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US media groups go bankrupt

Three more media companies, including broadcaster Citadel Broadcasting, have filed for bankruptcy, brought low by the drop in advertising revenue and crushing debt loads. Citadel, the third-largest US radio broadcaster filed for Chapter 11 bankruptcy protection in Manhattan yesterday, hurt by $2.08bn (£1.29bn) in debt and a decline in advertising by auto, banking and restaurant companies. Broadcaster NextMedia and newspaper publisher Heartland Publications followed Citadel into bankruptcy court yesterday. The latest filings come in a rough year for US media in which magazine publisher Reader's Digest Association, broadcast company ION Media Networks and newspaper group Sun-Times Media Group also filed for bankruptcy.