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As the radio advertising slows - with a Wachovia analyst saying the best case scenario for radio might be zero growth this year - radio ad sales rep firms are feeling the pinch.
In order to reduce debt, sales rep firm Interep has filed to restructure under a Chapter 11 plan of reorganization in U.S. Bankruptcy Court.
The restructuring will provide Interep with $25 million in credit and will eliminate its current cash-payment indebtedness, writes MediaPost.
The decision will establish a “solid financial footing for the company going forward,” said vice chairman/CEO David Kennedy (via Radio Online). “With the agreement of the key bondholders, the company now has a plan that will reduce debt, provide the financial resources to grow, and put any uncertainty about Interep’s future behind us.”
Clients and customers will not be affected by the Chapter 11 process, the company says. It intends to honor all obligations.
Katz Media Group has added another new client, Lincoln Financial Media, and will sell ad time on the company’s 15 stations beginning immediately.
Katz also added CBS Radio and Entercom last week, picking them off from Interep’s list.
Katz has also…
Last week, Aegis Group CEO Robert Lerwill resigned unexpectedly, sparking speculation that a takeover may be on the horizon.
Lerwill stepped down officially today (Monday), with Aegis chairman John Napier taking over his duties on an interim basis, writes MediaPost. People…
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Though the third quarter brought negative growth to the nation’s three largest OOH companies - Clear Channel Outdoor,…
The 82nd annual Macy’s Thanksgiving Day Parade pulled an average 12.6 rating/26 share on Thanksgiving morning, Nov. 27, according to Nielsen.
That was 8% higher than its telecast last year, Mediaweek writes. NBC estimated that a total 44.7 million viewers…
Time magazine ousted Cosmo as the top magazine for college students in this year’s Anderson Analytics fall survey.
Time also jumped past People, which was last year’s No. 2, writes Ad Age. A Time spokesperson said the magazine did not run…
Email, news gathering and paying bills continue to be the most widely used online activities among U.S. adults, but downloading TV programs, watching videos and making web phone calls posted the biggest overall growth, according to data from Mediamark Research…
