Mar 04 2009
Posted by David as Connecticut School of Boradcasting
By David Scott
Boston Sports Media Watch
BREAKING NEWS, DEVELOPING
UPDATE, 3/6/09 -
This release circulated on Thursday. Other follow-ups are here It’s puzzling to me that the story didn’t get more play locally – my inbox says there’s alot of irate folks looking for answers and $$$$:
CSB School of Broadcasting To Cease Operations
QUINCY, Mass.–(BUSINESS WIRE)–CSB School of Broadcasting announced late yesterday that it would be closing all 26 of its campuses immediately as it plans to cease operations and to file for bankruptcy protection. While CSB’s operations have been dramatically impacted by recent changes in the private student loan market, the decisions taken yesterday are a result of recent actions taken by its lender, National City / PNC Bank, including the seizing of bank accounts held by CSB. CSB, which had been working to come up with alternatives to continue to fund the business, was surprised by the recent actions of its lender. Without access to cash, CSB has been forced to shut down operations. CSB will now promptly seek protection under applicable insolvency laws.
David Banner, President of CSB, commented that “I am extremely disappointed that, after 44 years of operations, CSB will not be able to fulfill its mission of providing a quality education to students interested in working in the broadcast industry. I am also disappointed that the actions of our lender precipitated this sudden disruption in the lives and careers of our students and employees.”
Inquiries regarding CSB and the insolvency proceeding may be directed to David Banner at CSBinformation@gmail.com or (646) 248-2027.
Nationwide, students attending the nation’s oldest and largest broadcast-training school were greeted on Wednesday with flyers posted on locked doors indicating the Connecticut School of Broadcasting (CSB) “has shut down all operations until further notice.”
The letter apparently was posted at all CSB’s CSB’s 26 locations, including the Needham “campus” locally, the Farmington operation in Connecticut and the Charlotte, NC post of CSB.
The message printed on CSB letterhead, according to a person who had seen the announcement (and now, the WTNH photo) read:
“We regret to inform you that CSB has shut down all operations until further notice. If you are a CSB student someone at Corporate will be in contact with you in the coming days.”
Founded in 1964 by Boston-local Dick Robinson, CSB was sold in July of 2006 to “DLJ Growth Capital Partners, an affiliate of DLJ Merchant Banking Partners (DLJMB), a private equity investment affiliate of Credit Suisse,” according to a July 10, 2006 Business Wire story. “(which) is partnering with Brian Stone and Scott Knight, founders and General Partners of KNIGHTSTONE Media (KSM)”
Messages left at Knightstone late Wednesday night were not immediately returned to Shots, nor was one for the Boston campus Director, Steve Williams. A voice mail was also left for one of the listed instructors at the Needham outlet, but was not immediately returned.
Reached after 11 p.m. on Wednesday night, Dick Robinson’s son, Jim, who now works with his dad at the Robinson Media Group (located in the Robinson Media Center that houses the Farmington CSB unit) said it’s a sad day for him, his dad and their family.
“If this is the ending, it’s sad to see it end this way,” said Jim. “I feel for the students, the instructors, everyone. The only thing I had heard was that there was going to be some downsizing. It’s just shocking right now, for everybody.”
MORE TO COME. UP TO HERE POSTED AT 11:47 p.m. Wednesday, March 4, 2009
A fledgling blogger and CSB student, Jason Hancock, in Charlotte, NC posted this irate summary is at his website on Wednesday:
“The school that I was attending the Connecticut School of Broadcasting got they’re (sic) loan pulled by a bank today and were forced to close they’re (sic) doors, and I’m really pissed off about it right now.”
(Jason is clearly a recipient of the Pete Sheppard (Class of 1987) CSB scholarship for spelling and grammar.)
The school has produced a large quantity of broadcasters and technicians nationwide and under Robinson’s reign, the school was at a manageable 13 campuses when it was sold. That number has ballooned to 26 since in less than three years since the sale by Robinson.
“We were approached a few times over the years,” said Jim Robinson. “But we wanted someone who could take it to the next level and we thought this group was capable of that.”
• Not to be rude, but where on Earth will sports talk radio now find its moronic, talentless flash boys?
• Look for State Attorneys General everywhere to latch onto this one quickly.
• Another local connection with YouCastr and CSB.
• Tough break for the Ivy Leaguers. What do you bet they blame Bernie Madoff?
David Scott writes from a seaside shanty on the shores of Hull, Mass. and can be reached at shotsATbostonsportsmediaDOTcom.