Goldman Sachs, CIT to Take Control of Riviera Groups
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Goldman Sachs and CIT have reached a deal to take control of Las Vegas-based Riviera Broadcasting after the radio broadcaster fell behind in its loan payments. Pending FCC approval, Goldman Sachs will gain control of Alternative KEDJ-FM (The Edge) and Rhythmic CHR KKFR-FM/Phoenix as well as Alternative KVGS-FM (Area 107.9) and Smooth Jazz KOAS-FM (The Oasis)/Las Vegas.
According to the filing, transfer of control of Riviera comes under a "forbearance and restructuring agreement." CEO Tim Polhman will remain with the company until the two financial institutions assume control, expected in 60 to 90 days.