From Talkers Magazine:
Audacy Board Agrees to Pay $3.2 Million in Executive Retention Bonuses | TALKERS magazine
Audacy Board Agrees to Pay $3.2 Million in Executive Retention Bonuses | TALKERS magazine
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Audacy Bonuses
- Thread starter exdjted
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Note that these bonuses are in lieu of 2023 year-end bonuses.
That tells me the company will be bankrupt by year end, which lines up with the "going concern" 12-month warning from their auditor after the March quarter.
That tells me the company will be bankrupt by year end, which lines up with the "going concern" 12-month warning from their auditor after the March quarter.
Whoever made the decision to kill FM 100 (WMC-FM 99.7) in Memphis deserves to lose their bonus. Actually none of them deserve bonuses.
The former CBS owned and operated stations go down with the ship---just five and a half years after Entercom bought them.
Sheesh.
The radio division of CBS Radio was purchased by Audacy.
Paramount Global is in no immediate danger of insolvency.
From what I’ve seen in the past, businesses don’t generally last very long after they start having to hand out retention bonuses. Some do, but many don’t. It’s not a good sign. It shows the c-suite doesn’t have trust in the company and is trying to get out before the ship sinks. C-suite turnover is the last thing a company needs when in or nearing bankruptcy.
Loiks like you are right, as Entercom retains 72% of Audacy, a controlling stake. I thought it was more even than that, but knew Entercom mainly ran it.
Not always the case. I received a retention bonus while the company I worked for was going through a year long merger approval process. The idea was to keep a steady management hand through approval.
I think the decision to kill FM100 was partly a response to Cumulus' decision to not buy the book in Memphis. Any ratings for the Wolf make it the lone Country station showing significant ratings in Memphis, plus the cost savings by programming it from Chattanooga. I also think a deal may still be in the works for a trade with Cumulus, although the most logical trade with Cumulus would be between Detroit and Buffalo if Audacy could find a way to shed WLKK and the 2 low-rated AMs they'd have left over.
Bankruptcy is still the safe bet for anyone wagering on Audacy's future.
Maybe. David Field's previous contract had a huge bonus built into it if he was able to grow the stock price. He obviously failed.
Also, keep in mind that one of the directors who voted for the bonus was David's father, the founder of the company, Joseph Field.
If there is a bankruptcy, all that happens is the company reorganizes its debts. Nothing else changes.
Unless between then and now Audacy makes some kind of lifesaving deal.
BTW my recollection is that the CBS Radio group was losing money in its final years as a division of the CBS Corporation. That was even including a lot of the corporate synergies that went away when the division was sold. So Entercom bought a time bomb.
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Audacy can sell WLKK to a waiting buyer who owns an AM with 3 translators in Buffalo. As for the low rated AM's, 1's fate is probably going to be sealed with a sale of tower land, and the other can go to a minority buyer. The real issue is what happens to WBEN and WGR, AM's that still bill well. Who wants to buy AM's today? A trade with Cumulus is probably the only way out for those stations.
Paramount as We Know It Has 2 Years Left, at Most — Analyst
The entire value (and then some) of Paramount Global is in its studios. Wells Fargo analysts see a breakup of the company as "inevitable" — but when?
www.indiewire.com
All that a company has that can make money are "assets". Whether a business, patents, investments, properties, etc., a company has real property or intellectual property and things like "goodwill" that are what produce income.
I think you mean "divest" which means "to sell off property" rather than "divulge" which means "to reveal something hidden."
Audacy IS Entercom just with a new name.
I did mean divest, whoops. The speculation is that, especially their cable properties are unprofitable and they are looking for a "buyer." Tyler Perry is already interested in buying BET. The streamer might also go for sale, leaving them just with their films/production company they can sell to others, though there is only internal speculation at the time.
I think the most likely scenario involves trading WKSE, WBEN and WGR to Cumulus in Buffalo for WDVD and WJR in Detroit. There may have to be some other swap in another market to make the dollars equal, and Cumulus would have to get rid of WHLD in Buffalo most likely to get under the cap. Truthfully, this could work and they could sell the land the AM towers sit on and turn in all of the licenses. I agree WLKK would be attractive to Ostrander.
Correct, because trading market 13 for market 59 is not equitable.
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