Riviera’s Las Vegas/Phoenix Stations To Get New Controllers
By Jeffrey Yorke
Updated 7 Hour(s) 15 Minute(s) ago
Goldman Sachs and finance bank CIT have reached an agreement with Las Vegas-based Riviera Broadcasting Group to take control of the limited liability company pending FCC approval, expected in 60-to-90 days, after the company failed to make its loan payments.
The company owns and operates alternative KEDJ (the Edge)/Gilbert and rhythmic KKFR/Mayer (Phoenix) and gold-leaning alternative KVGS (Area 107.9/Meadview and smooth jazz KOAS (the Oasis)/Dolan Springs (Las Vegas). [ad}
The deal mirrors the restructuring that Nassau Broadcasting underwent last month with Goldman Sachs on its $160 million loan, confirms a lawyer familiar with the filing to the FCC. The filing reports the transfer of control of Riviera Broadcast Group from its existing shareholders including VSS Riviera and VSS Riviera Parallel, to Atmor Properties and Goldman Sachs per a “forbearance and restructuring agreement.”
Current company management, including CEO Tim Polhman, will remain in place until the financial institutions take control. No word on what happens after that. Pohlman could not be reached by R&R for comment.