The local Roberts guys have been in financial grief for years...
Here's from RadioInfo:
Their radio station in Jackson, Mississippi is apparently not involved, but Roberts Broadcasting files for Chapter 11 bankruptcy protection re: its four TV properties. St. Louis-based Michael and Steven Roberts have extensive business interests including real estate, hotels and the Royal Orpheum Theater. Steven Roberts tells the St. Louis Business Journal that he and his brother “have owned and operated television stations since the early 1980s, but certain events unique to these stations have caused these filings” for Chapter 11 protection (reorganization). The TV stations are WRBU in St. Louis, WZRB Columbia, SC, WAZE Evansville and WRBJ-TV in Jackson, Mississippi. Jackson’s the only market where there’s a radio overlap, and the radio station is urban “Beat” WRBJ, Brandon at 97.7. As for crunch at the TV stations, Steven Roberts blames the disappearance of the minority-focused UPN network. The Business Journal adds that in March, CBS won a judgment against Roberts of more than $1 million related to syndication fees. Syndicator Warner Bros. sued for non-payment of $1.4 million. The Roberts Broadcasting Chapter 11 reorganization plan is due at the Eastern District of Missouri bankruptcy court by February 6, 2012.
Frankly, this is not much of a thing.