Wow.
"Radio, more specifically terrestrial radio, has survived, but questions of its long-term viability were amplified this month when iHeartMedia, the largest radio conglomerate in the U.S. with more than 850 stations, filed for bankruptcy. IHeart joins one of its competitors, Cumulus, owners of nearly 450 stations, in Chapter 11.
IHeart alone owns 12 radio stations in the Cleveland and Akron markets including Majic 105.7-FM, 106.5-FM The Lake and 96.5 KISS FM. Do their stations survive the company's current financial situation?"
(Via Does traditional radio have a future? Bankruptcies, digital disruption cast doubt | cleveland.com.)
Fromt the same article:
"'The reality is those radio stations are not going away,' he said. 'iHeart's bankruptcy has nothing to do with WTAM, WGAR or WMMS and everything to do with the fact they paid 20 or 30 times what those stations were worth to get them. Now, they can't pay the interest on them. That has nothing to do with the radio stations themselves.'"
(Via Does traditional radio have a future? Bankruptcies, digital disruption cast doubt | cleveland.com.)
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