Inner City Broadcasting owes Goldman Sachs and GE Capital $230 million.\u00a0\u00a0 It stopped even paying the interest on the debt a long time ago.<\/p>\n
The Deal story<\/a><\/p>\n Both financial companies were Bailout recipients in 2008.\u00a0\u00a0<\/p>\n Inner City Broadcasting is the second largest racially segregated radio network in the country, way behind Radio One.\u00a0\u00a0 Their only really significant holdings are WBLS-FM and WLIB-AM in New York City and KBLX-FM, KVTO-AM \u00a0and KVVN-AM in Oakland\u00a0California (Oakland has seen a big loss in African American population in the last 10 years)\u00a0.\u00a0\u00a0\u00a0\u00a0 They also own 12 stations in South Carolina and\u00a0Mississippi.\u00a0\u00a0 If web sites are any reflection of the quality of a company’s managment, then this company has serious problems.<\/p>\n Station List<\/a><\/p>\n Today’s news is that the White House – under pressure from the Congressional Black Caucus –\u00a0got involved in this and strong-armed Goldman and GE to sell the non-performing\u00a0debt.\u00a0 Goldman is selling its debt\u00a0to former baseketball player Magic Johnson’s company, while GE is selling its portion to Fortress Investment Group, which reads like it probably manages a portion of the\u00a0endowment of Princeton University in New Jersey.\u00a0 If you listen to Glenn Beck, you know the significance of Princeton University and “Progressive” politics.<\/p>\n In 2004, the folks behind Air America managed to talk WLIB-AM into becoming the network affliliate for Air America – which at the time caused a lot of resentment that the “White Folks are taking over our station”.\u00a0\u00a0\u00a0 When Air America falled to pay Inner City, the network moved to WWRL-AM, where they stayed until Air America folded in Chapter 7 bankruptcy.\u00a0\u00a0 WWRL remains the black owned station that carries mostly the same folks who were on Air America, but now run by Dial Global (formerly Mother Jones radio which Dial Global acquired)<\/p>\n The only detail the story doesn’t mention is\u00a0how much of the $230 million Goldmand and GE gave up.\u00a0\u00a0\u00a0 I’m confident there are other ways the government can find to pay them back.\u00a0 Crony Capitalism at its finest.<\/p>\n The person probably most ticked off right now is Cathy Hughes and her son over at Radio One.\u00a0\u00a0 They were hoping the 13 stations would land in their lap for pennies on the dollar.<\/p>\n Percy Sutton and his family are the owners of Inner City Broadcasting.\u00a0\u00a0Take a look at this video where he discusses “Black Conservatives” in this clip<\/p>\n http:\/\/www.youtube.com\/watch?v=HlgwAnXGPrU<\/a><\/p>\n This is a 30 year old video – it was taken a month after Ronald Reagan had won the election in 1980.\u00a0 The Black Alternatives conference was organized by Thomas Sowell, and Mr Sutton is looking around to see if he can get “goodies” from the Reagan Adminstration to try to buy his support.<\/p>\n Spin forward 30 years, as he discussing how he helped Barack Obama get into Harvard<\/p>\n http:\/\/www.youtube.com\/watch?v=XTx5fZmgwIk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Inner City Broadcasting owes Goldman Sachs and GE Capital $230 million.\u00a0\u00a0 It stopped even paying the interest on the debt a long time ago. The Deal story Both financial companies were Bailout recipients in 2008.\u00a0\u00a0 Inner City Broadcasting is the … Continue reading