Archives

white noise

Media News & Reports

Half-baked

Last week it was announced that alternative newsweekly concern Creative Loafing will be sold at auction on Aug. 25. The alt-weekly chain, which publishes papers in Sarasota and Tampa, Fla. as well as Charlotte and Atlanta and owns a stake in a Birmingham, Ala. weekly, made industry news in 2007 with purchases of the Chicago Reader and the Washington City Paper, both giants in the field. In 2008, the Loaf was unable to meet an interest payment and fees on nearly $40 million in debt. President Ben Eason, who gradually took over the chain his parents began at their kitchen table in Atlanta in 1972, will pair with BIA Digital Partners, his second-largest creditor, in the bidding process. Atalaya Capital Management, his largest creditor, has already placed a $2 million “stalking horse” offer. Atalaya loaned Eason $31 million, and will need to write the loan down to $12 million under the current reorganization plan. — BC

Transmission restored

Wake Forest University’s public radio station 88.5 WFDD is up and running at full power once again. The station was forced to switch to a low-power auxiliary transmitter on July 12 after an antenna burnout. The station’s analog FM antenna transmitter was restored Sunday evening and signals were available again just after midnight on Monday. WFDD serves 32 counties in northwest North Carolina and southern Virginia and it received several calls of support and encouragement from devoted listeners. Denise Franklin, WFDD general manager, noted that their listeners have been very patient during this time. “We are grateful for all of the

page 11

Share: