There was a time when if you bought a radio station, you had to prove to the government you could operate it for 7 years without making a penny. You could only own 7 radio stations in 7 different markets, only 2 in one market, AM/FM. You had to serve the public as a public trustee. Remember PSA's and community affairs programs. Probably not, theyhaven't been around for 12 years. Remember Bill Clinton who allowed deregulation. Have you heard some of the language that is used on the air today. FCC used to issue fines, and I mean big fat fines with lots of zeros and not just to companies but to individuals and for little things like not keeping your transmitter log up to date.
Have you seen the salaries of some of these radio CEO's? One CEO, I won't won't mention his name but his company pays him $11 million a year, that is almost $1 million a month and the company has to pay the taxes on his $11 million earned. He is quiet the man, he took a pay cut from $17 million a year and was having the company pay the taxes on that salary. Their stock has gone down in the past 2 years from a healthy $10.00 a share to penny stock, closed at .28 a share today. Cumulus is doing great. Their stock is around $1.68 a share. This CEO has never opened a mic or sold advertisement, yet is an expert at programing and marketing.
Today's companies don't invest in their product, on air people, being local and good promotions, and I don't mean giving away CD's. How about giving away $10,000 every hour every Thursday during the book along with trips and cars. Today's radio companies are greedy and don't care about any one of their employees. Look at their salaries and insurance coverage, if they have any. Radio is the only industry I know of where the all night person actually makes less than anyone. If you work the 3rd shift as a police officer or say at an auto manufacturing plant, you make more than the others.
That poor guy that came to Montgomery to work mornings at WLWI. There ought to be a law. I was looking forward to hearing him when I'm in town over the holidays.
I could have been a plumber and made decent money with weekends and holidays off. Stop up that commode on Thanksgiving day and I'll be right over with a plunger in my right hand and your bill in the left. Better have cash on hand.
Maybe some of these CEO's will choke to death on all that money they have laying around. But then, is it really their fault. Look at the shareholders. Why do they allow these people to make such outlandish salaries and why do they allow them to bring their stocks down penny stock and be on notice from the NYSE. Can't say it's the economy, this has been going on for a while.
Lose your job in radio, where you gonna go work? There's only a hand full of cheap companies out there. You used to be able to go across the street and go to work. Now you have to go across the country, change your identity and give up your first born.
I think I'll go to work at Dairy Queen.
SKIP
