KUIC parent company Alpha Media expected to emerge from bankruptcy in June
(File photo by Matthew Keys/Solano NewsNet)
Less than two months after filing for bankruptcy protection, the parent company of Solano County’s only commercial radio station is expected to emerge from the process later this summer.
Alpha Media, the Oregon-based owner of KUIC (95.3 FM) and several other Northern California radio stations, filed for Chapter 11 bankruptcy protection in January as part of an effort to reduce its $267 million debt load.
Executives with the media company are now moving ahead with a new path for the broadcaster, according to a report by a trade publication.
In a filing with federal broadcast regulators last week, Alpha Media sought permission to transfer its radio licenses from a debtor-in-possession shell company to a “new” Alpha Media organization that would be owned in part by some of its debtors.
As part of the company’s new structure, Alpha Media is expected to be managed by a five-person board of directors comprised of the company’s long-time chief executive Bob Proffitt, three directors by Alpha Media’s investor-owners and one independent director who is appointed by the other four.
No management changes are expected before or after Alpha Media emerges from bankruptcy, and station operates are expected to continue as normal. Alpha Media executives said the plan helps the company remain competitive in an ever-shifting market space while leaving room for growth as opportunities arise.
Alpha Media owns more than 200 radio stations across the country, including KUIC, a hot adult contemporary-format radio station that broadcasts from Vacaville to all of Solano County and the greater Sacramento Valley. It also operates KKDV (92.1 FM) in Walnut Creek, KKIQ (101.7 FM) in Pleasanton and KEZR (106.5 FM) in San Jose.
Other radio station companies, including iHeart Media and Entercom, have faced similar business challenges as consumers shift away from traditional broadcast radio toward more-abundant online offerings. But Alpha Media remains a strong operation thanks to its focus on community radio in some markets and niche formats like alternative, oldies and album-oriented rock in others.
“Our core business continues to perform well despite current market challenges,” Alpha Media CEO Proffitt said in January. “We will continue to invest in our talented teams to foster the unique culture that has been key to Alpha Media’s success in delivering dynamic, diverse and exciting content to our communities.”
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