>
How things can change in the radio biz. The following sounds great…
Last spring Mega Media announced some pretty ambitious plans (not mentioned in the video) of duplicating their Channel 6/low-power TV audio/87.7 FM dance radio station concept to Washington, D.C. and Chicago. But those plans were scrapped by the summer. Now… The financially-troubled Mega Media Group the owners of rhythmic dance station Pulse 87 (WNYZ-LP) in New York, has filed for chapter 11 bankruptcy protection.
According to court papers, Mega owes creditors more than $3.5 million. But that’s not all, the frequency owner Island Broadcasting, has reportedly put the signal up for sale with a price tag of $15 million.
According to court papers, Mega owes creditors more than $3.5 million. But that’s not all, the frequency owner Island Broadcasting, has reportedly put the signal up for sale with a price tag of $15 million.
The station asked for listener’s assistance in raising cash a couple of weeks ago, but raised only $70,000 in new funding, far short of the debt owed. In the court filing, the five-year-old company listed total assets of $180,000 and total liabilities of $3.56 million.
Island Broadcasting has lost confidence in Mega Media ability to pay off debt. Island CEO Dick Bogner has give Mega until the end of August before creditors close down the station, despite its ten-year lease on the facility.
It was back in February of ’08 that the station launched with much fanfare as the home of the Star and Buc Wild morning show to generate some publicity to get the new station off the ground.
But by October of ’08 they had left the station as Star and Buc Wild, the haters in the arena of Hip Hop music, didn’t really fit the dance music format of Pulse 87.