27 December 2009

Citidel Broadcasting, Parent Firm Of WJR-AM, Files For Bankruptcy

Detroit Free Press

The parent firm for three metro Detroit radio stations, WJR-AM (760), WDRQ-FM (93.1) and WDVD-FM (96.3), filed for Chapter 11 bankruptcy protection today to restructure its debt load.

In documents filed in U.S. Bankruptcy Court for the Southern District of New York, Citadel Broadcasting Corp., the nation’s third-largest radio broadcasting company, listed total assets of $1.4 billion and total debt of $2.46 billion.

The presidents of WJR, WDRQ and WDVD did not return calls today to explain the impact in Detroit.

Citadel owns and operates 224 radio stations and produces news and talk radio programming for 4,000 station affiliates and 8,500 program affiliates. In Michigan, Citadel also owns 22 stations in the Grand Rapids, Lansing, Flint, Saginaw and Muskegon areas, according to its Web site.

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