Actually Knickman, it's the entire industry. Many of the companies have lost so much value that they are now trading as penny stocks. Morrell was somewhat insulated for a couple of reasons; that market is a decade or better behind much of the country in terms of technology. What is common place elsewhere is novel there so obsolete platforms like analog radio and TV simply die slower. The second reason is that the massive out-flow of desirable demographics has left behind the less desirable demographics. They are less likely to have the income to avail themselves of new technology, even if they were so inclined. The fact is that they are not, they grew old with radio and will out live it but for the time being will not abandon it.
Morrell also had the car business and hotel to cover the broadcast decline but the twin chickens of very poor location (would YOU brave a torn up Central Avenue, risk getting shot or assaulted to buy a disposable imported or domestic car?) and of nepotism are coming home to roost, and the current larger business environment has got to be killing them as well.
But it is not just the business environment. His various corporations seem to exist for the sole purpose of providing a place for his family to be placed in jobs, from what I gather many of them are ill-suited to those jobs. Just look at the web sites his kid "designs" for him, they look like they are straight out of a mid-1990's template designed to accomodate an AOL 14,400 dial up connection. A world wide economic crash is no time for incompetent management but that is exactly what is happening on Johnson Road.
Morrell micro-manages the building. He took over the job of market manager when the real one left, I am told that he has personally ordered additions and deletions to play lists on at least one of the FM's based on his like or dislike of a particular song. Vandenburg took Morrell's pants off before Jimmy even felt a draft and then Jimmy drove a talented young program director out the door. Sales people emerge from his "pep talks" absolutely crestfallen from (as relayed to me) being blamed for the decline in his broadcast revenue. Worse, I have personal experience with him and do not consider him to be an honorable man, in my personal opinion. I would use the word "snake" but PETA would be upset with me for offending reptiles. But, believe me, it is a snake pit inside that building.
Now Jimmy boy is engaging in the same scorched earth policies as the big owners and shedding the only true value the properties have, their people; and is squandering the stations' brands. I do not make predictions and do wish the staff well, however a boob, in a dying industry, in an international economic crash has very little chance of survival. And ain't nothing the poor stiffs working for him can do about that.
Terrestrial radio and terrestrial television have been over for a while now, somebody get the lights.
