Just ahead of debt default, the nation’s second-largest radio group yesterday filed for bankruptcy while offering a restructuring plan to reduce debt by more than $1 billion. “Our existing secured lenders will become our new majority shareholders.”
The winter award season just got a little more crowded. Fox, Cumulus and Dick Clark Productions announced that they will be debuting the American Country Countdown Awards, which is a branch off of the long-running radio show American Country Countdown with Kix Brooks.
Cumulus said Thursday it has agreed to acquire Citadel in a cash-and-stock transaction that values Citadel at between $2.4 billion and $2.5 billion. Pending approval of government regulators and Citadel shareholders, the deal would give Cumuluis 572 stations in around 120 markets, including eight of the top 10, as well as the syndication business Citadel acquired a few years back in its acquisition of ABC Radio properties from Walt Disney Co.