Citadel - Ch 11

[fremont]

Citadel, third largest radio group, went into Ch 11.

 

[LITTLEBOYBLUE]

Suleman = Grinch. This story wouldn't have this chapter without the timing of doing it Christmas week. I hope staff is unaffected. Since the whole Chapter 11 deal is pre-choreographed, it's TOO much of an Xmas miracle to wish for Suleman's walking papers.

 

[placebo1969]

When I first saw this topic, I read it as channel and that Citadel bought KSTW.

 

[SeattleRadioPro]

Suleman = Grinch. This story wouldn't have this chapter without the timing of doing it Christmas week. I hope staff is unaffected. Since the whole Chapter 11 deal is pre-choreographed, it's TOO much of an Xmas miracle to wish for Suleman's walking papers.

Yup - with the prearranged deal Suleman keeps his job and - for the present time - no major changes in staff.

Meanwhile, lenders are accusing Clear Channel of default because of their "creative efforts" to reduce debt: http://online.wsj.com/article/BT-CO-20091218-705612.html

Might be a good time to start buying those Lotto tix - methinks that in '10 there may be a number of nice signals for sale at bargain prices.

 

[LITTLEBOYBLUE]

I try not to be a pessimist .... but these are my concerns:
1. Wall Street/investment banks took our economy down. Yet NO change in behavior.
2. Banks get bailouts and repay ASAP --- ONLY because the bailout meant restrictions on executive pay and they wanted those restrictions gone.
3. Health Care reform starts out with the public enthusiastic about fixing a long-standing problem, and in the end the insurance companies will get everything they want and sacrifice NOTHING they don't like.
4. Citadel, Clear Channel, etc. run 100% by the balance sheet mindset and no (serious) effort toward product, community involvement, etc. As I have said many times before...that's fine in business, but media ownership has a public communications aspect to it that makes it different kind of business.


So what I want to know .... IS THIS COUNTRY STILL GOVERNABLE or have we decided all this kind of behavior is "acceptable" and that is JUST the way it is. I don't see that it will change. Not like our Congress will ever develop a spine and bite off the donating hands that feed it. The "simple" solution in my mind is to seriously overhaul how we do campaigning and legislate the hell out of what kind of promotion and marketing you can do. Without the need to buy a bunch of "attack" ads, or a possible cap on %-of-political (forcing rate up, if campaigning must even INVOLVE media), much of the fundraising need goes away and the campaigns run almost entirely on message instead of image. NO ONE WOULD ADOPT THIS...but it would work.

 

[bossbill]

Citadel already terminated a lot of people, primarily to look like they were doing something to stave off bankruptcy, while simultaneously making plans for Chapter 11 filing. The losers: Shareholders, wiped out. Lenders, giving up 1.5 billion dollars.

 

[SeattleRadioPro]

So what I want to know .... IS THIS COUNTRY STILL GOVERNABLE or have we decided all this kind of behavior is "acceptable" and that is JUST the way it is. I don't see that it will change. Not like our Congress will ever develop a spine and bite off the donating hands that feed it.

Not to turn this into a political discussion - but after the vote-buying the Senate pulled off this weekend to get cloture on the health care bill I think the answer to the question of governability is a big N-O.

 

[notalent]

Hope and Change we can believe in!!!

Too bad they aren't paying Farid pennies on the dollar like they are their creditors.

 

[Bongwater]

When I first saw this topic, I read it as channel and that Citadel bought KSTW.

What I thought too....but since KSTW these days is programmed like it is a bankrupt TV station already.....