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Entercom Rochester places stations in trust

T

ThePickleReport

According to ALL ACCESS Entercom stations WRMM, WFKL, and WZNE are being placed in a trust headed by Pearlman Advisors member David Pearlman and will be sold by the trust.
 
How long do they now have to conclude a sale? Is there a clock ticking, or does this trust arrangement effectively stop the clock and let Entercom take its time in finding a buyer and wait for the economy to firm up and improve the price?
 
I don't know how much time they now have to sell the stations. I've been told an operator can't sit on a station in trust forever, but I don't know what the time limit is. We may be able to find out more when the paperwork gets posted to the FCC website.
 
Taking into consideration that the three FM stations (WRMM, WLKL, and WZNE) are not worth the asking price of a reported $30 million dollars, it should come as no surprise that Entercom put them in a trust. What will be interesting is to see what action, if any, the Department of Justice will take since it was (as I understand it) their order that the three stations be sold off, as part of the CBS-Entercom deal, within a year. That time table has expired.
 
As it relates to this thread, Clear Channel reportedly has taken its small market stations, such as Williamsport, off the market. Apparently the bids were nowhere near the asking price. No surprises there.
 
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