Another CC casualty

[GenXRadio]

They let Steve Sandmeyer go on Friday i'm told and on Mitch's facebook page he thanks Steve for all he's done for the show the many years they've been together.
Wonder if Mitch knew if this was going to happen, probably not, must have blindsided him too since he's been out on vacation since last Friday.
Steve's very talented and if 710 ever decided to have a morning show instead of Mike & Mike til 9 am Steve would be a great choice as lead host, he's a pro's pro that's for sure!

 

[GenXRadio]

I suppose all the CC casualties around the country can thank Bain Capital & Thomas Lee Partners for their pink slips as they trim every little bit they can to extract as much profit as possible.
One can only hope the non radio folks at Bain & Thomas Lee are prepping CC for a sale or at least chunks of it until they no longer own it (US radio operations in particular)
Wonder what the Mays boys think of what Bain & Thomas Lee has done and is doing to the company their dad founded or what even Mr. Mays himself thinks of it.

 

[Listener71]

Was it simply CC cutting costs or did Steve cross the line in his weekly Sandy Roberts bit?

 

[Theater of My Mind]

Wonder what the Mays boys think of what Bain & Thomas Lee has done and is doing to the company their dad founded or what even Mr. Mays himself thinks of it.

They're investment bankers. I'm sure the only thing they're thinking is how they got out at the right time.

 

[crainbebo]

Cookie Cutter is more interested in voice-tracking at the moment it seems. No one cares about the DJs (unless it's a morning show).

-crainbebo

 

[FMSteve]

The hard reality gentlemen is that this economy is harsh. There are 48 million on food stamps, and folks are keeping this economy alive by borrowing against their 401ks, staying in their homes and not paying their mortgage----foreclosures are taking 442 days according to Bank of America, credit card debt is piling up, and our country is in debt up into the trilions.

So Clear Channel is cutting where they can. I'm not saying this is optimal, I'm saying this is the reality. So man up.

 

[fremont]

Bain Capital and Thomas Lee are investment (private equity) firms, not investment bankers.

Consumer credit card debt is not piling up. In fact, these most recent data from the Federal Reserve show it's lower than both 2007 and 2008. http://www.federalreserve.gov/RELEASES/g19/current/g19.pdf

 

[Bongwater]

Cut, cut, cut. And cut some more......

Sounds more like self-cannibalism than improving business. Why deal with a little hangnail problem when you can cut off the entire arm?

Just don't even THINK of touching those CEO bonuses.......

 

[FMSteve]

Bain Capital and Thomas Lee are investment (private equity) firms, not investment bankers.

Consumer credit card debt is not piling up. In fact, these most recent data from the Federal Reserve show it's lower than both 2007 and 2008. http://www.federalreserve.gov/RELEASES/g19/current/g19.pdf

Apparently consumer credit is increasing, 9.9% in Nov 2011. And it does not show the level of bank write-offs, which are huge.

"Consumer credit increased at an annual rate of 10 percent in November. Revolving credit increased at an annual rate of 8-1/2 percent, and nonrevolving credit increased at an annual rate of 10-3/4 percent"

 

[AZAndrewG]

The hard reality gentlemen is that this economy is harsh. There are 48 million on food stamps, and folks are keeping this economy alive by borrowing against their 401ks, staying in their homes and not paying their mortgage----foreclosures are taking 442 days according to Bank of America, credit card debt is piling up, and our country is in debt up into the trilions.

So Clear Channel is cutting where they can. I'm not saying this is optimal, I'm saying this is the reality. So man up.

I think that's a major cop-out of an explanation. While Cheap Channel has been cutting, cutting, cutting and cutting some more, they spent three-million dollars to lease a private plane for its new CEO for both business and personal use. Believe it or not, there are still some broadcast companies (not Cheap Channel, obviously) who still offer their rank-and-file employees performance bonuses.

 

[Dusty Dale Brooks]

Bob Pittman is in there now and I suspect he wants to restablish himself. BY being a cost-cutter he is just being a CC guy. Sandy is a good man and will re-surface somewhere. All others here and elsewhere are surely being reviewed and discussed.