Sheridan Broadcasting Network seeks Chapter 11 protection

Sheridan Broadcasting Network, a subsidiary of Sheridan Broadcasting Corporation, has filed for Chapter 11 bankruptcy protection in order to reorganize the company’s obligations so it can continue its effort to buy out its American Urban Radio Network (AURN) partner, National Black Network (NBN).
Ron Davenport Jr., special counsel and president of SBC’s radio division, said the filing does not affect AURN or SBC. It only involves an ongoing issue between SBN and NBN, which the filing can help resolve.
“This is a strategic bankruptcy filing to reorganize the company and protect it from a greedy, overzealous hedge fund that took over one Black-owned company and is trying to do the same with us,” he said.