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Clear Channel in South Carolina

W

whopper

After WMYI/Greenville's best book in a decade or so, CC has let go PD Greg McKinney. He was there six years.

Question: Now that CC is cutting loose all markets 101+, do you think they will look to spin off the underperforming clusters in markets 50-100? I know that CC has told many of their clusters, including Columbia, that this is a good thing and they are safe. But they have been known to mask the truth to keep a mass exodus from occuring. Columbia is not billing nearly what it used to. Charleston does alright, but nothing to write home about. Greenville bills very well. Do you see CC cutting out of the state or making more cuts?
 
Columbia has not seen an additional cuts that we know of.

CCU has been letting heritage morning shows go despite excellent numbers.
 
whopper said:
After WMYI/Greenville's best book in a decade or so, CC has let go PD Greg McKinney. He was there six years.

Question: Now that CC is cutting loose all markets 101+, do you think they will look to spin off the underperforming clusters in markets 50-100?
Click to expand...

Just to clear up a misconception, Clear Channel is actually not dumping all markets 101+. For the official dump list, see the document they filed with the SEC here http://www.sec.gov/Archives/edgar/data/739708/000095013406021773/d41428d2defa14a.htm
 
Actually, that is pretty much all their Arbitron 100+ market holdings. Go by the market rank in the far column, rather than Clear Channel's internal market number that is set forth immediately next to the market name.

I am sure as things move forward that underperforming markets in the Arbitron rankings 50-100 will also be sold off.
 
Probably about the time the private equity firms get really frustrated with the progress the Mays brothers are making to covering debt-service. At which point, they Mayses will "pursue other opportunities," a turn-around team will be appointed to "enhance value," and the company starts selling off more properties.

The private equity firms are in it for the cash -- only.
 
Lets not forget how they are for even a minute. NO ONE is safe! Just because they said only poor performing smaller markets, means nothing. I thought from the very beginning they were getting prepared to sell ALL of it! Do not relax even for one minute with these guys! ;)
 
Z-100 said:
Lets not forget how they are for even a minute. NO ONE is safe!
Click to expand...

Safe? What's unsafe about being spun off by Clear Channel? My guess is that the investors want to sell off the entire company in parcels. It's not uncommon for a large company to be worth more broken up into pieces than it is whole. Private equity investors go into deals with their exit strategy in place. I doubt that they think radio will become a fast growth business any time soon. The plan may be merely to sell it in pieces for more than they paid for it. That does not mean it's panic time at local radio stations. For there to be a seller, there also has to be a buyer, or in this case buyers. There's certainly been enough Clear Channel bashing over the last few years. Where are the celebrations?
 
Z-100:

As was noted just above, current Clear Channel folks have more upside potential if they are with a cluster being sold. As was noted above, for there to be a sale, there has to be a buyer.

The Clear Channel stations are already pretty much cut to the bone with personnel. Any potential buyers are more likely than not going to be long-term operators rather than flippers. Given the dire straits a number of markets are, you may see a resurgence in turn-arounds, which we have not seen since the late 1980's/early 1990's.

I'd be less worried about losing my job if I were in a market where Clear Channel is selling than I would be if I remained a Clear Channelk employee.
 
DudeFan said:
I'd be less worried about losing my job if I were in a market where Clear Channel is selling than I would be if I remained a Clear Channel employee.
Click to expand...

Exactly. I can hear it now. A rumor circulates throughout the building. "Did you hear? We're not being sold! Oh no!!"
 
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