RadioInsight

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iHeart Debt Solutions?

Posted: 09 Mar 2016 12:51 PM PST
https://radioinsight.com/blog/headli...ebt-solutions/

iHeartMedia is reaching do or die time with its handling of its $20.6
billion in debt. The company filed a lawsuit on Monday in its homebase of
Bexar County TX on Monday after its some of its creditors claimed in
January that it violated its lending agreements by transferring shares of
Clear Channel Outdoor Holdings Inc. to a new subsidiary, Broader Media. The
intent in creating the new subsidiary was to sell new debt to help pay off
the old. The lawsuit filing is to confirm the legality of their moves and
prevent the company from defaulting on its debt payments. iHeart seeks to
have the judge order injunctions to reaffirm our position that the
contribution was permitted. An SEC filing states that the creditors hold
25% of the companys debt and that should the injunctions not be granted the
defaults would trigger in 60 days entitling the Holders to accelerate the
underlying indebtedness and would trigger events of default under our other
material indebtedness. The judge ruled today granting a temporary 14 day
restraining order with the ability to extend for another 14 days until a
full hearing can be held with the condition that iHeart not transfer any
other shares during that period. Reuters reports that iHeart has hired
financial adviser Moelis Co to help reduce the debt load. iHeartMedia,
Inc. (OTCBB: IHRT) today issued the following response to an event of
default allegation made by a small number of the company’s lenders: The
strong performance of our operating business provides us with the
flexibility to manage our capital structure in a prudent manner. In full
compliance with our debt covenants, we continue to evaluate opportunities
to strengthen our balance sheet. We believe our recent contribution of
Clear Channel Outdoor Holdings, Inc. stock to our subsidiary Broader Media,
LLC constituted a permitted investment under, and fully complied with, our
financing agreements. We strongly believe the notices of default issued by
the lender group based on the contribution are invalid. Prior to receiving
the notices, we filed a lawsuit in the State District Court in Bexar
County, Texas to reaffirm our position that the contribution was permitted.
We intend to take any other actions necessary to protect iHeartMedia and
remain willing to engage in constructive discussions with any of our
various groups of lenders to position iHeartMedia for long-term growth.

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KSCA and KISF Rebrand As ZonaMX

Posted: 09 Mar 2016 10:17 AM PST
https://radioinsight.com/blog/headli...and-as-zonamx/

Univision is beginning the process of rebranding several of their Regional
Mexican stations across the country. The first move has come in Los Angeles
as La 101.9 KSCA is now identifying itself as ZonaMX 101.9. The prior La
101.9 identity lasted for four and a half years, much shorter than the
stations branding as La Nueva 101.9 from 1997 to 2011. Sister 103.5 KISF
Las Vegas has also begun using the new Zona MX branding. Most of Univisions
stations across multiple formats had been presenting itself just by its
frequency for the past several years. The Regional Mexican stations are now
in the process of returning to a brand identifier. The domain registration
of ZonaMX921.com shows that 92.1 KOND Clovis/Fresno will also convert to
the new branding. Univision also registered domains for their other
Regional Mexican stations. 98.5 KGBT McAllen TX will be the recipient of
LaJefa985.com. The rest of the companys Regional Mexican stations will
revert to the Que Buena name. They include 92.7 WQBU Garden City NY, 92.9
KROM San Antonio, 94.1 KLNO Dallas, 98.9 KSOL San Francisco/99.1 KSQL San
Jose, 104.3 KLQB Austin, 105.1 WOJO Chicago, 105.9 KHOT Phoenix, and 106.5
KLNV San Diego.

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WQKS Montgomery Flips To AC

Posted: 09 Mar 2016 04:56 AM PST
https://radioinsight.com/blog/headli...y-flips-to-ac/

It wasnt the CHR we expected when we saw the domain registrations a few
weeks ago as Bluewater Broadcasting launched AC 96.1 Kiss-FM WQKS-FM
Montgomery AL at 12:00am Wednesday. The flip replaces Classic Hits Q96.1
and places WQKS-FM in direct competition with Cumulus Mix 103.3 WMXS.
Promoting core artists as Elton John, Adele, Katy Perry, Bruno Mars, Kelly
Clarkson and Taylor Swift, the station launched its new format with Sam
Hunt Take Your Time, Mr. Mister Broken Wings and Pink Please Dont Leave Me.
While Bluewater does not subscribe to Nielsen Audios ratings, WMXS was 7th
of the listed stations in the Montgomery market in the Fall 2015 ratings
with a 3.3 share, down from a 4.4 in the Spring.