Alpha Media Completes Restructuring Agreement

RADIO ONLINE | Thursday, July 15, 2021 | 7:49pm CT

Alpha Media

Alpha Media has completed its financial restructuring after filing Chapter 11 bankruptcy to deal with $267 million of debt in January. The company, affected greatly during the pandemic, says it now has the incremental capital to pursue growth opportunities, while enhancing its position as mid-market broadcaster across 44 local markets in the U.S.

Alpha CEO Bob Proffitt said, "This is an important achievement for Alpha Media as we strengthen our company's ability to grow. Today Alpha Media begins its next chapter, with an improved financial foundation, new capital and enhanced competitive positioning. We have greater financial resources and flexibility, and we will continue to invest in new digital capabilities to better serve our advertisers and communities across our local markets."

Proffitt continued, "I am so proud of all that our teams at each of our radio stations have accomplished during this period. Our unique culture continues to be key to Alpha Media's success, and I thank the entire Alpha Media family for their dedication and hard work. We are thrilled to continue our mission to deliver dynamic, diverse and exciting content to our communities."

Alpha Media's plan has received all necessary court, regulatory and FCC approvals, and all customary conditions have been satisfied.