A company that owns some of Lincoln’s most popular and well-known radio stations filed for bankruptcy protection last month but said none of its stations will go off the air.
Portland, Oregon-based Alpha Media filed for Chapter 11 bankruptcy protection Jan. 24. The company, which owns several other Nebraska radio stations, said in a news release that it has agreed to a restructuring plan with several of its lenders to reduce debt.
The company said it expects to exit bankruptcy in the first half of the year and expects no disruption to its broadcast operations, customers or employees.
Alpha said that current management will remain in place.
Bob Proffitt, chairman and CEO of the company, said in the news release that the bankruptcy filing was necessary to “manage through the ongoing downturn caused by the COVID-19 pandemic.”
“Our core business continues to perform well despite current market challenges,” Proffitt said in the release. “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.”
Alpha Media owns more than 200 radio stations across the country, including KFOR-AM, KFRX-FM, The Blaze, The Eagle, 1480 KLMS and 96 KX in Lincoln. It also owns five radio stations in Columbus.