Dayton-area radio station owner files for bankruptcy, to continue without interruption

Portland, Oregon-based Alpha Media filed for bankruptcy to continue without interruption across its 44 local markets.
Portland, Oregon-based Alpha Media filed for bankruptcy to continue without interruption across its 44 local markets.

Credit: Benjamin Hartwich/Pixabay

Credit: Benjamin Hartwich/Pixabay

A company with one AM and four FM radio stations in the region recently announced it was filing for bankruptcy to continue without interruption across its 44 local markets.

Alpha Media said it filed for Chapter 11 protection Monday to “strengthen its balance sheet.” The pre-arranged filing is meant to help the Portland, Oregon-based company overcome COVID-19 effects and recapitalize $267 million in debt, online law news publication Law360 reported.

Alpha Media radio stations in the Dayton area include ESPN-WING 1410, 92.1 WROU, 92.9 Jack FM, Hot 102.9 and 101.5 HANK-FM, according to the company’s website. In its first-day motions, the company said it had filed its plan to convert $72.6 million in debt to equity “in the face of plunging advertising spending by small and mid-size businesses throughout 2020,” Law360 said.

Law360 reported that in his first-day declaration, Chief Financial Officer John Grossi said Alpha — formed in 2009 — is the largest privately held broadcast company in the nation, operating 200 radio stations in the U.S. with a weekly audience of about 11 million in 44 communities as well as offering online companion content, including live performances at three venues it owns.

ExploreAustin Landing tech company plans to expand internationally, hire dozens locally

Grossi said the company currently has more than 1,300 full- and part-time employees and independent contractors. Alpha Media said it expects no disruption to its broadcast operations, customers or employees, Law360 reported.

Alpha Media Chairman and CEO Bob Proffitt said in a statement that the agreement will leave the company “well positioned for a market recovery as a stronger and even more competitive company.”

“We believe the balance sheet restructuring will provide greater financial resources and flexibility to Alpha Media, enabling the company to strengthen its position as a leading mid-market broadcaster in the United States, and invest in new digital capabilities to better serve our advertisers and communities,” Proffitt said. “Our core business continues to perform well despite current market challenges.”

The company expects to conclude the restructuring process in the first half of 2021.

ExploreMiami Twp. will see major economic development, job growth in 2021: Here’s why

In Other News