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CC goes private

P

Parttimer

This has been marked by massive changes in some markets.... any upheaval (aside from the 3WS Christmas flip and the departure of Kris Winter) in the Pittsburgh cluster?
 
In the public filing with the Security and Exchange Commission there was a list of the markets in which Clear Channel planned to sell their properties. Only Wheeling, WV is close to Pittsburgh.
 
That's not what I meant... in Dallas, for instance, there were MASSIVE firings... multiple format flips in some other markets.

Apparently Pittsburgh must have come through it unscathed.

So who's going to buy all those stations in markets like Wheeling and Parkersburg?
 
I'm pretty sure the entire cluster is available for sale...

Wheeling has some stations with nice signals (including 1170 WWVA), but the city itself seems pretty depressed. Who would be interested in purchasing them?
 
Correct, CC's entire Wheeling operation is up for grabs. That includes WWVA and 99 Country WOVK (the cash cow of the market).

It ill be interesting to see what the asking price is and what they actually sell for... CC overpaid for these small markets and they have been a drain to the bottom line (and most of the WV- Ohio acquisitions can be directly attributed to Randy Michaels, who was from Parkersburg) . The 400+ stations to be dumped (nearly 40% of their radio holdings) produced less than 10% of their radio revenue, so the value is going to be low. They call it a "market correction" on Wall Street...
 
So who's going to buy all those stations in markets like Wheeling and Parkersburg?

Boss Radio.
 
The stations up for sale are going to be throw aways in most cases. CC was increasingly upside down on a good number of these stations and needs to be rid of them at almost any cost just to make the new business model work.

Next problem for CC is going to be that the shortfall might be so great with the first 400 that they are forced to dump a few more stations in larger markets. I won't be surprised when a couple of those moves directly effect the cluster here in terms of stations and personnel.

At the end of the day this will be a great move for CC that will put them ahead of the curve. Radio will be better served when there are fewer shareholders standing in the way.
 
is this to say, they're being sold off?...to us stupid people, could we buy a station outright for $200'OOO.OO?...
 
In some cases the legal fees will run you that much. Even a lame duck like 970 would cost you multiples of that.
 
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