Business & Tech
Owner Of Star 105.5 Files For Bankruptcy: Reports
The filing follows suit with two of the largest media broadcasting companies in the country, which filed bankruptcy in recent months.
CRYSTAL LAKE, IL — The owner of Star 105.5 FM has filed for bankruptcy, according to reports. Matrix Broadcasting, based in Texas, filed for bankruptcy on Wednesday.
Star 105.5 FM, which is based in Crystal Lake, will continue operations as normal, the Northwest Herald reported. The total outstanding debt is $2.6 million.
Matrix Broadcasting also owns 103.9 the Fox, according to Inside Radio.
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“The company decided to seek protections due to an unresolved dispute with a much larger radio company in regard to various obligations that neither party could agree on,” 105.5 General Manager Kathleen Cahill said in a statement, according to the Herald.
Inside Radio said Matrix Broadcasting bought 105.5 and 103.9 in 2014 for just over $5.5 million.
Find out what's happening in Crystal Lake-Caryfor free with the latest updates from Patch.
Rival broadcasting giants Cumulus Media and iHeartMedia filed for bankruptcy in November 2017, according to Reuters, and March 2018, respectively.
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