Mega Philadelphia LLC CEO Michael Sciore announced the Hispanic-focused broadcaster has officially exited its Chapter 11 bankruptcy proceedings. The company fulfilled all creditor payments around Mega 105.7 (WEMG-AM) and its two FM translators.
Sciore filed for Chapter 11 bankruptcy in 2022 in Federal District Court in Fort Myers, FL, and moved the station licenses to debtor-in-possession status. Despite the filing, the station continued operations as usual during the Chapter 11 process. The pandemic had a stark financial effect on the decorated station. In 2019, WEMG had a gross revenue of nearly $1.73 million. In 2021, that number was knocked all the way down to $293,954.
Mega has been broadcasting Spanish Contemporary music out of Camden, NJ, to the Philadelphia market since the 1990s, switching AM frequencies from 900 to 1310 in 2002. Sciore purchased the station in 2016 for $975,000. He then expanded it onto the FM band in 2017 with a translator in Millville, NJ.
Sciore commented, “Today’s significant accomplishment is the first of many as we continue to provide first-class entertainment. We are a better more efficient business now, and we are looking forward to continued successful long-term growth as we reconnect with our fans.”
Edelboim Lieberman PLLC’s Brett Lieberman added, “Mega showed considerable flexibility as it managed to restructure its financial affairs and delivered award-winning sound.”
