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Citadel Broadcasting bankrupt, part of commercial radio decline
Citadel Broadcasting Corp., the nation's third-largest radio broadcasting company, filed for Chapter 11 bankruptcy protection on Sunday in an effort to restructure its hefty debt load as it continues to face declining advertising revenue.
Citadel owns and operates 224 radio stations, including KABC-AM in Los Angeles, WLS-AM in Chicago, WABC-AM and WPLJ-FM in New York and KGO-AM in San Francisco. Citadel's WABC is home to several syndicated hosts, including Don Imus, Rush Limbaugh, Joe Scarborough and Mark Levin.
Another commercial radio corporation is restructuring debt and other costs in a desperate attempt to survive. They're taking $2.46 billion in debt and stiffing the creditors; they'll end up with about $763 million in debt and their ownership will shift to the creditors.
Declining advertising. Declining relevancy. Greater competition from disruptive technologies. Lack of strategic vision. Inability to change.
No surprise.
