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kentuckymedia
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Rumor has it that Connoisseur offered a very nice bid for the cluster of CBS stations in Cleveland. It would strategically be a great fit for the company!
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Wow. If they could grab the CBS cluster, they could possibly chalenge CC for the rights to one of the Cleveland sports properties. ESPN Radio could do all the coaches shows, etc.
Press reports have it Mr. Moonves is underwhelmed by the single-digit multiples being offered, and likely will not sell, regardless of how robust the bidders think their offer is.
ESPN has an affiliation agreement in Cleveland that does not involve CBS properties, so I fail to follow that post.
I have a buck that says CC Cleveland, outside of the Aloha Trust station, will not be sold. Who holds the money until September 26, 2011?
Yours in cash flow,
JbC
ESPN has an affiliation agreement in Cleveland that does not involve CBS properties, so I fail to follow that post.
I have a buck that says CC Cleveland, outside of the Aloha Trust station, will not be sold. Who holds the money until September 26, 2011?
Yours in cash flow,
JbC
Connoisseur in Cleveland? With the way they traded out of Canton, I would not bet on it... but nothing's for sure. I would first look for a larger company to scarf up multiple CBS properties. It may be that CBS still thinks they can get seomi-stupid money for those properties, but those days are over. Look for CBS to hang on if they don't get their number. Cleveland is profitable for them and the company overall is under no pressure to raise cash by selling off assets. As for CC/Bain? I would look at a 5-year timeframe. I'm guessing that they will continue to sell off some smaller markets and, aside from regional synergies (e.g. Akron and Canton in the Cleveland DMA) would concentrate on top 100 markets. I would also not rule out CC/Bain's acquisition of another company with some strong major market properties. I would also not be surprised if the company later sold out to another company with some media/internet/entertainment interests. Some possibiilities: GE, Time-Warner, Google, etc. Aside from the licenses, CC controls a lot of content (Limbaugh, Beck, Seacrest) that some of these companies might want to get their hands on.
Johnboy Crenshaw said:
I'll bet alongside ya. I can't see Oak Tree being sold off (again, outside the referenced WAKS) in the short term or even the near long term.
CBS? Who knows if someone's gonna pony up the money Mr. Moonves is looking for? I presume there's always a chance of someone bidding high, but in today's economy...I don't see it in the list of potential suitors that's out there.
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