I've got a stack of $2 bills around. Oh, and some Canadian Loonies and Toonies.
Subject: Chapter 11 bankruptcy for Audacy (fwd) Want to buy a radio network? [forwarding over from a usenet post]
From: "Adam H. Kerman" <a...@chinet.com> Newsgroups: rec.arts.tv Subject: Chapter 11 bankruptcy for Audacy Date: Mon, 8 Jan 2024 23:47:45 -0000 (UTC)
Audacy is the second largest holder of radio station licenses in the nation and pretty much owns every major radio station license in Chicago. They merged with CBS Radio in 2017. They overpaid massively for the CBS radio licenses -- taking on $1.4 billion in debt. They have $1.9 billion in total. The plan is to restructure the debt to $350 million by distrubuting equity to bondholders. If you own a bond, you get a radio station license, I guess. Basically, the game is you buy licenses then hope FCC goes through another round of auctions to convert spectrum for cell phone data or something else, speculating that the frequency will rise in value. They're complaining that revenues aren't covering the debt payments. No shit. A radio station DOES NOT make money selling air time. It's all speculation tha the spectrum will increase in value to be repurposed. https://www.chicagotribune.com/business/ct-biz-audacy-radio-bankruptcy-20240108-e2j36ubplzhlxhn7yspt2664o4-story.html
