Minority Broadcasters Ask For Federal Bailout Funds
July 14, 2009 at 5:05 AM (PT)
A coalition of minority broadcasters have written a letter to Treasury Secretary TIM GEITHNER asking for a federal bailout. The letter called minority-owned broadcasting "close to becoming an extinct species," but sought funding to get through the current difficulties and a tight credit market by providing bridge loans to help avoid defaults.
In the letter, the broadcasters blame the "global credit crisis, plummeting ad revenues, no-minority dictates by advertisers, and changes in ARBITRON audience measurement" for hurting their businesses.
The letter was signed by 14 companies, including, among others, the NATIONAL ASSOCIATION OF BLACK OWNED BROADCASTERS, ENTRAVISION, INNER CITY BROADCASTING CO., SPANISH BROADCASTING SYSTEM, TAXI PRODUCTIONS, ACCESS.1 and CARTER BROADCAST GROUP.
A similar plea to GEITHNER on behalf of minority broadcasters was recently sent in a separate letter from several key legislators on CAPITOL HILL.