Fox affiliate in Fresno files for bankruptcy protection

[Newsjock]

Source: Fresno Bee

Visalia-based Pappas Telecasting Companies filed Friday for bankruptcy protection for 13 of its affiliates, including two stations in Fresno.

KMPH, Channel 26, KFRE, Channel 59, and the other affiliates will continue to operate as normal, the company said in a news release.

"This regrettable action became necessary when good faith efforts to resolve outstanding financing issues broke down between the Pappas Telecasting affiliates and their more than 11 separate mostly non-bank lenders," according to the news release.

The company said a major factor was the "extremely difficult state of the financial markets in the U.S.'

Read more: http://www.fresnobee.com/updates/story/590536.html

[stevedeshazer]

1. Fresno. Home of the Freepers. Fox affiliate files for bankruptcy.

Clearly, they need another tax cut.

[tularetom]

2. Boo friggin hoo - that's our local faux affiliate

I won't miss it but all the women in our family will have to watch Amurkin Idol somewhere else if it takes a dump.

[Whoa_Nelly]

3. Same station I watch here in Hanford

Just for watching House...wish that show was on a different network...

[KharmaTrain]

4. They Also Own Radio Stations

One in SF was just upgraded. Let's start putting our pennies together...pretty soon there's gonna be a lotta radio and TV stations out there for the grabbing...as "deregulation" all but has ruined the industry.

And...of course, the company will never mention the debt they incurred when they overpaid for those stations...it's always easier to blame someone else and get bailed out.

[tularetom]

5. Good idea - how can we form a pool of investors

to seek out and buy these failing radio stations and cram them full of good ol lefty programming.

I'd be delighted to throw a few bucks into the pot.

If Barack Obama can pick up brazilians of dollars through on line fund raising, you know the money is out there - just a matter of reaching it and finding the right opportunities.

With independent owners we would not have to worry about these "format changes" where the station gets sold to some "christian" network or converted to a "sports talk" station in a market that is already oversaturated with this crap.

So how does one get started?

[KharmaTrain]

7. Right Now Wait For The Bottom To Drop Out

The financial situation in radio is a disaster...companies are still trying to salvage the money they overpaid for stations when stations were like real estate...it was just owning the property where the money was made...now those property values are falling like a rock. Still...there are companies trying to find suckers out there...I get new stories about them every day.

I used to chat about the steps it would take in developing Progressive radio here and my posts would sink like 16 tons. There is a big need out there for more Progressive voices and stations and local ownership...just gotta wait for the property values to once again be reasonable.

As with any idea...the first way one gets started is by getting a group of people together who not only want to invest...but also to develop a business plan and organization...who knows by then the time may just be right.

Cheers...

[Lasher]

6. Handy, how Junior and his GOP lapdog Congress only gutted bankruptcy protection for people.

The safety net is still in place. But not for you or me. Just for corporations like these Faux propaganda outlets.