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ESPN 1250

I

ishkabibble

Guest
I overheard someone at my station (who is clueless many times) that WEAE and ESPN would be parting ways. Could this person just be misinterpreting the recent sale of stations by ABC to Citaldel, or is there any truth to their information?
 
> I overheard someone at my station (who is clueless many
> times) that WEAE and ESPN would be parting ways. Could this
> person just be misinterpreting the recent sale of stations
> by ABC to Citaldel, or is there any truth to their
> information?
>
I don't think it is true as another post said that Citaldel was going to leave ESPN as it is. I would love to see ESPN move to FM radio but it will probably never happen.
 
> I overheard someone at my station (who is clueless many
> times) that WEAE and ESPN would be parting ways. Could this
> person just be misinterpreting the recent sale of stations
> by ABC to Citaldel, or is there any truth to their
> information?
>

Let me kill two birds with one stone here:

WEAE 1250 is owned by Sports Radio Group, LLC and will continue to be owned by Sports Radio Group, LLC. And, as far as we know, it will continue to be an ESPN Radio affiliate.

Citadel's purchase of ABC Radio has nothing to do with ESPN Radio and its company-owned stations; Citadel's purchase of ABC Radio has nothing to do with Radio Disney and its company-owned stations. ESPN Radio stations and Radio Disney stations, as well as those programming arms of ABC/Disney were specifically excluded from the ABC Radio sale to Citadel.
 
>
> Let me kill two birds with one stone here:
>
> WEAE 1250 is owned by Sports Radio Group, LLC and will
> continue to be owned by Sports Radio Group, LLC. And, as
> far as we know, it will continue to be an ESPN Radio
> affiliate.
>
> Citadel's purchase of ABC Radio has nothing to do with ESPN
> Radio and its company-owned stations; Citadel's purchase of
> ABC Radio has nothing to do with Radio Disney and its
> company-owned stations. ESPN Radio stations and Radio
> Disney stations, as well as those programming arms of
> ABC/Disney were specifically excluded from the ABC Radio
> sale to Citadel.


So, what group of stations were indeed sold by ABC? (any examples offhand?)

I'm interpreting this to mean that the ones we would associate with ABC (like Radio Disney and ESPN) are staying put in the ABC structure.
 
Just curious... was it sold? When I worked there, my ID and my paychecks both said ABC.. and I'd have sworn I worked for ABC Radio...? Course, that was a few moons ago..
just curious

>
> WEAE 1250 is owned by Sports Radio Group, LLC and will
> continue to be owned by Sports Radio Group, LLC. And, as
> far as we know, it will continue to be an ESPN Radio
> affiliate.
>
 
Sports Radio Group is wholly owned by ABC, Inc.

It is not being transferred to Citadel.

The ABC stations being transferred are those in New York, Chicago, Dallas, Detroit, LA, and other markets I have forgotten. Includes such stations as WJR, WABC, WLS, WBAP but does not include Radio Disney stations in LA, Chicago Phoenix or Boston. Nor WMVP, Chicago.

Eventually transferred, that is. The lawyers have been busy concocting some extravagantly complicated system whereby each market is going to a different transitional company. Presumably pending creation and transfer of the Citadel assets to the new corporation which will be 50% owned by Disney shareholders. Then everything will be merged.
 
> Just curious... was it sold? When I worked there, my ID and
> my paychecks both said ABC.. and I'd have sworn I worked for
> ABC Radio...? Course, that was a few moons ago..
> just curious

You know, I originally typed "ABC, Inc." but before I submitted the post I double checked. I knew the licensee used to be ABC, Inc.

However, Sports Radio Group, LLC is the new licensee, with address at 77 West 66th Street, 16th Floor, New York. The same address as...yep, ABC.

My guess is that they transferred the ESPN radio and Radio Disney properties into new companies NOT "ABC, Inc." before the Citadel sale.

> > WEAE 1250 is owned by Sports Radio Group, LLC and will
> > continue to be owned by Sports Radio Group, LLC. And, as
> > far as we know, it will continue to be an ESPN Radio
> > affiliate.
> >
>
 
> So, what group of stations were indeed sold by ABC? (any
> examples offhand?)

Direct from the ABC spin-off to Citadel press release:

ABC Radio Station Group
New York, NY WABC – AM WPLJ – FM
Washington, D.C. WMAL – AM WRQX – FM WJZW – FM
Atlanta, GA WKHX – FM WYAY – FM
Detroit, MI WJR – AM WDRQ – FM WDVD – FM
Chicago, IL WLS – AM WZZN – FM
Minneapolis, MN KQRS – FM KXXR – FM Drive 105 – FM
Dallas, TX WBAP – AM KSCS – FM KTYS – FM
Los Angeles, CA KABC – AM KLOS – FM
San Francisco, CA KGO – AM KSFO – AM

Read the press release here.

Also spun-off: ABC Radio Networks (News, Paul Harvey, satellite channels, etc.)

> I'm interpreting this to mean that the ones we would
> associate with ABC (like Radio Disney and ESPN) are staying
> put in the ABC structure.

Yes, the reason being that Disney considers ESPN and Radio Disney as corporate image and marketing elements of the TV and associated properties in the Disney portfolio.
 
> Sports Radio Group is wholly owned by ABC, Inc.
>
> It is not being transferred to Citadel.
>
> The ABC stations being transferred are those in New York,
> Chicago, Dallas, Detroit, LA, and other markets I have
> forgotten. Includes such stations as WJR, WABC, WLS, WBAP
> but does not include Radio Disney stations in LA, Chicago
> Phoenix or Boston. Nor WMVP, Chicago.
>
> Eventually transferred, that is. The lawyers have been busy
> concocting some extravagantly complicated system whereby
> each market is going to a different transitional company.
> Presumably pending creation and transfer of the Citadel
> assets to the new corporation which will be 50% owned by
> Disney shareholders. Then everything will be merged.

You make it sound like all that is happening is that ABC is creating some subsidiaries that they retain half-ownership of, then transferring assets to those subsidiaries, then keeping the subsidiaries. Is that an accurate summation of what you meant?
 
> > Sports Radio Group is wholly owned by ABC, Inc.
> >
> > It is not being transferred to Citadel.
> >
> > The ABC stations being transferred are those in New York,
> > Chicago, Dallas, Detroit, LA, and other markets I have
> > forgotten. Includes such stations as WJR, WABC, WLS, WBAP
>
> > but does not include Radio Disney stations in LA, Chicago
> > Phoenix or Boston. Nor WMVP, Chicago.
> >
> > Eventually transferred, that is. The lawyers have been
> busy
> > concocting some extravagantly complicated system whereby
> > each market is going to a different transitional company.
> > Presumably pending creation and transfer of the Citadel
> > assets to the new corporation which will be 50% owned by
> > Disney shareholders. Then everything will be merged.
>
> You make it sound like all that is happening is that ABC is
> creating some subsidiaries that they retain half-ownership
> of, then transferring assets to those subsidiaries, then
> keeping the subsidiaries. Is that an accurate summation of
> what you meant?

No. Here's what the press release says:

"Following the completion of the merger, Disney shareholders will own approximately 52% of Citadel Communications and The Walt Disney Company will retain $1.4 to $1.65 billion in cash depending on the market price of Citadel Broadcasting at the time of closing. Citadel shareholders will own the remaining 48% of the combined company. Valued at approximately $2.7 billion, the deal is expected to be completed by the end of the year, subject to regulatory approvals.

***

"Farid Suleman, Citadel Chief Executive Officer, will be CEO and lead the management team of the new company. Suleman, a seasoned industry leader with both radio station and radio network experience, is the former CEO of Infinity Broadcasting.

***

"Transaction Process

Prior to the merger with Citadel Broadcasting, Disney will distribute ownership of the ABC Radio entity to Disney shareholders in either a spin-off or split-off transaction. Disney will determine which approach it will take later in the year based on market conditions and other considerations at the time. A spin-off would provide a pro-rata distribution of shares to Disney shareholders. A split-off would allow Disney shareholders the opportunity to exchange Disney shares for stock in the radio business. Under terms of the transaction, Disney will retain $1.4 to 1.65 billion in cash depending on the market price of Citadel Broadcasting at the time of closing. The deal is structured as a "reverse Morris Trust" transaction and is expected to be tax-free to Disney shareholders for federal income tax purposes."

So, here's how it works:

ABC Radio will be spun-off into a separate company (we'll call it "ABC Radio Holdings" for purposes of this explanation). Shares of ABC Radio Holdings will be controlled by Disney shareholders, not Disney itself--that is, Shareholder Smith can transfer Disney shares for ABC Radio Holdings shares. After the merger, the Walt Disney Co. will get money from Citadel for their shares of ABC Radio which were transferred (that is, the per-share price of Citadel for each share transferred), and Citadel will then control the radio properties, but only own 48% of the shares; the remaining 52% will be owned by ex-Disney shareholders who (but, again, not Disney itself).

Goddamned lawyers. :)
 
Re: Enough! I just want to know

> When WEAE will get hosts that are civil and
> responsible!!!!!!!
>
Good question. Who are your favorite sports announcers on ESPN Radio and who do you not care for. Believe it or not, my favorite is Tim Benz.
 
Good summation. Actually, they are creating several holding companies, looks like one for each market. Just to make it even more complicated. The end result of all this manouvering is to avoid having any capital gains consequences for the Disney shareholders, but it sure is one complicated mess.

Bad as what some IT guys come up with ! ;-)
 
I think Tim Benz is whiny and annoying

He tries to play Andrew Siscliano Light. I can't even stand Andrew Siscliano fullbodied.

My favorite would have to be Junker by default. The guy deserves to have his own show and the fact that he is paired with Eddy Crow- who adds nothing but a wet blanket- is not just insulting to Guy, but insulting to me, the listener.

Joe Destio's (spelling?) commentaries have to be some of the weakest I've ever heard. I have no idea where he is going half the time.

Eartha Jackson- who I believe once produced Myron Cope's show during 1250's Glory Years- is often criticized- but the worst thing I can say about her is that this is a charming lady who is asked to take on the station's bad guy role and it doesn't come off well. Put her to work at a real station and she'd excel.

Madden's act has been played. It's so transparent it has become unlistenable.
 
> No. Here's what the press release says:
>
> "Following the completion of the merger, Disney shareholders
> will own approximately 52% of Citadel Communications and The
> Walt Disney Company will retain $1.4 to $1.65 billion in
> cash depending on the market price of Citadel Broadcasting
> at the time of closing. Citadel shareholders will own the
> remaining 48% of the combined company. Valued at
> approximately $2.7 billion, the deal is expected to be
> completed by the end of the year, subject to regulatory
> approvals.
>
> ***
>
> "Farid Suleman, Citadel Chief Executive Officer, will be CEO
> and lead the management team of the new company. Suleman, a
> seasoned industry leader with both radio station and radio
> network experience, is the former CEO of Infinity
> Broadcasting.
>
> ***
>
> "Transaction Process
>
> Prior to the merger with Citadel Broadcasting, Disney will
> distribute ownership of the ABC Radio entity to Disney
> shareholders in either a spin-off or split-off transaction.
> Disney will determine which approach it will take later in
> the year based on market conditions and other considerations
> at the time. A spin-off would provide a pro-rata
> distribution of shares to Disney shareholders. A split-off
> would allow Disney shareholders the opportunity to exchange
> Disney shares for stock in the radio business. Under terms
> of the transaction, Disney will retain $1.4 to 1.65 billion
> in cash depending on the market price of Citadel
> Broadcasting at the time of closing. The deal is structured
> as a "reverse Morris Trust" transaction and is expected to
> be tax-free to Disney shareholders for federal income tax
> purposes."
>
> So, here's how it works:
>
> ABC Radio will be spun-off into a separate company (we'll
> call it "ABC Radio Holdings" for purposes of this
> explanation). Shares of ABC Radio Holdings will be
> controlled by Disney shareholders, not Disney itself--that
> is, Shareholder Smith can transfer Disney shares for ABC
> Radio Holdings shares. After the merger, the Walt Disney
> Co. will get money from Citadel for their shares of ABC
> Radio which were transferred (that is, the per-share price
> of Citadel for each share transferred), and Citadel will
> then control the radio properties, but only own 48% of the
> shares; the remaining 52% will be owned by ex-Disney
> shareholders who (but, again, not Disney itself).
>
> Goddamned lawyers. :)
>
<font face="times new roman" size="3" color="660033")
Props to you, JM, (from this Buffalo poster who reads the board) for explaining the intricacies of the ABC-Citadel transaction. As noted in a successive post, there's one more element, that being the "individualizing" of each ABC Radio Holdings market's stations. There may be one more development in the structure of the deal, according to a "money guy" who knows more about this stuff than I ever will.

Again, JM, nice research and summary in your brief. </font>
 
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