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CLEAR CHANNEL MAY SPIN OFF STATIONS
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I'm afraid you are a bit late on this one. If you go down and read the rest of the board, you will see that this was announced over a month ago, and there is a list of cities where CC has put clusters up for sale (including here in Lubbock). And because of grandfather rules, most of those stations will have to be sold off to seperate owners. Just like you, I am pretty curious to see what happens next!
Short version: The Empire has fallen..
Short version: The Empire has fallen..
No Kidding?
Wow, than it's worse than I thought!!!!! :'(
The funny thing is, I don't there is anybody who is unhappy about this. Yet, the man at the Top, Mr. Mayse as a Golden (or should I say 'platunum') parachute! At the end, he's the real winner in all of this, (that and all the shareholders).
Wow, than it's worse than I thought!!!!! :'(
The funny thing is, I don't there is anybody who is unhappy about this. Yet, the man at the Top, Mr. Mayse as a Golden (or should I say 'platunum') parachute! At the end, he's the real winner in all of this, (that and all the shareholders).
Garrett said:At the end, he's the real winner in all of this, (that and all the shareholders).
The Mays family will do well, but not all the stockholders will. A few years ago, CC stock was nearly $100 a share. I believe under the current arrangement, stockholders will get $37.60 per share. It depends when you got on board, but not everyone will make money.
Garrett said:No Kidding?
Wow, than it's worse than I thought!!!!! :'(
The funny thing is, I don't there is anybody who is unhappy about this. Yet, the man at the Top, Mr. Mayse as a Golden (or should I say 'platunum') parachute! At the end, he's the real winner in all of this, (that and all the shareholders).
Well, when it comes to people being unhappy about Clear Channel having to divest stations, you don't see many radiogeeks unhappy about it. Radiogeeks have a special hatred for Clear Channel, some well-placed while some is misplaced.
When it comes to employees of both the stations remaining with Clear Channel and the ones being spun off, I suspect there's a lot of apprehension. Believe it or not, there are worse places to work than Clear Channel. While Clear Channel may be brutal about cutting people, they do actually take care of people while in their employ. The benefits are incredible, and you can bet most, if not all, the people going from Clear Channel to another company will get nowhere near the benefits. While some may go to more people-focused operations, many others are likely to go to companies that will further cut staff while offerring less support for those who remain. Those remaining with Clear Channel have to be concerned, too. If you thought publically traded companies were bad, private equity firms are usually far worse.
I gotta stick up for the private companies. I've worked for CC, Cumulus, and a host of private companies in my 33 year career. The 3 years I worked for CC were not the worst nor the best. Much is written about the uncertainties, layers of management, etc... If any of you working for CC don't feel that, then you're the exception and I can understand your defense. But I can't say I ever felt any trust or freedom, in spite of a distinguished track record in multi-formats and market sizes. (I'll spare y'all my resume).
The resources and benefits WERE some of the best I've ever had, although I hesitate at the word "incredible." But it pales in comparison to how the cuts were handled on Oct. 31st and beyond. At least in the cluster I was in, there was an exceptional lack of class. I've been hired and fired by some real scuzzbuckets, but even they preserved at least a basic level of human dignity that was absent that day. I want to believe it was limited to the local execution, but was told it was "company orders."
The good news is I landed a great job with a private company in less than 2 weeks, and want to speak up for the genre. Boys and girls, it ain't the Mom and Pops of old. Private companies have come a long way in matching the corporate guys with benefits. It varies, of course, but don't sell 'em short if you're looking.
What DOES remain is personal relationships and trust you can build up the foodchain in a private company. By the end of my second week on the job, the owner of the company had visited my office to ask what I needed, how's it going, etc... His brother, also involved in the family business, called the second week to say hi and welcome me here. I just don't recall Lowry, Mark, or Randall doing such a thing.
Now, I understand the size of CC makes that dang near impossible, but that's part of the attraction of a small, private company. It's an environment that CC or other large corporations can't touch. It makes me want to work harder than ever for people who really can appreciate it...and show it, too.
The bottom line is that in spite of the cold nature that CC and others have magnified in our industry, we're still a business built on people. Private companies still have the ability to recognize that and may someday be seen as the saviors of our induistry.
The resources and benefits WERE some of the best I've ever had, although I hesitate at the word "incredible." But it pales in comparison to how the cuts were handled on Oct. 31st and beyond. At least in the cluster I was in, there was an exceptional lack of class. I've been hired and fired by some real scuzzbuckets, but even they preserved at least a basic level of human dignity that was absent that day. I want to believe it was limited to the local execution, but was told it was "company orders."
The good news is I landed a great job with a private company in less than 2 weeks, and want to speak up for the genre. Boys and girls, it ain't the Mom and Pops of old. Private companies have come a long way in matching the corporate guys with benefits. It varies, of course, but don't sell 'em short if you're looking.
What DOES remain is personal relationships and trust you can build up the foodchain in a private company. By the end of my second week on the job, the owner of the company had visited my office to ask what I needed, how's it going, etc... His brother, also involved in the family business, called the second week to say hi and welcome me here. I just don't recall Lowry, Mark, or Randall doing such a thing.
Now, I understand the size of CC makes that dang near impossible, but that's part of the attraction of a small, private company. It's an environment that CC or other large corporations can't touch. It makes me want to work harder than ever for people who really can appreciate it...and show it, too.
The bottom line is that in spite of the cold nature that CC and others have magnified in our industry, we're still a business built on people. Private companies still have the ability to recognize that and may someday be seen as the saviors of our induistry.
Keep in mind, Russ, that I'm not blasting all private companies in my post. I'm specifically referring to private equity firms. Private equity firms are those multi-billion dollar companies that exist solely to make a buck on their investment. They couldn't care less about the employees, and they care even less about the medium they serve. Those recent cuts at Clear Channel could very easily have been corporate dictates as private equity firms prefer the leanest of operations since they're in business to make cash and get out. We really haven't ever seen private equity firms get into radio at this level. In the last year, private equity firms have acquired or are in the process of acquiring Susquehanna (Cumulus Media Partners is not the same as the publically traded Cumulus), Univision and Clear Channel.
Like you, I've worked for some decent private companies. Until about three years ago (when they sold to Cumulus for almost $40 million), I worked for three locals who owned one of the best and most people-centric companies I've ever seen. The three owners consisted of an engineer and radio fanatic who built his own station and grew the company into seven stations over a period of about 10 years, a businessman with a solid sales and entertainment background, and a general manager of the stations. The benefits weren't the best I've ever had, but they did offer health insurance, a 401k and a few other perks. I also never had to worry about my paychecks bouncing. So, I can't complain much. Hopefully, those Clear Channel spinoffs can land with companies like these guys. That's probably overly optimistic to say the least, but I hope at least a few can.
Like you, I've worked for some decent private companies. Until about three years ago (when they sold to Cumulus for almost $40 million), I worked for three locals who owned one of the best and most people-centric companies I've ever seen. The three owners consisted of an engineer and radio fanatic who built his own station and grew the company into seven stations over a period of about 10 years, a businessman with a solid sales and entertainment background, and a general manager of the stations. The benefits weren't the best I've ever had, but they did offer health insurance, a 401k and a few other perks. I also never had to worry about my paychecks bouncing. So, I can't complain much. Hopefully, those Clear Channel spinoffs can land with companies like these guys. That's probably overly optimistic to say the least, but I hope at least a few can.
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