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News Link • Legislative Mischief

Black Caucus Seeks to Ease Radio’s Woes

• NY Times

Inner City Broadcasting, which owns 17 commercial stations nationwide and was co-founded in 1971 by Mr. Sutton, faces a possible financial collapse because of pressure by Goldman Sachs and GE Capital to repay nearly $230 million in debt, Pierre Sutton, his son, said in an interview Wednesday.

Inner City has been battered by declines in advertising, as have many stations around the country, which have experienced drops of 10 percent or more in the last year because of the recession and the move of advertisers to the Internet.

 

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