RTN Parent Has Money Trouble
It’s not exactly Good Times for Retro TV Network parent Equity Media Holdings, according to its annual report. Earlier this week, RTN announced it was partnering with Citadel Communications to air its digital channel, featuring vintage programs, on three Citadel stations. In fact, RTN’s been doing deals left and right, seemingly announcing new broadcast partners every week.
But Equity, which owns 23 full power stations and a batch of smaller ones in addition to RTN, is clamoring for money.
"The company’s existing capital resources are not sufficient to fund operations,” Equity’s report reads.
“If the company is unable to obtain adequate additional sources of capital in the near term it will need to cease all or a portion of its operations, seek protection under U.S. bankruptcy laws and regulations, engage in a restructuring or undertake a combination of these and other actions.”
The Arkansas Democrat Gazette writes:
One year after a merger and debut as a publicly traded company, Equity Media Holdings Corp. is struggling to stay alive. It faces options including ceasing some or all of its operations, restructuring or filing for bankruptcy protection, if it can’t find a source of funding soon, the Little Rock-based broadcasting company said.
TV Newsday says the problems are not new for Equity:
There have been earlier hints of Equity’s troubles. Last month, the board tapped its chairman, Henry Luken, to replace Equity founder Larry Morton as president and CEO.
You can view Equity’s amended annual report here.