Nova M bails from Phoenix AM purchase & goes bankrupt

[amfmxm]

From today's Tom Taylor column--

"Nova M Radio is kaput – and so is its $2.25 million deal to buy Phoenix AM KNUV (1190).
The deal was struck last October when Randi Rhodes was firmly in the talent stable at the Drobnys’ progressive talk syndicator. That was also when Nova M had a solid-looking LMA for KNUV and when dollars were coming in the door from a syndication effort behind Rhodes and Mike Malloy that had a total of about 40 stations. Now – Sheldon Drobny is in the hospital. Randi Rhodes has split in an apparent contract dispute. And the LMA-to-buy is ending – soon. Anita and Sheldon Drobny were about to sign the final asset purchase agreement for the purchase of KNUV, Tolleson, Arizona from New Radio Venture. But now the station (5-kw days, 250 watts at night) is back on the market. Broker Jody McCoy of Media Services Group has the listing. He’s also selling KNUV’s sibling in Denver, KNRV, Englewood (1150)."

 

[ctkatz]

wow. they sure showed those people how to run a progressive network, with signing all of ONE person to their network for over half the lifetime of their network, TWO network people total with a very conspicuous hole between the shows. that's the way to do it. especially when you had a third host on broadcast locally who was taking national calls. how in the hell did they NOT elevate jeff farias from local phoenix to national network especially when he was talking about national stories?

i want to know what caused the financial reversal. i'll bet it had a little something to do with people who found out what really happened with the jeff farias scandal. it seems strange that during a democratic political tsunami that was readily apparant to sweep the nation that this liberal network LOST money. as someone famous once said, "Inconceivable!".

i really don't know how committed the drobneys were to the progressive cause. however, when i hear statements from anita essentially saying that the progressives in phoenix, arizona, or nationwide didn't give a damn about us, it sounds to me that maybe the answer is not-so-much and their problems are less of them (local, state, and nationwide progressives) and more of you. how in the world can you lma one station across the continent and try to base your network from that lma station? i'm not in the radio biz, but even i'm not that stupid to not live in the area where you own the content broadcast on that station, let alone base a one person network from there. they would have been better off moving to phoenix or doing this thing in chicago. but what do i know, i'm just a radio listener and webforum monkey.

when you don't get radio people to run radio stations and networks, petty stuff like this happens. that's two networks that financially suffered under the drobny's watch.

 

[argentarius]

Speaking of Ms. Rhodes

Is there any update on her radio future? Is she coming back or what? KTLK's website says Nancy Skinner is a fill-in host, and Randi will be back on their station as soon as she is back on the 'AIR". But a few of her other stations seem to be ready to move on. Is a deal in the works for her return? Dial Global maybe?

 

[TheRadioVortex]

IS there any update on 1190 NOVA-M? That is worth 2.25 million ($2,250,000). Somebody has to pay (or, start paying), for Dr. Mike and his hosts to stay on the air.

IS there any update on Shelley's health status (Sheldon Drobny)?

These are the most important questions but none of the bloggers address them.