From Newsbusters.org:
http://newsbusters.org/blogs/noel-s...aging-its-radio-stations-ground#ixzz2cRqrNrYe
http://newsbusters.org/blogs/noel-s...aging-its-radio-stations-ground#ixzz2cRqrNrYe
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Hannity: Cumulus is managing the ABC talk stations they bought into the ground
- Thread starter yugoidar
- Start date
No matter which side of the spectrum we're on...I think it's safe to say the entire format needs a reboot.
That said, I remember reading somewhere about how Convervative N/T stations - even on AM - who still maintain an on-air locally-originated news presence are faring better than those whose 6:00 TOH newsbreaks consist of 2:00 of network or piped-in-from-out-of-town-local-news.
Since CC in particular seems to ignore the part about teaching its news hubs the nuances of the markets they serve, it's not hard to tell when an out-of-town talent is on the air...once they do learn your market they're either RIF'ed or otherwise replaced by another newbie and the process starts all over again.
IOW if you're gonna be NEWS/TALK...remember that the news is important too. Did I just type this?!
Anyway, Jerry Del Colliano reported Friday that Hannity indeed turned down a Cumulus offer to remain 40+ of their stations.
Jerry also cited "sources close to Hannity" quoting Sean as follows:
"The Dickeys are the single worst operators in the history of radio. They have destroyed legendary stations like KGO and KSFO. They are currently in the process of destroying WLS, WABC, WJR, WBAP and WMAL."
(WABC is)..."a ghost town as the Dickeys have fired the program director, the general manager. There's no personalities and the once-vibrant radio station has become a ghost town so the Dickeys can line their pockets."
(Cumulus treats its employees like)"...dirt, s**t, sub-human."
Again, the format needs to be reinvented...but there's "ratings are declining" and there's "pushing it over the cliff".
That said, I remember reading somewhere about how Convervative N/T stations - even on AM - who still maintain an on-air locally-originated news presence are faring better than those whose 6:00 TOH newsbreaks consist of 2:00 of network or piped-in-from-out-of-town-local-news.
Since CC in particular seems to ignore the part about teaching its news hubs the nuances of the markets they serve, it's not hard to tell when an out-of-town talent is on the air...once they do learn your market they're either RIF'ed or otherwise replaced by another newbie and the process starts all over again.
IOW if you're gonna be NEWS/TALK...remember that the news is important too. Did I just type this?!
Anyway, Jerry Del Colliano reported Friday that Hannity indeed turned down a Cumulus offer to remain 40+ of their stations.
Jerry also cited "sources close to Hannity" quoting Sean as follows:
"The Dickeys are the single worst operators in the history of radio. They have destroyed legendary stations like KGO and KSFO. They are currently in the process of destroying WLS, WABC, WJR, WBAP and WMAL."
(WABC is)..."a ghost town as the Dickeys have fired the program director, the general manager. There's no personalities and the once-vibrant radio station has become a ghost town so the Dickeys can line their pockets."
(Cumulus treats its employees like)"...dirt, s**t, sub-human."
Again, the format needs to be reinvented...but there's "ratings are declining" and there's "pushing it over the cliff".
News/Talk is about one thing: content. Cumuless and Clear Channel are clearly NOT investing in content. They're following the time-honored consolidator practice of bleeding every penny possible out of the reputation of stations established by far better broadcasters. When audiences finally catch on, and switch the dial, they either divest, or syndicate everything with the excuse that "We tried, but the format is dead."
Element9 said:
And investors are noticing. We'll see how much they notice when Cumulus comes calling to borrow $4-5 Billion to buy CBS Radio and dilute its current debt with a profitable and debt-free entity...which obviously will quickly become neither.
Word is Cumulus is currently sinking further and further and can barely keep up with interest payments, which I would think makes them a poorer risk. However they apparently have no chunks of principal to repay anytime soon.
Not that long ago, the big gun/legacy AM News/Talk stations in each market ran mostly local shows with maybe a superstar syndicated show like Rush thrown in the mix. A cornerstone was a strong local news room.
Now, many these big gun stations are running mostly syndie, have gutted the newsrooms using Metro, hubs, network news or whatever and then they blame the ratings decline on falling interest in news/talk and AM.
Driving from Boston to Buffalo a week a go I heard stations like WGY, WHAM, WSYR doing what second and third tier stations used to do - be satellite repeaters. Even worse, hearing half the channels with Coast to Coast AM coming from class A stations on skywave - you can't get away from it.
There are some really dumb people running radio stations. Crap product = crap ratings. Shame that Disney sold out the radio operation as their strong hertitage stations are going down the toilet with Cumulus. Even in Detroit where WJR was dominate for decades I was shocked to see CBS WWJ near the top in the recent book and WJR way down near the bottom. I think that's a pretty recent trend and underscores the CBS is about the only major player who gets it.
Knock Jen Brien in the other thread all you want but she is literally the only thing original to hear on the east coast at night and I had her on for most of the trip.
Now, many these big gun stations are running mostly syndie, have gutted the newsrooms using Metro, hubs, network news or whatever and then they blame the ratings decline on falling interest in news/talk and AM.
Driving from Boston to Buffalo a week a go I heard stations like WGY, WHAM, WSYR doing what second and third tier stations used to do - be satellite repeaters. Even worse, hearing half the channels with Coast to Coast AM coming from class A stations on skywave - you can't get away from it.
There are some really dumb people running radio stations. Crap product = crap ratings. Shame that Disney sold out the radio operation as their strong hertitage stations are going down the toilet with Cumulus. Even in Detroit where WJR was dominate for decades I was shocked to see CBS WWJ near the top in the recent book and WJR way down near the bottom. I think that's a pretty recent trend and underscores the CBS is about the only major player who gets it.
Knock Jen Brien in the other thread all you want but she is literally the only thing original to hear on the east coast at night and I had her on for most of the trip.
There are a few of us former WHAM employees around who remember what it was like to work for the old man when he bought (the then) WSAY from the estate of the late Gordon Brown.
A lot of promises were made that were never kept. Within a year most if not all us former WHAM-ers bailed out of WSAY where the majority of us were lucky enough to find gainful employment elsewhere. Those who did not come over from WHAM were also gone within a short time span as well. The employee turnover rate was the highest I experienced in my 30 years in the business.
So this story comes as no surprise.
A lot of promises were made that were never kept. Within a year most if not all us former WHAM-ers bailed out of WSAY where the majority of us were lucky enough to find gainful employment elsewhere. Those who did not come over from WHAM were also gone within a short time span as well. The employee turnover rate was the highest I experienced in my 30 years in the business.
So this story comes as no surprise.
spt87 said:
LOL...the late, legendary WKBW PD Jeff Kaye had been on WBZ prior to landing in Buf'lo. Long time ago.
http://boston.cbslocal.com/2012/11/16/former-wbz-dj-jeff-jefferson-kaye-has-passed-away/
You have to remember who owns Cumuless - the banks, not the Dickeys. The Dickeys have a tiny slice of that pie, and are paid to manage the Cumuless stations. Cumuless won't have trouble financing their debt mostly because they owe it to the people who ended up with the assets after the Citadel bankruptcy.
IF, and I do mean IF, CBS and Cumuless become a single entity, I have my doubts that the Dickeys will end up running it. Their track record thus far indicates that they are clueless about managing in big markets. Their extreme "top down" methods may get by in small market satellite repeaters, but not so much in larger markets. Their ability to keep or attract top sales and management talent is particularly abysmal. Even the bankers have to recognize that.
IF, and I do mean IF, CBS and Cumuless become a single entity, I have my doubts that the Dickeys will end up running it. Their track record thus far indicates that they are clueless about managing in big markets. Their extreme "top down" methods may get by in small market satellite repeaters, but not so much in larger markets. Their ability to keep or attract top sales and management talent is particularly abysmal. Even the bankers have to recognize that.
SirRoxalot said:
Jerry Del Colliano says they're starting to see it. Cumulus' long-term debt is growing even as they attempt to pay it down.
Plus in today's Inside Music Media, he's reporting a second broadcast company has approached Les Moonves. And Les has decided he wants $5 Billion now. So chances are increasing that the Dickeys won't get it.
Insert kinda-sorta-sigh-of-relief here.
If they get CBS though...I do think the Dickeys will run it - into the ground. They seem that arrogant and blinded to their own incompetence. Again, look at how Lew's handled the Rush/Hannity renewals...
Limbaugh announced on his radio show this afternoon (August 23rd) that he signed a new three year deal with Cumulus earlier this week. However his show will be moving from WABC to WOR. WOR is owned by Clear Channel.chas108 said:
chas108 said:
The Dickeys serve at the pleasure of the owners, who are the secured creditors that ended up with the Citadel assets. If Farid hadn't been such a greedy SOB, he'd still be heading the group. The bankers turned to the Dickeys as "broadcast professionals" who promised $50M+ in "synergies". The "merger" simply forestalled the expected bankruptcy of Cumulus. The Dickeys holdings are nowhere near controlling interest in the corporation.
Sadly most people really don't care about radio, there are too many other better options. Radio has nothing right now to get excited about. A bunch of stations running "Coast To Coast AM" just isn't going to wow 'em. Neither is 7 spots in a row. So CBS, Cumulus, Clear Channel and all the rest. I wish you luck.
Banks like cash flow and picking up CBS certainly would add to Cumulus' cash flow, but the debt would be enormous. Cumulus' covenants on debt levels are considered by some investment professionals to be on the brink. Presently, debt level is around $2,698 million ($2.698 Billion) with EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) projected at $357M for 2013; $400M for 2014 and $405M for 2015. Therefore, Debt to EBITDA is 7.6x, 6.7x, and 6.66x respectively. More critical is the matter of maintaining covenant thresholds, for which Cumulus must answer to senior lenders. If debt levels to EBITDA are above the covenants, conditions in Atlanta may become extremely uncomfortable. The thresholds are available from most reputable investment sites.
The writer of the article in the OP assumes Cumulus is the "liberal media." I've met John Dickey and he doesn't strike me as a typical liberal. He's a Bain style conservative who doesn't care who else suffers as long as he makes a buck. And the banks who fund Cumulus aren't raging liberals either. This is not a political issue. It's strictly money. Local talk is expensive, and that's not how they do things at Cumulus. If that's bad for a certain host, too bad.
By the way, I never recall either Dickey even mentioning Hannity in any article. The only show they've blamed is Rush. Not for his politics, but for attracting the ire of major advertisers. Once again, they don't care about politics, but don't mess with their money!
By the way, I never recall either Dickey even mentioning Hannity in any article. The only show they've blamed is Rush. Not for his politics, but for attracting the ire of major advertisers. Once again, they don't care about politics, but don't mess with their money!
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