Interep’s trustee Kenneth Silverman filed Wednesday (Nov. 12) to allow Interep’s sole competitor, Katz Media to negotiate with Interep’s clients and employees in exchange for a flat fee of $3.6 million cash.
Although not an outright sale, the proposal, which is now scheduled to come before the U. S. Bankruptcy Court for the Southern District of New York on Nov. 25, clears the way for the Clear Channel-owned Katz to sign Interep’s clients and solidify its position as the largest and possibly only national radio rep firm.
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