Published Friday, Feb. 26, 2010 | 7:03 p.m.
Updated Saturday, Feb. 27, 2010 | 8:13 a.m.
Facing reductions in advertising revenue associated with the recession, the owner of Las Vegas television station KTUD filed for Chapter 11 bankruptcy reorganization Friday.
KTUD is an independent station known as Vegas TV and is owned by Las Vegas TV Partners LLC. It’s carried on Channel 14 by Cox Communications and is broadcast over the air on Channel 25.
An affiliate of The Greenspun Corporation, owner of the Las Vegas Sun, is a partner in KTUD with Catalyst Investors LP of New York.
Lisa Amerson Lychock, station manager and director of sales, said the reorganization is intended to better align debt and programming costs with revenue that has been reduced by the recession.
She said the filing would not affect the station’s 24 employees, or its viewers and advertisers.
"We look to strengthen our station and our position as we focus on future growth opportunities” Amerson Lychock said. "Under this new arrangement, we will be able to restructure our senior debt and syndication obligation, which in turn affords us the opportunity to create a healthier business model in these difficult economic times.
"Our dedicated employees will retain their jobs and benefits, our advertisers will continue to receive top quality customer service for their investment and we will continue to maintain and seek top quality programming opportunities for our loyal, committed viewers and advertisers. During this time, we will conduct `business as usual’ as we look forward to a seamless, uninterrupted transition,’’ she said.
Friday's filing in U.S. Bankruptcy Court for Nevada said revenue of $6.4 million in fiscal year 2009 was down from $7.8 million in 2008. The filing listed assets of $2.187 million against liabilities of $18.371 million.
The station’s programming includes daytime favorites such as the syndicated Martha Stewart Show and Judge Joe Brown, as well as reruns of programming like Roseanne and Frasier. Oprah was dropped from the lineup last fall.
Nighttime programming on KTUD includes syndicated reruns of the Simpsons, Family Guy, King of the Hill, the Office and Star Trek: The Next Generation.
KTUD also has a strong local news presence with a 5 p.m. simulcast of "KVBC Channel 3’s News 3 at 5 p.m.’’ and a 10 p.m. newscast produced by Channel 3 for KTUD called "News 3 on Vegas TV – Live at 10.’’
Las Vegas Sun columnist Jon Ralston’s Channel 3 television news discussion show, "Face to Face with Jon Ralston,’’ is rebroadcast on KTUD at 10:30 p.m.
Las Vegas TV Partners LLC, the partnership of Greenspun Broadcasting LLC (60 percent) and Catalyst Investors (40 percent), announced an agreement In April 2004 to purchase KTUD from Venture Technologies Group of Los Angeles.
At that time, KTUD was a UPN affiliate. It became an independent station about four years ago, Amerson Lychock said.