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Filing: Cumulus Media to Pay Entercom $11.6 Million
RADIO ONLINE | Sunday, May 6, 2018 |
According to a recently filed bankruptcy court document, Cumulus Media has agreed to pay Entercom $11.6 million to satisfy monetary obligations Westwood One accumulated before Cumulus filed for Chapter 11 bankruptcy protection in November. Over 30 contracts are listed in the filing, including Westwood One News, Satellite Services, Chicago Bears Football and "The Carson Daily Show." The Stipulation and Order was presented in a hearing in U.S. Bankruptcy Court Friday morning.
Earlier this year, both Cumulus and Entercom agreed to reconcile the disputed amounts and continue to negotiate on what, if anything, is owed in performance-based payments under the Master Agreement between Westwood One and Entercom. These PF payments are not included on the document filed on Friday as the two companies have agreed to "work in good faith" to resolve the matter.
Last week, Cumulus reached a deal with NBC to pay the network $869,333 for amounts owed before it Chapter 11 filing that included various sports programming rights such the Olympics, the National Hockey League and the Horse Racing Network.
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