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Lenders Assume Control of Border Media Partners


A group of lenders has taken over Border Media Partners. In a filing with the FCC, the lenders say the takeover was "amicable" and that the broadcast group had not made loan payments in nearly two years. Larry Patrick is named as trustee to operate the newly-created Border Media Business Trust. BMP CEO Jeff Hinson will exit Friday.

Patrick operates Patrick Communications and he will have 100% voting control while the stations are sold. Moving BMP's stations into the trust "resolves the liquidity crisis" affecting the station owner as well as the "orderly sale" of its 22 radio outlets says a forbearance agreement.

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Radio, Podcasts Dominate Ad-Supported Audio Time
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