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Interep Funding Deal Is Off

Interep Funding Deal Is Off

It must have been quite a month at Interep.
Having watched all those former Katz employees head back to that competing radio rep firm, Interep now says a $50 million financing deal from a venture capital company is off.
Interep and Boston Ventures reached what it called a “mutual agreement” to terminate Boston Ventures’ $50 million investment commitment.
“Interep withdrew its request for funding after recent hires from Katz Radio Group terminated their employment with Interep,” the company stated. “Proceeds were to be used for the acquisition of representation contracts and for general corporate purposes.”
In the statement, Chairman/CEO Ralph Guild said, “Due to the events of last week, we do not feel that additional funding of this magnitude is necessary at this time. However, we value the strong relationship that we have developed with Boston Ventures. As additional opportunities develop, we look forward to their continued support.”