http://www.radio-info.com/news/westwood-one-missed-filing-its-yearly-10-k-report-with-the-sec
You know that any company that has to pay 15% to borrow money must be in a risky business.
Westwood One syndicates Jim Bohannon, Dennis Miller and Doug Urbanski, but its main involvement has been with NCAA athletetics.
According to the story, Westwood One has delayed filing its 10-K document with the FCC due to disagreement over accounting and the possiblity that the lenders on their debt might declare them in default (which could mean either receivership or bankruptcy)
Haha – they’re so screwed. NCAA final game is 22-19 at half time. That’s worse than a high school girl’s basketball game.
Wow. I remember a couple years ago the NFL (another big WW1 partner) only agreed to a two year extension with WW1 because they were in financial flux. Two years later, they just signed a four-year extension.
And now the shoe drops.
Not that their radio contract is the biggest thing on their minds right now, but still…
This morning’s news is they worked out a deal with their loan sharks. Terms haven’t been announced – maybe now they agreed to pay 25% a year.