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It's over now: Susquehanna sells to Cumulus

U

upstate29650

Reuters reports:


Susquehanna agrees to sell radio, cable units-WSJ
NEW YORK, Oct 31 (Reuters) - Susquehanna Media Co., the nation's largest closely held radio operator by revenue, agreed to sell its radio assets to a group led by Cumulus Media Inc for $1.2 billion, the Wall Street Journal reported on Monday, citing people familiar with the matter.

Susquehanna also agreed to sell its cable assets to Comcast Corp. for just over $750 million, the paper said, citing a person familiar with the deal.

The group buying the radio stations, called Cumulus Media Partners, is backed in four equal parts by Cumulus and private-equity firms Bain Capital, Blackstone Group and Thomas H. Lee Partners, according to the people familiar with the matter.

If various performance targets are met, Cumulus could later boost its stake in the group, the paper reported.

The radio deal could signal a rise in merger activity in that sector, potentially jump-starting stock prices, the paper said. One prize many radio companies have their eyes on is Walt Disney's radio assets, including ABC Radio.

Cumulus, which owns more than 300 stations mostly in smaller and medium markets, would have stakes in stations in several big cities such as San Francisco and Dallas when the transaction is completed. Susquehanna's 33 stations posted revenue last year of $231.1 million, the paper said. ...

http://today.reuters.com/investing/..._01_N31628353_RTRIDST_0_MEDIA-SUSQUEHANNA.XML

G
 
Alot of people will be losing their jobs over the next year. Changes are in the works for 99X and Q-100. 680 the Fan becomes part of the mix.

Local talent will be replaced by syndicated whenever possible.

> If you work for Susquehanna ..run!
>
 
> Alot of people will be losing their jobs over the next year.
> Changes are in the works for 99X and Q-100. 680 the Fan
> becomes part of the mix.
>
> Local talent will be replaced by syndicated whenever
> possible.
>
> > If you work for Susquehanna ..run!
> >
>

Isn't Cumulus based out of Atlanta?
 
Yes. Corporate offices in Buckhead.

> > Alot of people will be losing their jobs over the next
> year.
> > Changes are in the works for 99X and Q-100. 680 the Fan
>
> > becomes part of the mix.
> >
> > Local talent will be replaced by syndicated whenever
> > possible.
> >
> > > If you work for Susquehanna ..run!
> > >
> >
>
> Isn't Cumulus based out of Atlanta?
>
 
How will this effect uh ..... uhhhhhh Q100?

> Local talent will be replaced by syndicated whenever

In market #10 in CHR? Even Cox has live talent on 955 The Beat ... as opposted to the way the program B98.5 (voicetracked).

So, did Q100 having it's bigger clearer signal in place add a few hundred thousand to the sale?

I hate seeing Susquehanna bowing out, privately owned and one of the good guys creating great radio.


> Alot of people will be losing their jobs over the next year.
> Changes are in the works for 99X and Q-100. 680 the Fan
> becomes part of the mix.
>
> Local talent will be replaced by syndicated whenever
> possible.
>
> > If you work for Susquehanna ..run!
> >
>
 
> > How will this effect uh ..... uhhhhhh Q100?
> >
> Star94 has a party scheduled for later today.
>

Why would that be? They've been sold too...to a company with NO radio experience.

From what I've heard, the last few events Star has attempted to put on (the Atlantic Station fiasco, they're Halloween party), have bombed. Star is scared, no reason to party when you're frightened.

If you listen to Cumulus' CHRs, they tend to emulate Q100, down to the "All The Hits" moniker. Hell, even WZAT/Savannah has flipped their voice guy to whoever Q uses. I doubt Cumulus will mess with what they've been putting on in several markets. No reason to party when people who like what the other guys are doing buys them.

Or...it would be a Halloween Party. That would make sense.

Q isn't hurting, take a gander at their numbers. Ah hem...

Bert beat Star and Beat 18-34 persons
Q beat Star and Beat 18-34 persons.

With THREE THOUSAND FRIGGIN' WATTS.
 
> Alot of people will be losing their jobs over the next year.
> Changes are in the works for 99X and Q-100. 680 the Fan
> becomes part of the mix. Local talent will be replaced by syndicated whenever
> possible.
>

How does anyone really know at this point? Changes at 99X probably would have happened under Susquehanna ownership. And 680 the Fan is not owned by Cumulus; it's owned by the Dickey family, which of course is heavily involved in Cumulus.

And will the Susquehanna stations just become Cumulus stations? Or will this be a separate company since Cumulus has 3 other partners? Or will Cumulus be buying out the partners over time?

Acquisitions and mergers usually mean some changes, but who knows what they'll be at this point? Susquehanna will be a lot to digest. I don't expect anything to happen until FCC approval, and even after that, it probably will take a while.
 
> Yes. Corporate offices in Buckhead.

Good lord. Clear Channel's right down the road, Cox isn't too far away. Now Cumulus? I'm surrounded by radio companies.
 
> > Yes. Corporate offices in Buckhead.
>
> Good lord. Clear Channel's right down the road, Cox isn't
> too far away. Now Cumulus? I'm surrounded by radio
> companies.
>
I'm surprised that our T, J, & L haters haven't posted with glee with the idea of those jocks losing thier jobs yet.
 
Star 94 draws plenty of listeners, just not the types who go to parties. I heard the Collective Soul concert, before the rains came in, had drawn a relatively light crowd, fewer than 1,000 by the stage (though there were more floating around the stores.) How many showed up to their Zone/Star Halloween party vs. Q100?

As for the new deal, Cumulus will only have a 25% stake in it (with a chance to get as much as 40%) and the Susquehanna portion will be privately held. Presumably since the other partners are not radio experts, they are counting on Cumulus to really run it operationally. And since those partners are private equity firms and not familiy-run businesses, they won't be nearly as patient as Susquehanna. The new regime will undoubtably change the culture of Q100 and 99X but as Roddy said, not immediately. It will take about six months for the deal to close and get FCC approval. So we'll have to come back in 12 months and see if the competitive landscape has changed.


> > > How will this effect uh ..... uhhhhhh Q100?
> > >
> > Star94 has a party scheduled for later today.
> >
>
> Why would that be? They've been sold too...to a company
> with NO radio experience.
>
> From what I've heard, the last few events Star has attempted
> to put on (the Atlantic Station fiasco, they're Halloween
> party), have bombed. Star is scared, no reason to party
> when you're frightened.
>
> If you listen to Cumulus' CHRs, they tend to emulate Q100,
> down to the "All The Hits" moniker. Hell, even
> WZAT/Savannah has flipped their voice guy to whoever Q uses.
> I doubt Cumulus will mess with what they've been putting on
> in several markets. No reason to party when people who like
> what the other guys are doing buys them.
>
> Or...it would be a Halloween Party. That would make sense.
>
> Q isn't hurting, take a gander at their numbers. Ah hem...
>
> Bert beat Star and Beat 18-34 persons
> Q beat Star and Beat 18-34 persons.
>
> With THREE THOUSAND FRIGGIN' WATTS.
>
 
> Local talent will be replaced by syndicated whenever
> possible.

Actually, this is one thing that hasn't happened at most Cumulus stations, or at least the music ones. Cumulus does very little, if any, out of market voicetracking. It does have more than its fair share of jockless stations but not out of market voicetrackers. It uses some syndicated fare, like Delilah and Tom Kent, but it's no more than most other operators use. In fact, at the cluster I worked at not too long ago that was acquired by Cumulus, there's more live radio now than when it was locally owned. Of course, it's been done at the expense of the full-timers, who now work six day weeks, and it's had bigger problems with turnover than pretty much everywhere else I've worked.
 
> > > How will this effect uh ..... uhhhhhh Q100?
> > >
> > Star94 has a party scheduled for later today.
> >
>
> Why would that be? They've been sold too...to a company
> with NO radio experience.
>
> From what I've heard, the last few events Star has attempted
> to put on (the Atlantic Station fiasco, they're Halloween
> party), have bombed. Star is scared, no reason to party
> when you're frightened.
>
> If you listen to Cumulus' CHRs, they tend to emulate Q100,
> down to the "All The Hits" moniker. Hell, even
> WZAT/Savannah has flipped their voice guy to whoever Q uses.
> I doubt Cumulus will mess with what they've been putting on
> in several markets. No reason to party when people who like
> what the other guys are doing buys them.
>
> Or...it would be a Halloween Party. That would make sense.
>
> Q isn't hurting, take a gander at their numbers. Ah hem...
>
> Bert beat Star and Beat 18-34 persons
> Q beat Star and Beat 18-34 persons.
>
> With THREE THOUSAND FRIGGIN' WATTS.
>


I can't image Star would have a party either. I'm not sure their sale is a big deal either. One finacial company to another. I'm guessing based on your post thought that while Q beats Star and the Beat in 18-34 they must beat Q in every other demo. Max would know.
 
> Alot of people will be losing their jobs over the next year.
> Changes are in the works for 99X and Q-100. 680 the Fan
> becomes part of the mix.

Isn't 680 owned by Dickey? WCNN was mentioned in the deal, were they?
 
> Reuters reports:
>
>
> Susquehanna agrees to sell radio, cable units-WSJ
> NEW YORK, Oct 31 (Reuters) - Susquehanna Media Co., the
> nation's largest closely held radio operator by revenue,
> agreed to sell its radio assets to a group led by Cumulus
> Media Inc for $1.2 billion, the Wall Street Journal reported
> on Monday, citing people familiar with the matter.
>
> Susquehanna also agreed to sell its cable assets to Comcast
> Corp. for just over $750 million, the paper said, citing a
> person familiar with the deal.

The writing's on the wall. Welcome to the most inane, boring, poorly-run radio operation currently in existence. People can bitch all they want about Clear Channel (and I have in the past); you're in for a nightmare, Atlanta. Cumulus is the very anthesis of their namesake.
 
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