MegaMillions:

[Radio_bored-Op]

After careful consideration, I believe this is best placed here:
Since it is about radio, from coast to coast -

If one of the post-ers/registered radio-info guys(or gals) were
to win the nearly quarter of a billion (after, yes AFTER TAXES)
in the mega millions on friday. . . . . what impact would
it have on broadcasting, either specifically for one market;
or on a larger scale , the industry as a whole.

also, would be awesome to review such websites
(buysellradio.com) among others, and be able to
make one phone call, wait thirty days... and begin
your vision of how radio should be successfully executed.

ps: play along, you just became the sole winner,
what would you do ( not the lofty dreams of paying every thing off,
kids' college fund, etc) , i mean. . . how would you enter
the broadcasting environment ( lease a station, out right buy one;
or a small cluster)...buy a stand alone ? / hmmm....

and, since this could be a fun topic, what would be some estimates
of prices, for(bigger radio) markets, that may end up selling . . seems we never think of
any market selling/buying until we read about it here. . .
ie: recently pittsburgh, syracuse...etc.

any *surprises* of markets, that you would never imagine selling . . .
well, unless the price was right ?? hmm.

 

[Prais]

I once owned 4 stations - sold them in 1985 for considerable profit. After the stations I bought 2 funeral homes, and sold them 2 years later. I found and sold a few construction permits, since.

I'm 60 years old now, and for a while after the stations I owned 2 funeral homes, ( a much better busiess than radio) and sold them 2 years later for a GREAT profit. Today. I'm a VERY HAPPY chaplain in a nursing home.

If I won the megamillions I'd give alot to the church and my kids. If You think I'd buy ANYTHING that had to do with radio.....I wouldn't.

 

[mleach]

I seem to recall many years back where a radio jock DID hit a lottery jackpot that was in the millions and no, he didn't go out and buy his own radio/TV station. Actually I believe he was forced to leave the business totally due to him hitting the jackpot.

However with that being said, I do wonder what would happen say if somebody ( the average Joe ) would had won millions and milllions in a lottery jackpot..then they walk into a radio station with a briefcase of cash in tow and say "..I want to buy you !!!...I have the cash right now !!".

Be interesting to see how many radio and or TV stations would take up the offer. Small markets, I can see it but with the bigger ones..I am sure there would be a lot of red tape.

 

[Prais]

In a small place the owner may be out selling or doing pr. In my case, the potential buyer came quite unexpectedly. He and I spoke. He made me an offer on 1 station and I went home and talked to my wife.

Her positive reaction led to a few more meetings, and our hiring a broker. The broker (an old friend) was fabulous, and negotiated with the buyer, so instead of buying 1 station (the potential buyers initial goal) he bought all of our properties, including construction permits and unrelated real estate.

The whole deal took a bit less than a year from that visit to signing the papers on a rainy Saturday in our lawyers office. The IRS also attended, took their share, and left.

In a larger place, the corporate officers are probably off-site, and would need approvals from multiple board of directors members to sell.

The way their stations operate, some large corporations boards may be on some other planet.

 

[Prais]

By the way, cash or no, the deal must be made, "pending fcc approval." They MUST be notified, but a good fcc attorney would do all that (included in his fee).

 

[evolve991]

I'm no jock,and probably wouldn't try to be one,but if I hit the megamillions I'd have to use that to make even more money because what I have in mind would cost much more. I'd buy El Zol 99.1 and the legendary calls of WHFS from CBS and put things right. I imagine it would cost a MASSIVE chunk to do this. Plus I'd need enough cash to buy the contracts of the former jocks and make it worth the headaches of changing jobs,etc.