Alpha Media Restructures, Files Chapter 11
Alpha Media Chairman & CEO Bob Proffitt (pictured) remarked, “We have made significant progress in aggressively deleveraging our business in recent years. As we proceed with our financial restructuring to improve our capital structure and manage through the ongoing downturn caused by the COVID-19 pandemic, the agreement we reached today will leave Alpha Media well positioned for a market recovery as a stronger and even more competitive company.” Proffitt added, “Broadcast radio is the leading reach medium in the United States, with attractive ROIs for advertisers, and radio continues to be an indispensable communications platform nationwide. 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.”
In conclusion, Proffitt said, “Our core business continues to perform well despite current market challenges. We will continue to invest in our talented teams to foster the unique culture that has been key to Alpha Media’s success in delivering dynamic, diverse and exciting content to our communities.” Alpha Media says it will continue operating its stations without interruption during this process, and that day-to-day operations will continue in the normal course.