Independent media agency KSL Media has filed for Chapter 11 bankruptcy protections as it seeks to "conduct an orderly wind-down" of its business. KSL's client roster has gotten continually shorter recently, including the significant loss of Bacardi's $130 million account this year. "Smaller players in certain circumstances can survive and live in the ecosystem that bigger players are playing in. But it's tough," said Bill Koenigsberg, who leads another indie media shop, Horizon Media.

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