Around the Net
Heavy Debt Squeezes Radio Firms
- The Wall Street Journal, Tuesday, November 11, 2008 9:15 AM
Mounting debt and a sharp drop in advertising at many radio broadcasters have led to a slashing of their valuations to fire-sale levels.
Up to the late 1990s, broadcast radio was highly profitable, weathering challenges from TV, the Internet and other rivals. But now all that has changed. "It's grim, absolutely the worst I've seen,"" says Farid Suleman, CEO of Citadel Broadcasting, owner of a radio network and 200 radio stations in the nation's largest markets.
