallas-Fort Worth. They're not unfamiliar brand names: the historic WBAP-AM (News/Talk 820) and KSCS-FM (96.3), which, for a good long while in the 1990s, was the top station in the DFW and, like, WBAP, remains a strong player. Platinum 96.7, which spins the oldies, is also a Citadel property.
But today, not unexpectedly, Citadel announced that, three years after it went broke buying Disney-owneds, it was filing for bankruptcy protection and turning over control of the company to the creditors to whom the Vegas-based chain, with $1.4 billion in assets compared to $2.5 billion in debt, owes almost $2.1 billion in loans (knocked down to $762.5 million after the parties cut the deal). For a week, Citadel's local managers and on-air talent elsewhere have insisted nothing will change, day to day, come bankruptcy. Maybe Hal Jay will update his blog.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you’ll never miss Observer's biggest stories.