Home Login RADIO ONLINE RSS Facebook
Advertisement

LBI Media Announces Completion of Reorganization Plan


LBI Media
LBI Media

LBI Media Inc. has completed its court-approved reorganization plan and emerged from the Chapter 11 process on Tuesday. With support from its creditors, including HPS Investment Partners who sponsored the plan of reorganization, the company has eliminated more than $350 million of debt from its balance sheet and made significant recoveries available to its trade and general unsecured creditors.

Concurrently, Peter Markham is appointed Chief Executive Officer. He'll also serve on the company's board of directors and was previously interim CEO. The company also named Brian Kei to Chief Operating Officer. He'll continue to serve as the company's Chief Financial Officer.

Markham brings more than 20 years of media experience to LBI Media, with a strong background in strategy, operations and business development. Previously, he was CEO and Chairman of Granite Broadcasting and Chairman of Communications Corporation of America where he led the operational and financial revitalization of the U.S.-based television broadcasting companies.

Kei is an experienced executive with an extensive background in the network television, broadcast station, digital media, advertising and production industries. During his career he has overseen all financial functions including strategy, accounting, treasury and tax, and has led strategy and growth initiatives across a number of businesses. He'd served as CFO of LBI Media since 2018 and was previously Vice President of Finance & Strategy at Disney ABC Television Group.

"LBI Media has a terrific group of assets with exceptional potential. Completion of LBI's financial restructuring provides a strong financial foundation and significant flexibility to grow the business," said Markham. "The ownership team is committed to the long-term success of LBI Media and the continued expansion of its platform targeted to the growing U.S. Hispanic market."

He added, "I would like to thank Jose and Lenard Liberman, pioneers in Hispanic broadcasting, for their vision and leadership during the past 30 years and our talented and committed employees who ensured our operations continued as usual during the restructuring process. We move forward well positioned for the future and with the resources to pursue new opportunities."

Weil, Gotshal & Manges LLP served as legal counsel, Guggenheim Securities served as investment banker, and Alvarez & Marsal served as financial advisor in connection with LBI's financial restructuring, and Wiley Rein LLP served as regulatory counsel to LBI Media.

Advertisement

Latest Radio Stories

Zoellner Media Group to Acquire CMG Tulsa Radio Stations
Zoellner Media Group
Zoellner Media Group
Tulsa-based Zoellner Media Group has entered into a definitive agreement to purchase all of Cox Media Group's radio outlets in Tulsa, marking the company's first major foray into local broadcasting. Terms were not immediately disclosed. Upon completion of the transaction, Zoellner Media Group will acquire More

SBS Reports 71% Surge in Adjusted OIBDA for 2024
Spanish Broadcasting System (SBS)
Spanish Broadcasting System (SBS)
Spanish Broadcasting System (SBS) has announced strong financial results for the fourth quarter and full year ended December 31, 2024, highlighted by a 71% increase in Adjusted Operating Income Before Depreciation and Amortization (OIBDA), which reached $40.4 million compared to More

AM/FM Radio Streaming Tops Spotify, Pandora in New Study
Cumulus Media and Westwood One
Cumulus Media and Westwood One
A new analysis from Edison Research's Q1 2025 "Share of Ear" study reveals significant gains for AM/FM radio streaming, which now surpasses both Spotify and Pandora in ad-supported audio share. The findings, published by Cumulus Media | Westwood One's Audio Active Group, highlight five key takeaways that More
Advertisement

Broadcasters Foundation Sets June 18 for NYC Media Mixer
Broadcasters Foundation of America
Broadcasters Foundation of America
The Broadcasters Foundation of America (BFOA) has announced the next installment of its popular Media Mixer series, set for Wednesday, June 18, from 5:30 to 7:30pm ET at iHeartMedia's New York City studios at 125 West 55th Street, 12th Floor. The event, created to connect More

MacDonald Saginaw Names Bob Lawrence as MM
Bob Lawrence
Bob Lawrence
Bob Lawrence is appointed Market Manager for MacDonald Broadcasting's radio cluster and digital properties in Saginaw, MI. He most recently served as General Manager and Market Manager for Seven Mountains Media's cluster in Parkersburg-Marietta. Lawrence joined Seven Mountains Media in May 2024 after serving More

Kim Fitz Joins Christian FM Media's TCM Network
Kim Fitz
Kim Fitz
Christian FM Media Group has announced the addition of veteran Christian radio host Kim Fitz to its syndicated "Today's Christian Music" network. Fitz will anchor the midday slot across the network's 167 affiliated stations, bringing her signature style of warmth, clarity, and uplifting content to audiences More

Return to Menu

Advertisement

Subscribe to our Newsletter
Radio news and headlines delivered right to your e-mail box -- and it's free.

Advertisement

Advertisement