Radio Group Drops Interep, Pay $30 Million Kill Fee

  • October 4, 2003
Interep Friday said the Citadel Radio group dropped Interep as its national radio ad sales rep, effective Oct. 1. Citadel previously announced it would now use Katz Media, which is owned by Clear Channel Communications, as its sales rep. Interep said Citadel represented about 7% of Interep's commission revenues for 2002 and for the first nine months of 2003, but Interep said Citadel had a long-term contract that makes Interep entitled to receive termination fees in excess of $30 million over a 3.5 year period.
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