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Audacy selling Boston assets

Based on the way that read, it doesn't sound like it's selling any radio stations, though I suppose it's still substantially vague that it can't be ruled out.

If they own the land where the WEEI 850 towers sit, it could likely fetch a pretty penny.
 
Kent said:
Based on the way that read, it doesn't sound like it's selling any radio stations, though I suppose it's still substantially vague that it can't be ruled out.
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I read it the same way. They're doing tower deals piecemeal rather than for the entire company.

Audacy says that it is going to make a pair of sales in Boston and Phoenix of long-held assets. The company did not close what it is selling, but said it includes land, buildings, and equipment. Instead, it simply said it expects the deal to close within a year.
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The Phoenix cluster is another story. It was on the block back when it was owned by CBS. They only own three stations there.
 
This is a big nothing burger misconstrued by a publication owned by a competitor to get this response... AUDACY IS NOT SELLING STATIONS IN BOSTON OR PHOENIX at this time...

The filing states:
"Company entered into letters of intent to sell certain assets located in Phoenix and Boston. The Company conducted an analysis and determined the assets met the criteria to be classified as held for sale at June 30, 2023. In aggregate, these assets have a carrying value of approximately $2.5 million. The transactions are expected to close within one year.

The major categories of these assets held for sale are as follows as of the dates indicated:
Land and land improvements$590
Building1,776
Equipment110
Radio broadcasting licenses—
Net assets held for sale2,476

As I reported back in February, the tower site of 850 WEEI in Needham was one of the original assets moved to Audacy Atlas LLC for divestiture. What Is Audacy’s Atlas? And Are Divestitures Coming? - RadioInsight
 
lanceventa said:
In aggregate, these assets have a carrying value of approximately $2.5 million.
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That barely helps them meet payroll, much less address the debt.

Phoenix wasn't included in the Atlas sale. I'm not aware that they own anything of substance there.
 
blackgold said:
I believe one of the Boston stations will go over to EMF! How about Magic 106.7? Or maybe Big 103.
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Been there, done that.

Magic is part of a sales package with Mix, and Big gets a good slice while costing nothing more than an electric bill and someone to write sweepers. But, hey, good job of identifying the names of radio stations that Audacy owns in Boston.
 
blackgold said:
I believe one of the Boston stations will go over to EMF! How about Magic 106.7? Or maybe Big 103.
Click to expand...
They are selling real estate, not stations. NOT STATIONS.
 
The "going concern" warning is the big picture takeaway from Lance's RI story. Audacy stock, despite a 1-30 reverse stock split, has once again fallen below the necessary $1 per share price needed to stay off the pink sheets. And a Chapter 11 filing, which now appears more likely than ever, would tank what little share value remains.
 
newsbot2 said:
The "going concern" warning is the big picture takeaway from Lance's RI story.
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The "going concern" warning was first made last fall. They've been operating under this for a long time.

rbr.com

Wall Street Analyst Asks If Audacy ‘Can Make It’ | Radio & Television Business Report

A contributor to TheStreet, Stockhouse and Seeking Alpha currently part of a team that oversees an outside investment manager managing almost $30 billion has authored a report that puts a very big question in the face of Audacy Corp.'s leadership team.
rbr.com rbr.com
 
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