4 Local Clear Channel employees to be let go!

[jamesh]

Yes, It's property taxes. That's it genius. Oh wait, 20.7 billion in debt, lost 424 million in 2012. Good operators! And word is they are way under budget this year-lenders are very worried, I have friends in high places too...in accounting, not on air stuff, on air friends not so high places...

They've had that debt for 5 years. They can fire their entire staff and it won't pay off the $20B. So the idea that they're laying off employees because of their debt is silly.

They JUST renegotiated their debt at a lower rate, and extended the credit five more years. That would not have happened if lenders were worried. The big change all businesses are dealing with now is the new health insurance law. No question it's increasing the cost of benefits. I'd suggest that's a bigger factor than their debt.

Wrong again. The refi was not for the large debt due in 2016. It was just for 5 billion. Only 5 billion and at very unfavorable rates. The company is running on fumes...
They need to refi the 2016 nut, they must show a stronger balance sheet to begin to qualify-thus the RIFF. No refi of 2016 nut is sure bankruptcy. They are over levered because they are run by morons-private equity highly levered morons. Don't blame it on Obamacare, this is a Romney founded company over levered mess. I am not a fan of either of them in fact Obamacare is a Romney plan.

"Even if CLEAR CHANNEL is able to refinance its 2016 maturities, the company will remain vulnerable to a slowdown in the economy given the heightened sensitivity that its radio and outdoor businesses have to economic conditions. The combination of higher interest rates from a refinancing and lower EBITDA in the event of a future economic downturn could materially impair its interest coverage and liquidity position. In addition, there are secular pressures on its terrestrial radio business that could weigh on results as competition for advertising dollars and listeners are expected to increase going forward. Also incorporated in the rating, is the expectation that leverage levels will remain high over the rating horizon compared to the underlying asset value of the firm."

http://www.allaccess.com/net-news/a...ar-channel-arranges-more-time-to-pay-off-debt

 

[Scooter Lesley]

Regardless to what I have to say,...DudeFan states that Clear(ly Fired) Channel is not Broke.
So, members of The Think Tank, what say ye?

By the way, Dudeski,...I well know the legal system, and its terms. [Removed for TOS violation]
In my career, I always resigned. I was never fired from any station; Radio or TV. As for the one non-compete that I signed, I went to court, and I Trumped it too. I have never lost in court.

 

[jamesh]

Regardless to what I have to say,...DudeFan states that Clear(ly Fired) Channel is not Broke.
So, members of The Think Tank, what say ye?

By the way, Dudeski,...I well know the legal system, and its terms. [Removed for TOS violation]
In my career, I always resigned. I was never fired from any station; Radio or TV. As for the one non-compete that I signed, I went to court, and I Trumped it too. I have never lost in court.

They are functionally broke-they make the U S government look fiscally responsible!

 

[freqdev]

My guess is Freqdav is a cc employee-for how long-who knows? Watch your back, these guys will cut you!

not a cc kool aid sipper however I do know people who work for cc. you sound like cc put you out of work though so you come here to vent
[/quote]

Not in that line of work no played around with it a bit in my younger days before it long before it morphed into this mess. I have many dear friends who have suffered because of these horrible business practices. I have seen them let go for no good reason. My true career has been in accounting and I know now after digging down into the 10-q's why this is happening to talented hard working people. The math in unworkable because these private equity firms gambled and over levered. Real people I know have suffered, more are getting ready to suffer, and as a listener my opinion is the local interests aren't being served and the product is awful. CC practices should be taught in business and accounting as the precise way NOT to run a company.

How long have you worked for them?
[/quote]

shunned by the business when you played around with it and now an expert on its well being. impressive

 

[TheBigA]

In addition, there are secular pressures on its terrestrial radio business that could weigh on results as competition for advertising dollars and listeners are expected to increase going forward.

Yep. Those are the same pressure they would face regardless of debt. That's why they're in the process of shifting their focus from the terrestrial radio business to a multi-platform business, that gives advertisers more ways to reach their customers, and also grows the company without adding any more debt.

 

[jamesh]

In addition, there are secular pressures on its terrestrial radio business that could weigh on results as competition for advertising dollars and listeners are expected to increase going forward.

Yep. Those are the same pressure they would face regardless of debt. That's why they're in the process of shifting their focus from the terrestrial radio business to a multi-platform business, that gives advertisers more ways to reach their customers, and also grows the company without adding any more debt.

Koolaid concentrate! Put a little water in that! It should read "Rearranging the deck chairs on the Titanic". Ship is going down, business phrases like "multi-platform" don't matter-I know balance sheets-this IS the Titanic.

 

[Scooter Lesley]

As for myself, and all the other members of The Think Tank,...I spout the following: Please keep in mind, at the very least, in this state, we will soon learn the names of 12-Boadcasters, that have lost their jobs.
Possibly, some will not see a penny of severance, no money for insurance, and in a time where gasoline has been above the $3 mark longer than most can remember. Then, you have Boobs, defending this company on this board, as if the compnay was moving forward into the vast space of advertising technology. Well, you don't have to be Kreskin to understand that nothing could be further from the truth!
They Corps did not know how to run the stations, when they bought them.
While playing golf, wearing shirts that cost more than most wide-
screen TV's, if the economic advisor would have said "Candle Stores". Then, collectively, they would've melted every piece of wax from Belton, South Carolina, to Butte, Montana! Starting with full airstaffs, News, Programming, and Promotions....now whitled down to two maybe three, spread-thin, employees...barely holding it on the air.
They have failed, and
if they worked for Donald Trump.........COBRA!

 

[jamesh]

Here is the problem with these idiots at CC...$725,000 for travel expenses for FORMER employees who have already cashed out. I know Big A and the other koolaid drinkers will blah balh about how they deserve this perk they started this 20 billion dollar borrwing machine...but with the company losing 424 million last year-perhaps the Mays should spend some of the tens of millions they made off the sale of CC to cover flight costs for themselves. This is corporate welfare at it's absolute worst. The Mays need security-no one cares about them! This company is a joke, an abject failure of massive proportions, they swim in unpayable debt and spend like drunken sailors.

http://www.bizjournals.com/sanantonio/blog/2013/06/mays-brothers-flying-clear-channels.html


Mays brothers flying Clear Channel’s friendly skies
Enlarge
Mark Mays, the former president and CEO of Clear Channel, is still flying on the corporate jet. Radio industry insider Tom Taylor says Mays and his brother Randall racked up $725,000 in travel expenses for the two former executives.

W. Scott Bailey

Randall and Mark Mays, son of Clear Channel co-founder Lowry Mays, like to fly the more private skies.
The media giant paid more than $725,000 last year to cover the Mays brothers’ use of company-owned aircraft, according to broadcast industry expert Tom Taylor, who publishes a daily radio management newsletter titled NOW.






[*-some content removed per terms of service]

 

[TheBigA]

Here is the problem with these idiots at CC...$725,000 for travel expenses for FORMER employees who have already cashed out. I know Big A and the other koolaid drinkers will blah balh about how they deserve this perk they started this 20 billion dollar borrwing machine...

I wouldn't say they "deserve this perk." I'd just say it's probably something the Board of Directors approved that's in their contract. If the Board or the lenders ever get to a point where they want to withdraw it, I'm sure they can.

 

[freqdev]

it seems strange that this is not being discussed on any other board on this site with the alleged impact

 

[snailboy]

jamesh you seem to have an issue with CC? You should have did what I did back in 2000......leave and go on to a better job. I saw the hand writing on the wall.

 

[jamesh]

jamesh you seem to have an issue with CC? You should have did what I did back in 2000......leave and go on to a better job. I saw the hand writing on the wall.

Mike you were wise to leave that sinking ship.

I am an accountant with lots of friends that started in radio. I consult with small businesses now and took a deep look into the public financial documents of Clear Channel after two more friends were laid off. I have rarely if ever seen such a financial mess and total irresponsibility. I have friends still there and hate to see this happen again. I only did some part time radio in college and some after briefly, then to a big 8 firm and eventually to my own consultancy. My father was a Bob Hooper fan and radio was a big part of my younger days in the upstate-now it is un-listenable to me.

The company business practices need to be exposed. They are essentially a destructive and unsustainable business and yes I have a problem with modern day robber barrons-especially ones that use the public airwaves as a credit line-one they will never pay back-and it is sustained through job cuts of good hard working people and it has led to the ruination of local radio.

 

[TheBigA]

The company business practices need to be exposed.

So go join a Clear Channel Sux club. You'll find lots of like-minded geeks, none of whom ever do anything but complain.

If you think their business practices need to be exposed, bring them to court. Sue 'em. Challenge their licenses. But you never will, because it takes time, money, and effort, none of which you're willing to spend. So the world keeps going around, and nothing changes.

 

[Scooter Lesley]

Well,...let me weigh-in here,...as only I can! Clear Channel is not the only Corporate Group practicing the sins of employee ankling. They may have easily erned the Sorry Sack of Sewage award, but still, it's the entire industry that needs a complete overhaul. In fact the FCC should proclaim..."Run'em or Sell'em!". There is a certian expen$e figure to correctly run a certain station for a week, a month, or even a yearly budget. Why can't they just tell their investers, this is the minimum cost. Return to how it was when you intrusively purchased it, and see what the first six months produces. However, you have to hire the correct people,...none of the Boobs you have on staff, floppin' like a fish on a hot pier. Hey Mr. Prez, do you rerally want to create jobs, before you exit office, and lay the ground for a Demo succeeder?
All FM's with full staffs, within ninety days: 5-On Air(dayparts),
1-News Director, 1-PD, 1-Engineer, 1-GM, 1-Traffic/Copy, and
1-Receptionist. Now, GO,...and work for your paycheck!

 

[jamesh]

The company business practices need to be exposed.

So go join a Clear Channel Sux club. You'll find lots of like-minded geeks, none of whom ever do anything but complain.

If you think their business practices need to be exposed, bring them to court. Sue 'em. Challenge their licenses. But you never will, because it takes time, money, and effort, none of which you're willing to spend. So the world keeps going around, and nothing changes.

Keep sipping that koolaid chump. I am a numbers guy. Bankruptcy by 2016 at the latest-done deal-but they will make FM irrelevant with having only 3 types of employees left-all essentially worthless...hate the company, scared to death, and yes men who aren't allowed to give opinions if they want to work there. CC is doomed-feel bad for those about to get let go, a few of them to finance the Mays boys flying private jet. Keep defending them Big A-we'll see who is right in the end. Numbers never lie.

 

[freqdev]

an accountant with an attitude. got to love one that can eek out a "chump."

 

[TheBigA]

I am a numbers guy.

That's what you say. I have no reason to believe you.

Keep defending them Big A-we'll see who is right in the end. Numbers never lie.

First of all, I'm not "defending them." They don't need me to defend them. What I'm doing is disagreeing with you. That's what message boards are all about.

But second, people like you have been saying basically the same thing for ten years. A dozen books have been written about them. And they're still in business. I'm just tired of all the talk and no action. It's just a pile of hot air. If you have conviction in your beliefs, you'll do something besides complain and make empty charges on a message board. Otherwise, be prepared to be called out.

 

[TheBigA]

Hey Mr. Prez, do you rerally want to create jobs, before you exit office, and lay the ground for a Demo succeeder?

That's a great idea. Have you seen how his jobs bills have done in Congress? He doesn't have the power to force independent businesses to hire more staff. If he did, he'd have already done it. Even non-commercial radio, supported by tax dollars, doesn't operate with full staffs. Especially in South Carolina, where it's under fire by politicians.

 

[Gatekeeper007]

Technology has brought both good and bad things to all of us in one way or another, why should radio be any different. Many talented people have lost their jobs in radio due to technology changes that have made it much more possible and profitable to run things in radio with less people. This is a good thing and also a bad thing. No matter weather your defending or complaining about the changes, radio quality as dropped a lot. In some cases it's profit in others it's survival in hard times or both. One thing is for sure people are the life's blood of radio both in the people who listen to it and the people who run it. As you take away more and more of the people who run radio you loose talent, new, better and different ideas, work force, jobs, and yes the quality of radio often drops. As for the people who loose their jobs I hope that life not only goes on for all of you but picks up and goes better, believe I due understand.

 

[TheBigA]

As you take away more and more of the people who run radio you loose talent, new, better and different ideas, work force, jobs, and yes the quality of radio often drops.

That's a very subjective thing. It's hard to separate "quality dropping" from "change happening." A big part of what people hear on radio is music. Is the music being made today better or worse than it was 25 years ago? People's views on that will reflect in their answer to the quality of the device they use. Anyone and everyone has access to audience via the internet. You don't have to be a professional to be in the media. While there may be fewer professionals getting paid in traditional media, there are millions more people out there reaching large audiences with amateur content. The consuming public doesn't care where they get their content, and they don't care if the people providing it are getting paid. That has lowered the bar for people's expectations for what they want on the radio, and it's very obvious that quality isn't as much a motivating force as it once was.