Interep has filed for bankruptcy and is closing its doors. Today
Interep's trustee Kenneth Silverman filed to
allow Clear Channel owned, Katz Media to negotiate with
Interep's clients and employees in exchange for a flat fee of $3.6
million cash. The proposal is not an outright sale, and will come up before the bankruptcy court for an okay. It does not lock in Interep's clients (such as CBS) for Katz, and they could opt out...but Katz is all that's left..where would they go?