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Creditor Takes Control Of WBEB 101.1 FM

Did any of you read the sentence that says the move does not change the equity ownership of the parties?

This is more a corporate reorganization than it is a "takes control of" situation.

You did it again, Julius ... posted too quickly without knowing what's really going on ...
 
K.M. Richards said:
Did any of you read the sentence that says the move does not change the equity ownership of the parties?

This is more a corporate reorganization than it is a "takes control of" situation.

You did it again, Julius ... posted too quickly without knowing what's really going on ...
Click to expand...

Jerry Lee has been known to have been searching for a buyer for some time. He's been a partner in the station since the very early 50's and and was considered to be seeking an exit from the business. This was not helped by the debt load acquired when he bought out his partner's estate's interest int he station just ahead of the recession.

Absent a quality buyer, making the lender an equity partner for a release of debt makes great sense. Either they buy the remaining share, or they bring in additional investors. And Jerry gets to rest a bit after about 55 years of WDVR/WBEB.

WBEB is now tied at #1 in billings in Philly. It is likely to have the highest cash flow of any local station. It's in my opinion one of the best run radio stations in the country and a true FM pioneer.
 
Zell buys so-called "distressed properties" and is characterized in financial media as a "vulture investor" and a "grave dancer." So, how did the Bee get to be "distressed?"
 
Zell takes control of the WBEB board & likely willl find a buyer for WBEB.
 
If the station isn't, how did the owner get distressed?
Zell doesn't take over stations to just turn around and resell them. That's not his history. Question is: What will he do with/to the station? (Remember Tribune)
 
It doesn't seem all that hard to understand. He over-extended himself financially at perhaps the worst possible time, when viewed in hindsight.
 
This whole thing is surprisingly disturbing to me. I've actually never liked 101.1 FM more than I do right now. And obviously, WBEB is going to end up under the control of one of these assclown radio companies who will will ruin everything good about it. Can you imagine if iHeart had owned WBEB all this time? It would probably be *one of the* AC stations in Philly instead of the dominant market force which can be named by just about anyone in the entire industry. And since Philly's media audience is so set in their ways, WBEB will probably remain dominant for many years even while the new owner systematically destroys it. I'd rather Jerry just turn it off and go home.
 
This takes "the sky is falling" to a new level--the sky will fall. Maybe. If certain things happen. Well, it could. Perhaps. Possibly.

One thought might be to wait to see what actually happens.
 
"A new level" might be a little overly dramatic.

Do you seriously think that a radio company is going to run WBEB any differently than they run the rest of their AC stations? Of course they won't...because they don't know how. All the people who know how were fired long ago. A new owner will pump out the same voice-tracked, nationally programmed, industry consolidation crapola that everyone is doing everywhere.

The thing that sets WBEB apart is that being individually owned & operated, they avoided most of the corporate BS that is imploding the industry. And surprise, surprise: They've been wildly successful and mostly untouchable.

Of course things will change. And of course they'll be worse. To think otherwise, one would have to be completely ignorant to what's been going on for the past thirty years.
 
Unregistered said:
"A new level" might be a little overly dramatic.

Do you seriously think that a radio company is going to run WBEB any differently than they run the rest of their AC stations? Of course they won't...because they don't know how. All the people who know how were fired long ago. A new owner will pump out the same voice-tracked, nationally programmed, industry consolidation crapola that everyone is doing everywhere.

The thing that sets WBEB apart is that being individually owned & operated, they avoided most of the corporate BS that is imploding the industry. And surprise, surprise: They've been wildly successful and mostly untouchable.

Of course things will change. And of course they'll be worse. To think otherwise, one would have to be completely ignorant to what's been going on for the past thirty years.
Click to expand...

Except there are stations making comparable (when adjusted for variables)money in just about every major market. Just as wildly successful. And, surprise, owned by corporations. A good slice of them in major markets happen to have live people during the same hours that More FM does. The ACs play essetially the same music. The DJs on More do about the same thing they do on most ACs. So yes, it's been a leader and, sincerely, all respect for that. They've managed to fight off multiple competitors and stary, er, fresh with timely rebranding. Again, all sincere respect for that. But what More does isn't all that different from comparable AC stations. They'e done it well. So, too, have stations run by other companies, when you look at things objectively and not through rose-colored glasses.
 
Rose colored glasses? Man, you're arrogant. Show me something to back up your assertion about adjusting for variables. LOL. As if there's anything that could back that up. Sometimes reading your stuff on here is like listening to a politician.

Just about every major market has a station as successful as WBEB? That's a crock. 101.1 FM is a cash machine without having to do much different on-air than what a lot of other stations do. And yes, what they're doing on the air right now might not sound that different from a lot of other AC stations across the country but that's not what I was talking about. What sets them apart is the decisions they've made and the way they've run the business, a freedom that is not afforded to GM's working for these terrible radio companies.

You have to be such a know-it-all that you're basically defending radio companies! You don't have to argue with EVERY DAMN THING. You have your opinions and a lot of them aren't great. And I have mine, which you apparently also think aren't great. You've stated that you disagree...with a lot of things...and a lot of people...pretty much all the time...in threads scattered all over this board. Let. It. Go.
 
Well, let's have an objective look at billings. iHeartMedia has four of the top ten nationally. CBS has five. Hubbard is the other one of the bunch. Not surprising that the concentration is in New York and LA. Regardless, those billings tell me the large companies also know a thing or two about how to run a business in today's environment.
 
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