Debut Broadcasting Restructures Debt, Inks Deal With Rick Dees
January 20, 2010 at 4:30 AM (PT)
DEBUT BROADCASTING has announced that it has restructured some of its debt by taking a new long-term credit facility with CRESTMARK BANK, thus eliminating two other debt facilities with REGIONS BANK and BANK OF AMERICA. "That modification is the last major element of the debt restructuring, and along with other recent board actions essentially marks successful completion of the restructuring process, allowing us to move forward in a lot of other areas in coming weeks," said CEO STEVEN LUDWIG.
In addition, DEBUT's IMPACT RADIO NETWORKS has inked a deal with RICK DEES and DEES ENTERTAINMENT, INC. to produce and distribute terrestrial radio content and new media. The company says that it plans to leverage the '80s and '90s archive of "RICK DEES WEEKLY TOP 40" shows as well as a new "TEEN TOP TWENTY" countdown show hosted by DEES' son KEVIN DEES.
“This relationship marks a serious move for us into new media for radio stations,” commented CEO STEVEN LUDWIG. “RICK’s company has a heavy investment in online music channels, mobile phone applications, and on-demand podcasting that will all be syndicated to radio stations using the same model we’ve traditionally used for terrestrial content.”
“We’ve had so much fun creating these shows and the audience has shown a new level of demand for this content. This is the perfect time to meet this demand. Our friends at IMPACT have amazing and innovative marketing ideas, and we’re ready to expand and create even more,” said RICK DEES.