CBS reports that “Citadel Broadcasting Corp., the nation’s third-largest radio broadcasting company, filed for Chapter 11 bankruptcy protection”.

Another media conglomerate that went deep into hock to buy up radio stations. Then it centralized everything and fired a lot of people to maximize the profits, but couldn’t survive because of the huge debt load.

Local radio stations need local personalities to attract local advertisers. They need to connect to the local community or people will have no loyalty.

This is just the latest example of the basic stupidity of greedy people with no long-range vision. They aren’t investing, they are gambling with borrowed money.

The BBC reports that a principal leader of the reform has died:

Crowds of mourners are gathering in the Iranian city of Qom following the death of leading reformist cleric Grand Ayatollah Hoseyn Ali Montazeri at 87.

Some pro-reform websites say thousands of people are travelling to the city ahead of Monday’s funeral.

Other unverified reports say opposition supporters are also gathering in some squares in Tehran, fuelling government concern of increased political tension.

Iran faced serious unrest after its disputed presidential election in June.

Grand Ayatollah Montazeri, one of Shia Islam’s most respected figures and a leading critic of President Mahmoud Ahmadinejad, himself said in August that the turmoil following the election “could lead to the fall of the regime”.

Montazeri was something of a purist. He was the heir apparent to Khomeini, as his chief lieutenant in the Iranian revolution, but split over the form of the government. He was a firm believer in the separation of religion and politics, seeing religion as the loser in such an association.