Conservative-leaning Raleigh, NC-based Cross Platform Media has closed its doors and filed for Chapter 7 bankruptcy. The radio syndicator is said to have distributed 20 talk radio shows, including “Dani Johnson Show” and “Bill Martinez Live,” according to the Triangle Business Journal.
CEO Sam Hassell said Thursday that capital “seemed to dry up in the broadcasting industry. We needed investors to be able to continue and it never materialized. I’m trying to move forward.”
Cross Platform Media operated under a dizzying array of names in its three-year history, including USA Radio Networks, Christian Press, Christian News Service, CP Newswire, IRN Radio News and IRN/USA Radio.
In a bankruptcy petition filed Wednesday, the firm listed liabilities of almost $1.5 million and assets of $1,200. Debts include several business loans, including one for $600,000 claimed by another Hassell company, Marketel Media, as well as $200,000 to Hargett Street LLC, listed as “landlord,” and more than $92,000, listed as “Associated Press Debt.” Employees, too, were listed as being owed thousands, with one owed $40,000, according to the filing. The newspaper also reports that Cross Platform Media is being sued by Piedmont Communications, ADP TotalSource and longtime broadcaster Timothy Maranville.
Hassell’s other firm, Marketel, has claimed clients such as the Association of Mature American Citizens, a for-profit firm also led by Hassell, and pro-Newt Gingrich political action committee Winning Our Future.