Business & Tech
Owner Of 8 Local Radio Stations Files For Bankruptcy
The company that owns KJR, KUBE, Jack FM, and others filed bankruptcy Thursday, according to court records.
SEATTLE, WA - iHeartMedia, owner of more iHeartRadio network of more than 800 stations across the U.S., filed for bankruptcy protection Thursday in Texas in a bid to restructure about $20 billion in debt. The company owns eight radio stations in Seattle that broadcast across Puget Sound.
It's not clear what affect the bankruptcy will have locally, but the company seems intent on keeping stations on air. iHeartMedia put out a press release Thursday saying it will "continue operating the business in the ordinary course as a leading global multi-platform media, entertainment and data company.”
Locally, iHeartRadio owns: 96.5 Jack FM, 102.5 KZOK, 1090 KJR, KJR Sports Radio, KUBE 93.3, 95.7 The Jet, Power 93.3, 106.1 KISS FM.
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According to reports, iHeartMedia is negotiating with creditors to cut it's $20 billion in debt in half. The company has at least one creditor in Seattle: ReelWorld Productions Inc, a Queen Anne-based radio jingle producer. iHeartMedia owes ReelWorld about $1.3 million, according to court documents.
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