Second Largest Radio Operator In United States Declares Bankruptcy:
This is a story that may have slipped under the radar for many, but should be on your radar. Cumulus, the second largest radio operator in the United States with 446 stations in 90 markets has filed for Chapter 11 bankruptcy protection. The company has been weighed down by growing debt over the past several years and it says this will lower that number by $1 billion in restructuring negotiations. In the announcement, it says it still has “ample cash on hand” to continue its normal operations.
Read more here.
It is no secret that Snapchat has been struggling lately. Its user growth has been almost nonexistent, lower than expected ad revenue and its glasses have been a flop while Instagram has been taking its features and becoming the type of app Snapchat hoped to be. It is looking to rebound a bit with a new redesign that will separate brands from user content. It is a stab at Facebook and Twitter, making sure to keep your friend’s content in one place and then go to a totally menu for brands. We will see if it can help the company’s flagging financials and user numbers.
Symphonic Gets $4 Million Investment:
Symphonic Distribution, a digital music distribution company has secured a $4 million investment led by Ballast Point Ventures (BPV). The investment will be used to bolster its sales team, marketing efforts and build out more products. Currently the Tampa-based company distributes to over 300 retail and streaming services and has a strong base within the electronic music community. This $4 million should help them grow even further.
See past round-ups here.