J
Julius Leonard Marx
Guest
[EDIT]
Farid Suleman, Citadel CEO, is following mentor Mel Karmazin's playbook: Syndicate a high-priced talent and fire a bunch of local people. Farid was Mel's "Robin" at Infinity Radio when Mel first syndicated the I-man and Howard Stern.
Little biographical info about Farid Suleman is easily available. It's like he emerged full grown from the brow of Zeus to become CFO at Infinity. Suleman, 55, is an ethnic Arab and third generation Tanzanian. He "read" (majored in) finance in Britain (University of Nottingham) and worked in mergers and acquisitions in the London office of the big-time accounting firm of Arthur Young (now Ernst and Young). After coming to the US he was a consultant to Capital Cities Broadcasting in their take-over of ABC, Inc. before becoming Infinity's treasurer/CFO. He's never worked for a radio station (only for corporations that acquire them); he's always worked in bean counting.
Suleman does not appear to appreciate the concept of local control of broadcasting, as practiced in the US from the 20s and enshrined in the Federal Communications Act. He seems to see stations as repeaters for satellite delivered programming; not surprising when you consider he grew up and was educated in two countries with centralized media.
Apparently, Suleman's abilities as a money guy are not perfect. Howard Stern says Suleman. whom he called a "weird dude," once cut him check for over a million dollars by mistake while they were both working for Infinity (Howard returned the check saving Suleman considerable embarassment, if not his job). Suleman returned the favor after joining Citadel by taking Howard off all the Citadel stations then clearing his show and sending him a bill for $400,000 for his on-air mentions of Sirius satellite radio. Reportedly, those stations suffered major revenue losses from this move (but Suleman likes to claim his moves are only about money).
Despite all this, reportedly Suleman is now maneuvering to get Howard for New York's WPLJ (the former WABC-FM) and syndication. Suleman also urged Opie and Anthony to buy Citadel stock, which is now selling for the lowest price ever; O&A are still complaining about that. And Citadel is now forced to sell off station properties, reportedly to off-set losses and pay-off the ABC Radio leveraged buy-out.
Consultant (and former WLS program director) John Rook is saying a major further round of lay-offs at Citadel is expected. Already published articles have suggested Suleman and Boyce are getting ready to replace local hosts at ABC/Citadel stations in Washington, Chicago and Detroit (among others) in order to clear Imus. Again, it's all about money.
Suleman also railed against Google's plan to sell unsold radio inventory because, says Suleman, "it implies we can't sell all our inventory." Can they? Suleman's talk stations and syndicated programs have few, if any, blue chip advertisers, but lots of direct response or per inquiry ads for bottom-feeder advertisers hawking herbal and patent medicine cures, cheap insurance for people who can't get insurance, online matchmaking and audio tape lessons to learn youse how to speak real good. Even so, it seems like they aren't selling all their talk radio spot inventory.
Citadel also has complaints to the FCC by the owner of a pair of Connecticut radio stations. Red Wolf Broadcasting accused Citadel of lying in an application for an FM facility license that Red Wolf wanted to use in a market where it competes with Citadel. This was reportedly after Citadel tried to buy those stations, was turned down, and Suleman threatened to "crush them like a bug." In addition, former New York Attorney General Elliot Spitzer (now governor) charged Citadel with violating payola rules.
Maybe it's good business. It's not good radio. Does Suleman want to turn Citadel talk stations into a bunch of turn-key talkers like Salem and Air America (but with more power and better frequencies)? Seems so.
[EDIT-inflammatory]
Farid Suleman, Citadel CEO, is following mentor Mel Karmazin's playbook: Syndicate a high-priced talent and fire a bunch of local people. Farid was Mel's "Robin" at Infinity Radio when Mel first syndicated the I-man and Howard Stern.
Little biographical info about Farid Suleman is easily available. It's like he emerged full grown from the brow of Zeus to become CFO at Infinity. Suleman, 55, is an ethnic Arab and third generation Tanzanian. He "read" (majored in) finance in Britain (University of Nottingham) and worked in mergers and acquisitions in the London office of the big-time accounting firm of Arthur Young (now Ernst and Young). After coming to the US he was a consultant to Capital Cities Broadcasting in their take-over of ABC, Inc. before becoming Infinity's treasurer/CFO. He's never worked for a radio station (only for corporations that acquire them); he's always worked in bean counting.
Suleman does not appear to appreciate the concept of local control of broadcasting, as practiced in the US from the 20s and enshrined in the Federal Communications Act. He seems to see stations as repeaters for satellite delivered programming; not surprising when you consider he grew up and was educated in two countries with centralized media.
Apparently, Suleman's abilities as a money guy are not perfect. Howard Stern says Suleman. whom he called a "weird dude," once cut him check for over a million dollars by mistake while they were both working for Infinity (Howard returned the check saving Suleman considerable embarassment, if not his job). Suleman returned the favor after joining Citadel by taking Howard off all the Citadel stations then clearing his show and sending him a bill for $400,000 for his on-air mentions of Sirius satellite radio. Reportedly, those stations suffered major revenue losses from this move (but Suleman likes to claim his moves are only about money).
Despite all this, reportedly Suleman is now maneuvering to get Howard for New York's WPLJ (the former WABC-FM) and syndication. Suleman also urged Opie and Anthony to buy Citadel stock, which is now selling for the lowest price ever; O&A are still complaining about that. And Citadel is now forced to sell off station properties, reportedly to off-set losses and pay-off the ABC Radio leveraged buy-out.
Consultant (and former WLS program director) John Rook is saying a major further round of lay-offs at Citadel is expected. Already published articles have suggested Suleman and Boyce are getting ready to replace local hosts at ABC/Citadel stations in Washington, Chicago and Detroit (among others) in order to clear Imus. Again, it's all about money.
Suleman also railed against Google's plan to sell unsold radio inventory because, says Suleman, "it implies we can't sell all our inventory." Can they? Suleman's talk stations and syndicated programs have few, if any, blue chip advertisers, but lots of direct response or per inquiry ads for bottom-feeder advertisers hawking herbal and patent medicine cures, cheap insurance for people who can't get insurance, online matchmaking and audio tape lessons to learn youse how to speak real good. Even so, it seems like they aren't selling all their talk radio spot inventory.
Citadel also has complaints to the FCC by the owner of a pair of Connecticut radio stations. Red Wolf Broadcasting accused Citadel of lying in an application for an FM facility license that Red Wolf wanted to use in a market where it competes with Citadel. This was reportedly after Citadel tried to buy those stations, was turned down, and Suleman threatened to "crush them like a bug." In addition, former New York Attorney General Elliot Spitzer (now governor) charged Citadel with violating payola rules.
Maybe it's good business. It's not good radio. Does Suleman want to turn Citadel talk stations into a bunch of turn-key talkers like Salem and Air America (but with more power and better frequencies)? Seems so.
[EDIT-inflammatory]