ESPN 98.7 FM to be no more come August 31, 2024

[Weiserguy]

I know you meant iHeartMedia but my mind went to Immaculate Heart Media (aka Relevant Radio). But even then I can't see that group wanting to pay the amount that Emmis is desiring for 98.7. Or pretty much anyone else except for Cats.

Cats isn't paying $50MM either. His whole history of business success comes from being a sharp bottom fisher who doesn't piss away his cash. He didn't get to where he is by paying premium prices for depreciating assets in declining markets, unless there's some angle that others might not be seeing.

Read [or re-read] what I wrote yesterday in post #274.

 

[Rusty Muck]

Cats isn't paying $50MM either. His whole history of business success comes from being a sharp bottom fisher who doesn't piss away his cash. He didn't get to where he is by paying premium prices for depreciating assets in declining markets, unless there's some angle that others might not be seeing.

Read [or re-read] what I wrote yesterday in post #274.

Oh for the love of Chrysler, it's $50M?! Why did I think it was just $30M? Emmis is going to have to lower their asking price for 98.7 significantly or they're going to have egg on their face on September 1 with a station they can't sell.

Forget the bottom-fishers, no one in their right mind is going to overpay that much for a standalone FM signal, even if it's in NYC and on the ESB. This isn't 100.3 FM in Los Angeles in 2000 when Radio One blew $100M.

 

[davideduardo]

Oh for the love of Chrysler, it's $50M?! Why did I think it was just $30M? Emmis is going to have to lower their asking price for 98.7 significantly or they're going to have egg on their face on September 1 with a station they can't sell.

Forget the bottom-fishers, no one in their right mind is going to overpay that much for a standalone FM signal, even if it's in NYC and on the ESB. This isn't 100.3 FM in Los Angeles in 2000 when Radio One blew $100M.

If you do the calculation of the pieces to the Radio One deal, it included a nice handful of stations and the valuation of the LA one was well over $200 million. In 2008, Bonneville bought it for $137 million, a huge haircut for Mr. Liggins.

 

[Rollo-Smokes]

Oh for the love of Chrysler, it's $50M?! Why did I think it was just $30M? Emmis is going to have to lower their asking price for 98.7 significantly or they're going to have egg on their face on September 1 with a station they can't sell.

Forget the bottom-fishers, no one in their right mind is going to overpay that much for a standalone FM signal, even if it's in NYC and on the ESB. This isn't 100.3 FM in Los Angeles in 2000 when Radio One blew $100M.

Yep. Emmis set the line. Jeff Smulyan must think this is 2014 or 2004 with that tag. He's gonna have to realize, very soon that the price is wrong. And the clock is rapidly ticking.

Mentioning Radio One...they're not coming in to be a standalone player. Partner up with MediaCo (parent of WBLS and WQHT) and the two can relaunch 98.7 as another form of Urban. Perhaps with a talk format or Black Gospel music. Two scenarios no one else has mentioned, and they have never been done in NYC on FM. And, if executed the right way, either (or a combination or both) could work.

Before anyone mentions WLIB or WWRL, let's keep it really real...once 'LIB is sold/donated, that gospel/talk format is as good as gone. And 'RL isn't exactly shaking things up with iHeart's BIN.

 

[Mediafrog+]

Mentioning Radio One...they're not coming in to be a standalone player. Partner up with MediaCo (parent of WBLS and WQHT) and the two can relaunch 98.7 as another form of Urban. Perhaps with a talk format or Black Gospel music. Two scenarios no one else has mentioned, and they have never been done in NYC on FM. And, if executed the right way, either (or a combination or both) could work.

Urban One wouldn’t necessarily do an African-American targeted format. In Houston their stations include Country and Classic Rock. The company is trying to diversify out of its traditional base.

If you do the calculation of the pieces to the Radio One deal, it included a nice handful of stations and the valuation of the LA one was well over $200 million. In 2008, Bonneville bought it for $137 million, a huge haircut for Mr. Liggins.

Liggins also took a huge haircut on his 2004 purchase of 92.1 in Houston, which lost 90% of its value two decades later.

 

[MVB13]

Yep. Emmis set the line. Jeff Smulyan must think this is 2014 or 2004 with that tag. He's gonna have to realize, very soon that the price is wrong. And the clock is rapidly ticking.

Mentioning Radio One...they're not coming in to be a standalone player. Partner up with MediaCo (parent of WBLS and WQHT) and the two can relaunch 98.7 as another form of Urban. Perhaps with a talk format or Black Gospel music. Two scenarios no one else has mentioned, and they have never been done in NYC on FM. And, if executed the right way, either (or a combination or both) could work.

Before anyone mentions WLIB or WWRL, let's keep it really real...once 'LIB is sold/donated, that gospel/talk format is as good as gone. And 'RL isn't exactly shaking things up with iHeart's BIN.

Gospel won't work here in NYC this isn't the South.

 

[Barry]

Gospel won't work here in NYC this isn't the South.

Gospel, along with syndicated fare, has been on WLIB 1190 AM, for quite some time. If it is sold, I wonder whether it would make sense to continue that format.

 

[TheBigA]

Gospel won't work here in NYC this isn't the South.

That's what people said about Christian music.

 

[Rollo-Smokes]

Urban One wouldn’t necessarily do an African-American targeted format. In Houston their stations include Country and Classic Rock. The company is trying to diversify out of its traditional base.

I'm aware of that. But they could also see an opening for something that hasn't been tried on the FM band here and that would complement the other two stations, rather than a warned-over retread.

About Country...dare I say this, but the early success of the Beyoncé project could be a huge game changer for the format as a whole, not just the genre. I would look at this very closely and see how it trends.

 

[Rollo-Smokes]

Gospel won't work here in NYC this isn't the South.

You do realize that many black New Yorkers–including myself–have Southern roots, right?

Regional origins and religious affiliations notwithstanding (and speaking as an agnostic), if there is room for CCM and "praise and worship" music (whatever that is) on FM here then there should be a space for black gospel. Church folk are consumers, too. Just sayin'...

 

[salemjedi54]

Yep. Emmis set the line. Jeff Smulyan must think this is 2014 or 2004 with that tag. He's gonna have to realize, very soon that the price is wrong. And the clock is rapidly ticking.

Mentioning Radio One...they're not coming in to be a standalone player. Partner up with MediaCo (parent of WBLS and WQHT) and the two can relaunch 98.7 as another form of Urban. Perhaps with a talk format or Black Gospel music. Two scenarios no one else has mentioned, and they have never been done in NYC on FM. And, if executed the right way, either (or a combination or both) could work.

Before anyone mentions WLIB or WWRL, let's keep it really real...once 'LIB is sold/donated, that gospel/talk format is as good as gone. And 'RL isn't exactly shaking things up with iHeart's BIN.

Yeah bring back KISS 98.7

 

[MVB13]

You do realize that many black New Yorkers–including myself–have Southern roots, right?

Regional origins and religious affiliations notwithstanding (and speaking as an agnostic), if there is room for CCM and "praise and worship" music (whatever that is) on FM here then there should be a space for black gospel. Church folk are consumers, too. Just sayin'...

My apologies.

 

[Rollo-Smokes]

Yeah bring back KISS 98.7

That is not happening, nor is that what I'm advocating.

I would try reading the comments first before replying.

 

[Loverofradio]

That is not happening, nor is that what I'm advocating.

I would try reading the comments first before replying.

you expect someone to read through ALL the comments on this thread?

 

[leethalweapon]

Interesting that other properties that Emmis lease out, are in trouble too.

MediaCo Holding Expresses Substantial Doubt Over Ability To Continue As A Going Concern

In its 2023 Annual Earnings report released on Monday, MediaCo Holding, the parent of Hip Hop "Hot 97" 97.1 WQHT

radioinsight.com

 

[lanceventa]

Interesting that other properties that Emmis lease out, are in trouble too.

MediaCo Holding Expresses Substantial Doubt Over Ability To Continue As A Going Concern

In its 2023 Annual Earnings report released on Monday, MediaCo Holding, the parent of Hip Hop "Hot 97" 97.1 WQHT

radioinsight.com

Emmis doesn't lease out WQHT/WBLS. They sold the properties in 2019 to MediaCo for $91.5 million in cash, the note mentioned in the story, and a 23.72% stake in MediaCo, which they have since sold. Outside of holding the note, Emmis has zero equity or stake in the stations anymore.

 

[davideduardo]

You do realize that many black New Yorkers–including myself–have Southern roots, right?

Regional origins and religious affiliations notwithstanding (and speaking as an agnostic), if there is room for CCM and "praise and worship" music (whatever that is) on FM here then there should be a space for black gospel. Church folk are consumers, too. Just sayin'...

You make good points about migration patterns. The real issue, though, is that Black gospel tends to be a 55 and over format and that is a tough sell anywhere.

 

[AlNYC]

You do realize that many black New Yorkers–including myself–have Southern roots, right?

Regional origins and religious affiliations notwithstanding (and speaking as an agnostic), if there is room for CCM and "praise and worship" music (whatever that is) on FM here then there should be a space for black gospel. Church folk are consumers, too. Just sayin'...

If we get Black Gospel music on 98.7 FM by the end of August, then it will compete with 95.5 K-Love and 93.5 Vida Unida.

With three Urban Stations slogan are:

107.5 WBLS "#1 for R&B"
Hot 97 "#1 for Hip-Hop"
98.7 WLIB "#1 for Gospel"

So Mediaco and Emmis will be sold to Urban One (like TV One).

 

[leethalweapon]

Emmis doesn't lease out WQHT/WBLS. They sold the properties in 2019 to MediaCo for $91.5 million in cash, the note mentioned in the story, and a 23.72% stake in MediaCo, which they have since sold. Outside of holding the note, Emmis has zero equity or stake in the stations anymore.

Thank Lance. My apologises.

 

[Rollo-Smokes]

You make good points about migration patterns. The real issue, though, is that Black gospel tends to be a 55 and over format and that is a tough sell anywhere.

I trust that you are right, David.

Let me offer this: I know several people in my circle who are churchgoers and within the money demos who listen to contemporary gospel on the regular. Even in this day and age, there are devout families (especially from Pentecostal, C.O.G.I.C. and Baptist backgrounds) who pretty much live in their home church and listen to gospel exclusively.

And IIRC, WBLS does play some gospel artists during the week and on Sunday mornings. The Steve Harvey and Rickey Smiley syndicated morning shows (Smiley's not heard in NYC) play gospel.

So while the data may skew more toward 55+, the appeal of gospel with younger listeners is there. Whether that can carry a full-time format on FM in NYC is the bigger question.