Which is exactly why we know they don't have a buyer...
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No Sale Looming, ESPN 98.7 expected to pivot to Music
- Thread starter exdjted
- Start date
Are they under some legal or SEC obligation to announce that they have a buyer the instant a deal is completed? If not, the lack of an announcement must mean only that they haven't announced a buyer yet, nothing more.
I'm a shareholder but I'm no expert in this matter. Since Emmis is still a public company, they do have to announce it. The instant they have a deal probably not, but more likely within a "reasonable" time frame.
NYRadioFan22
Banned
On Saturday, we'll be one week away from the switch. Or maybe when the switch to 880 starts on Monday, maybe that's when they announce it?
K.M. Richards
Program Director, The Eighties Channel™
Yep. Maybe (if they have a deal in place), maybe not (if the placeholder format just goes in at 98.7 and there is no deal pending).
You guys just can't stand the suspense, can you?
There have been many format flips that took place without prior notice. Why should Emmis be any different with 98.7? They're not obligated to tell us ahead of time if they don't want to.
One would think they would have at least hired a sales staff if they were going to run it themselves. They could VT it with out of market talent. But by now someone somewhere would have let the cat out of the bag.
Not every company is the same. In a perfect world, the cat should never be let out of the bag. This may be one of those (rare) cases. And that's fine. We've done the speculation. We've listened to actual reporting, from folks like Lance. Now we just sit and wait!
K.M. Richards
Program Director, The Eighties Channel™
Three letters: NDA.
Emmis' intent is still to sell the station. They will be investing the bare minimum financially. It'll likely run off a computer at their HQ in Indianapolis. The brand they are launching will likely rely on national barter ads and record label marketing. The hope will be to generate enough ratings to increase the demand from a buyer with a format that will just be there, similar to Merlin's "New Rock 101.9" in 2012, between FM News and the sale to CBS to become WFAN-FM. At most they will partner with another radio group to do local sales and marketing should it take time for a buyer to arrive.
Nearly every single piece of speculation has been based on how things used to be done in radio. If it hasn't become clear by now, things are changing rapidly with these companies simply seeking to survive or cash out. Emmis' single purpose is to find the one group willing to reach its asking price to maximize their return for their shareholders.
We have experience which might not be of much value now.
K.M. Richards
Program Director, The Eighties Channel™
IF YOU GLOSSED OVER LANCE'S POST, YOU NEED TO RE-READ THESE TWO SENTENCES:
Everyone who hopes for some "alternative" format or who thinks Emmis needs to bring in a programmer and airstaff for 98.7 is delusional in my not-so-humble opinion.
The business has changed. Some of us have learned how to adapt to the changes and keep going. Many, many more have been cast aside with no chance of getting back inside.
And every single person who posts any opinion about what Emmis will do based on the way "it used to be" might as well not bother. Whatever they do will be designed to keep the station alive until someone comes along with a reasonable offer. Emmis does not care what your personal "dream formats" are, and they do not need to.
If that makes you angry and upset with me ... well, Jack Nicholson's most famous line in A Few Good Men would seem to apply.
Everyone who hopes for some "alternative" format or who thinks Emmis needs to bring in a programmer and airstaff for 98.7 is delusional in my not-so-humble opinion.
The business has changed. Some of us have learned how to adapt to the changes and keep going. Many, many more have been cast aside with no chance of getting back inside.
And every single person who posts any opinion about what Emmis will do based on the way "it used to be" might as well not bother. Whatever they do will be designed to keep the station alive until someone comes along with a reasonable offer. Emmis does not care what your personal "dream formats" are, and they do not need to.
If that makes you angry and upset with me ... well, Jack Nicholson's most famous line in A Few Good Men would seem to apply.
As a shareholder, I appreciate Emmis' tenacity in holding out for their price. But it seems the market is not receptive to buying at, or near, their asking price. Something is only worth what a buyer is willing to pay.
It only takes one buyer. I know of at least one media group that has at minimum investigated whether there is a business model to try to fill the opening created by 880's flip using some of their resources on other platforms already in place. At this point it's a longshot at best they make the move, but could be something worth watching.
As the sale seems to take longer and the liklihood of Emmis getting their asking price, is this frequency attractive to anyone who already operates a NYC FM station that would want to move an existing station to 98.7? They would then sell their existing, what would be their former frequency after taking over 98.7.
Sounds like a financial version of musical chairs. The problem with that proposal is a net loss between the purchase and sale.
There's not enough return on investment when you also factor in having to market to move your audience to another brand. And the only three stations that would fit your criteria are owned by a company in chapter 11 bankruptcy (94.7 WXBK) or non-commercial operators with financial issues of their own (99.5 WBAI or 105.9 WQXR). Otherwise you're looking at companies owning rimshots that wouldn't get enough money back (or be able to find a buyer) to make it worthwhile.
At this point it comes down to the fact that there's not a strong business model for a stand-alone commercial FM signal in New York nor any non-commercial hole worth filling for what Emmis is asking. And they have shown so far they are in no rush.
Bloomberg already has 1130 WBBR that they can just simulcast. They're already doing so in Boston, simulcasting Bloomberg O&O 1330 WRCA over a rented FM station.
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