Citadel is on the brink of bankruptcy.
It could happen within the next six months if CEO Farid "Fagreed" Suleman cannot win another stay of execution with anxious lenders.
That raises the question of what happens to Citadel stations if the company winds up in the hands of a bankruptcy court -- specifically, what's the fate of its most valuable component -- ABC?
Citadel paid sucker money to Walt Disney Company to the tune of about a billion dollars for ABC and the ABC Radio networks several years ago in what was a highly touted but little understood maneuver called a Reverse Morris Trust, (RMT).
It was all a&hellip
Recent Posts
- Cumulus Expense Cuts Coming
- Beasley Tees Up Pre-Bankruptcy
- The Risky Cumulus Re-fi
- Will the Soros/Cumulus Rollup Succeed?
- The Meaning of Vinyl Outselling CDs
- Alfred is Looking After Alfred (Not Urban One)
- Details in the Audacy/Cumulus Rollup
- The P1 Podcast Model of the Future
- Tough Times Ahead for iHeart
- Nielsen’s Ties to Boeing