Since consolidation the radio industry has always depended on ample advertising revenue to pump free cash into paying debt.
As long as the major groups could keep the money coming in, they could make payments on the massive debt they accrued by acquiring stations at unrealistically high prices.
Now, many of the major consolidators are in danger of defaulting on their loans.
Unlike in better times, they can't get banks to simply refinance the debt at favorable rates (to the banks!).
Of course, the banks also have a problem.
If they cause a default, they could drive the radio group into bankruptcy and risk&hellip
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