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Powell Broadcasting To Cease Panama City Operations

passtheword

passtheword

Wonder what the real story is here?

If the deal for WPFM to KLove wasn't signed, sealed and bonded it might have fallen through.

I'd be surprised if iHeart didn't take a significant self insured loss in Panama City. It's one of iHearts smaller markets, wonder if they might pull out too?

If the WPFM deal is still on. Air 1 is an obvious interested buyer for an additional 50-100kw Powell station. The Radio People out of Dothan would be a good buyer. Maybe even Gray if they do any radio.
 
Uh...don't they have insurance?

Really, this is a crap move. The big boys haven't cornered the market on destroying radio, it seems.

G
 
Insurance isn't as common down here as you might think. If they didn't have debt they could have been self insured.

And no one down here has loss of business/income insurance.
 
Few thoughts and speculation:

Stations were probably shopped and nobody wanted to pay asking price. Only a taker for one signal. Insurance will cover loss, and signals will be sold for current market value. A smart business move.

New owners will consolidate. Run a lean operation and will ride it out until things bounce back in 24 to 36 months (or longer).

With 25+ signals in market 220+ and the complexities of selling in a resort town, It will take a broadcaster with extensive sales and marketing skills to make it happen.
 
seedless said:
Insurance isn't as common down here as you might think. If they didn't have debt they could have been self insured.
Click to expand...

Larger companies often self-insure for property damage items. The larger the company, the smaller the chances that any one year's losses will be greater than the cost of insurance, and in most years, there is a considerable net savings. The risk is pooled among all locations and divisions in proportion to asset value.

A decade or so ago, I added up the cost of all those extended warranty plans that you can get for appliances, TVs, the AC, etc. I found that I could end them all, and put the equivalent in an interest bearing bank account. In every year since then, I have saved lots of money, and now find that the surplus can occasionally be used to replace major appliances before they get too old. This is the same theory many companies use.
 
Groove1670 said:
Few thoughts and speculation:

Stations were probably shopped and nobody wanted to pay asking price. Only a taker for one signal. Insurance will cover loss, and signals will be sold for current market value. A smart business move.

New owners will consolidate. Run a lean operation and will ride it out until things bounce back in 24 to 36 months (or longer).

With 25+ signals in market 220+ and the complexities of selling in a resort town, It will take a broadcaster with extensive sales and marketing skills to make it happen.
Click to expand...


Groove. You are pretty close on this. Stations were shopped and they wanted too much, yet were making no money. They were getting more reasonable, but still.

New owners can't do much more to consolidate than already had been done for the last 30 years. The market is tiny and radio is not a first choice for tourists and the buying market is less than 50k. This is all even worse now. I could elaborate on my thoughts, but let's just say, no broadcaster with extensive sales or marketing skills are willing to make something almost impossible work. It has never "really" worked for anybody but IHeart and that was not ever just an easy ride. I don't see Magic or anyone else doing well for several years, as well. Tough is NOT the right word. It's just hard to see this and I cannot imagine my friends down there. I know Charlie is on overwork overdrive and the work is just starting.
 
Wait, you mean the entire market bills 50K?

I can understand why someone might want out of that market. I can't understand why someone would buy in.
 
Sorry JohnDavis - I was meaning that the close-range population in proximity to Panama City (locals) that would be prospective buyers is roughly 50,000. The Metro area is about 185,000, but there are some pretty good driving distances to some of the adjoining towns. It is probably more like 100,000 overall, but primary population in the proper demos is roughly 68,000. Hope that is somewhat more clear.
 
Tibbs4 said:
Sorry JohnDavis - I was meaning that the close-range population in proximity to Panama City (locals) that would be prospective buyers is roughly 50,000. The Metro area is about 185,000, but there are some pretty good driving distances to some of the adjoining towns. It is probably more like 100,000 overall, but primary population in the proper demos is roughly 68,000. Hope that is somewhat more clear.
Click to expand...

The Nielsen 12+ Metro population for market 222 is 159,000 persons.

See the Fall 2018 Red Book at https://www.americanradiohistory.com/Arbitron-Market_Maps.htm

Market billing was $6 million total between the 18 commercial stations. Total market billing is less than the single station billing of the #1 station in Jacksonville.

The top biller in Panama City did less than $1 million.
 
Last edited:
Hello all it has been a while since I have posted and I forgot my username and password so I made a new account. And forgive me about spelling errors as I am on my phone and autocorrect has a mind of its own. Still do not have cable or internet at home but we have power and water.

This thread makes me a bit sad. I came to PC in 2000 to work at Waitt. Had a job at Kat Kountry. Eventually moved over to Arrow and was PD there for a while. Then Double O came in and I stayed on another year or so. I liked both and I can't really say anything bad about either and I enjoyed my time there. But as life got busy and kids came along I could no longer survive on radio income so I left in 2005. I think the only people left I knew were sales people at Powell. It makes me sad they are throwing in the towel. I think 95.9 and Bob did fairly well in the ratings but I just don't keep up with it anymore. Those 2 were pretty good and I will miss them (although I was never a fan of a jockless Bob - at least voice track it or something!). Maybe someone will pick them up and put them back on. And I hope PFM keeps the heritage call letters. Another guy and myself convinced Double O to drop WLHR and pick the PFM letters back up.

Again it makes me a little sad to see them go but I am thankful I left the industry when I did.

Take care,

Mike
 
There are folks looking at those dismal pre-hurricane numbers and thinking "I'll buy one of those stations and hire a full jock and news staff!". Hmmmm

DavidEduardo said:


The Nielsen 12+ Metro population for market 222 is 159,000 persons.

See the Fall 2018 Red Book at https://www.americanradiohistory.com/Arbitron-Market_Maps.htm

Market billing was $6 million total between the 18 commercial stations. Total market billing is less than the single station billing of the #1 station in Jacksonville.

The top biller in Panama City did less than $1 million.
Click to expand...
 
MikeInFla - Sending you and your family my thoughts and prayers, as is the case with so many people who are in the area hit by Michael. I know of some of the work you did in PC and it is a shame that WPFM never got the total chance for the comeback it deserves. I think some of you on this board know "we" also tried. Some things are just not meant to be, I guess. I think the EMF sell will go through and in the days ahead the news will be coming of more changes to some of the radio stations that have certainly been making news headlines in the last few weeks. I hope the future will be bright and the road to success much easier than those who have previously gone down the PCB radio path. Miracles certainly do happen and I hope that many do happen along the Miracle Mile and up and down 98 in the months and years ahead.
 
The other group let several staffers go. Are those stations running jockless?
 
Tibbs4 said:
MikeInFla - Sending you and your family my thoughts and prayers, as is the case with so many people who are in the area hit by Michael. I know of some of the work you did in PC and it is a shame that WPFM never got the total chance for the comeback it deserves. I think some of you on this board know "we" also tried. Some things are just not meant to be, I guess. I think the EMF sell will go through and in the days ahead the news will be coming of more changes to some of the radio stations that have certainly been making news headlines in the last few weeks. I hope the future will be bright and the road to success much easier than those who have previously gone down the PCB radio path. Miracles certainly do happen and I hope that many do happen along the Miracle Mile and up and down 98 in the months and years ahead.
Click to expand...


Thanks Tibbs, as I said I enjoyed my time there. They weren't the greatest companies but we had a lot of fun. I wish I still had the PFM kick off on tape. Lost it over the years but it was a fun kick off and i remember it mentioning The Great 108 at the start. We invited some of the old PFM jocks on the air (those that were still around) and had fun but I guess the candle was lit at both ends. It reallt surprised me when Powell brought back "Hot" when it was a failure the first time. Maybe it is just me but I thought they should've stuck with PFM. As a family we are recovering slowly but nicely, trees have been removed, house tarped up and kids back in school next week. Roofers are sharks and the only ones who come out for estimates are out of towners who will not give a written estimate so I will hold out for a local company as long as I can. If I recall Tibbs you also lived in my old stomping grounds in East Tennessee. I started in radio in 1989 at WRJZ when I was still in high school (taping shows, playing cassettes of programs, etc). I moved over to WOKI (I-100) in 1992 and stayed there while I was at UT. I enjoyed working with Bro. Clay, Ray Edwards and JJ Randle (where is JJ these days?!?). Clay was a good boss -- he would always schedule me around UT football games so I could see every home game but he would say "you better leave at the start of the 4th quarter to beat the traffic" so I took his advice and was never late for work. Once I graduated I couldn't find any fulltime work so I moved to Cookeville. Less than a month after I moved WOKI (Hitkicker) offered me the 7-mid but I turned them down because I had just moved and didn't want to move again. I also enjoyed working for Johnny P. He was always good to me and I have nothing bad to say about the man.

Groove: As I don't keep up with radio anymore which group are you referring to that let staff go? These days the only station I listen to is 104.3 or 95.1 (now that 95.9 is gone).
 
Well I like listen to 93.1 Play FM which is also broadcasting on 1290 AM and online. It is sad that big company like Powell can’t make it but small ones can in broadcast. They should leave radio stations independently owners instead big corporations.
 
Hey Mike...

MikeInFla said:
Hello all it has been a while since I have posted and I forgot my username and password so I made a new account. And forgive me about spelling errors as I am on my phone and autocorrect has a mind of its own. Still do not have cable or internet at home but we have power and water.

This thread makes me a bit sad. I came to PC in 2000 to work at Waitt. Had a job at Kat Kountry. Eventually moved over to Arrow and was PD there for a while. Then Double O came in and I stayed on another year or so. I liked both and I can't really say anything bad about either and I enjoyed my time there. But as life got busy and kids came along I could no longer survive on radio income so I left in 2005. I think the only people left I knew were sales people at Powell. It makes me sad they are throwing in the towel. I think 95.9 and Bob did fairly well in the ratings but I just don't keep up with it anymore. Those 2 were pretty good and I will miss them (although I was never a fan of a jockless Bob - at least voice track it or something!). Maybe someone will pick them up and put them back on. And I hope PFM keeps the heritage call letters. Another guy and myself convinced Double O to drop WLHR and pick the PFM letters back up.

Again it makes me a little sad to see them go but I am thankful I left the industry when I did.

Take care,

Mike
Click to expand...

Steve Michaels checking in from New Mexico. Gwynn Drive was jinxed.
 
No, I don't remember doing any traffic reports on any of the stations. I think we may have had channel 13 weather and news but I don't remember traffic.
 
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