In Houston Audacy sold the KILT 610 tower site land for $16M, and moved the transmitter to a diplex with Salem’s KNTH. The land was probably worth many times the value of the AM license.
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David Field is stepping down as Audacy CEO
- Thread starter MarkW
- Start date
I doubt that would apply to the marsh that KCBS's towers are in east of Novato. There's nothing nearby and I don't think you could even insure anything new built on that land.
More details on the interim Audacy CEO Kelli Turner:
radioink.com
Who Is Kelli Turner? Meet Audacy’s Interim CEO - Radio Ink
A veteran C-Suite executive, Radio Ink examines the road that led to the interim CEO role of America's second-largest radio operator.
radioink.com
Looks like someone who is deeply invested in the product and the quality thereof.
(this was sarcasm, btw.)
(this was sarcasm, btw.)
People forget that David Field came from Goldman Sachs.
"You've got city hands Mr. Hooper -- been counting money all your life". Quint from Jaws said that...
Interim CEO Kelli Turner addressed the Audacy staff today:
radioinsight.com
Audacy Interim President/CEO Kelli Turner Addresses The Staff
Audacy's new Interim President/CEO Kelli Turner has introduced herself to the company with the following memo sent to all employees:
radioinsight.com
"Long term success and efficiency."
Anyone working at an Audacy station had better polish up their demo and resume.
Anyone working at an Audacy station had better polish up their demo and resume.
To be blunt about it, anyone working at any station had better be ready with whatever they need for a future job hunt.
This is true in just about any business any more.
Success and efficiency don't guarantee long term employment in Radio. Many people have walked the plank for reasons that had nothing to do with job performance. Most stations have very little left to cut. The carcass has almost no flesh...
Sean Ross has a well-balanced perspective on this: Was It Wrong To Believe In Radio?
My favorite quote is this:
Well said. They blame him for overspending, and then blame him for cutting costs. If he hadn't overspent, he wouldn't have to cut costs. That assumes that revenues remain the same, which they haven't.
Let's be clear: He & his father lost their investment in Audacy (all of their equity) in order to save the company. And then they left. That's what happened here. Who here would be willing to do that for their company?
It's hard to have much sympathy for the Fields. They will make out fine. Ask the thousands that have been RIF'ed during their reign how they feel. Sure, many factors have brought the industry to its knees. However, no pity is necessary for the owners and CEOs...
They can get other jobs. That's what most of them did.
But nobody is asking for pity for CEOs. Just pointing out the facts. It's why I never expected them to agree to bankruptcy. Compare Field to Mays.
As Nina Simone sang, Nobody Knows You When You're Down and Out. (Actually dates back to the 1920s, but you catch my drift.)
"How did you get here?" "Same way you did, go to work then I do something stupid"
The company for all practical purposes didn't have a choice but to file bankruptcy. It wasn't some grandiose act of benevolence. The lenders would've forced the company into bankruptcy or would've begun asset foreclosure proceedings otherwise.
Mr. Ross clearly has great expertise when it comes to programming strategy, but his "only one can be true" quip is not correct.
Overpaying for CBS Radio hindered Audacy's ability to withstand macroeconomic headwinds and hindered the company's general financial flexibility.
He also glossed over the company's disjointed digital strategy, which squandered considerable financial capital.
No disrespect to Mr. Ross, but by virtue of the fact Entercom / Audacy leadership likely paid him considerable $$$ for work performed on behalf of the company, it stands to reason his perspective is hardly an impartial one.
He's kissing up to someone who paid him - or whose subordinates paid him - a lot of money.
Kinda like how politicians say nice things about the companies or industries who give campaign contributions or whose lobbyists pay for nice retreats.
To be clear, I am sure Mr. Ross' consulting fees were well earned. Someone whose living is largely derived from consulting contracts awarded by radio executives or senior managers is likely going to be predisposed to say nice things about those individuals.
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No one said it was benevolence. There were many other options Field could have taken to retain his ownership position. This way was easiest, but he lost his equity. He could have taken the EMF road and fired all local staffs and run the stations from a central hub. At one point in 2021, that was the route I thought he was taking. He chickened out, and hired back local staffs. That's where they are now. So he saved the company but lost his equity. The new owners may still go the EMF route, but he won't be a part of it.
What are you talking about?
I was not aware that he had any management position with Audacy. Please clarify.
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