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More bad news for Clear Channel. The giant media corporation is desperately trying to stave off massive debt, estimated at a total of 20.8 billion. Now it is doing what your average Joe does when faced with such a quandry--push it out as far as possible at a higher interest rate.
Yesterday Clear Channel released a statement which offered a golden opportunity to private investors. Industry Newsletter Tom Taylor Now explained it this way:
"...to exchange a couple of issues of debt due in 2016 for notes due in 2021. Those are the 10.75% Senior Cash Pay note and the 11%/11.75% Senior Toggle Notes. The exchange offer is valid through June 18 – and check the rate on the new notes. It will be 12% per year in cash, plus an additional 2% a year through the issuance of PIK (Payment in Kind) notes. That's expensive money"
Clear Channel's problems are myriad, but one issue it faces is what to do with controversial talk radio host Rush Limbaugh's falling star. Limbaugh has faced opposition by groups like the Flush Rush Facebook community for more than a year now. These groups contact advertisers on his show, let them know their ad is airing on the show, and give some examples of the offensive content of the program. More than 2600 advertisers have responded by withdrawing ads from his show since early March, 2012, greatly reducing the amount Limbaugh can charge for ads.
That number includes 15 advertisers from the first two days of this week alone. One of them is a household name which was very quick to explain that its ad would no longer be airing on the controversial show. In a statement to StopRush volunteers, Unilever's Hellmann's mayonnaise said:
Our ads are distributed to a number of radio stations across the country. This show is not scheduled to be part of our regular programming moving forward. Thanks for reaching out
#StopRush trolls were inconsolable:
.@ivanfollows Yeah right, like a Tea Partier could ever quit mayo.You guys drink that shit on the rocks. #stoprush
Find out how you can help StopRush after the jump.
Decent folks who believe in tolerance and equality are no longer powerless against Limbaugh's efforts to spread intolerance on the radio. StopRush is making a major impact by convincing advertisers on this show to withdraw their ads--and with your help we can do even more. Just a few emails, tweets, or Facebook messages a week to Limbaugh's advertisers can go a long way toward making hatred less profitable. It is our collective voice that makes us strong.
Want to do something hold Limbaugh accountable?
Join StopRush! We can use your help in the following ways: