• Get involved.
    We want your input!
    Apply for Membership and join the conversations about everything related to broadcasting.

    After we receive your registration, a moderator will review it. After your registration is approved, you will be permitted to post.
    If you use a disposable or false email address, your registration will be rejected.

    After your membership is approved, please take a minute to tell us a little bit about yourself.
    https://www.radiodiscussions.com/forums/introduce-yourself.1088/

    Thanks in advance and have fun!
    RadioDiscussions Administrators

On Top Files for Bankruptcy; JACK-FM On The Market??

R

Rickylee

Guest
The trades are now reporting that On Top Communications has taken the plunge-seeking Bankruptcy protection with almost 20 million in red ink. CEO Steve Hegwood purportedly lost about $450,000 of his own money. The list of creditors is quite long. This ought to really throw a monkey wrench in any deals on 97.7 for some time. Rumour has it that Hegwood and his investors attempts to shove all that debt off on potential buyers rather than spinning off properties at market value to generate operating revenue has cost On Top many opportunities to unload unprofitable properties such as 97.7. Citadel was the last group I've heard was interested in buying that property but something must have fallen through considering the bankruptcy announcement.
Is 94.7 JACK FM up for sale?
Rumor has it that Backyard Broadcasting is very disappointed in the performance of their Jackson property after Jack FM has failed to gain the popularity it has in other markets and 93.9 has also been unable to gain a foothold. Sales at the group are also not meeting corporate expectations. I enjoy the station and am sorry to hear that circumstances are so grim. However, I knew that they were in for some disappointment when I heard that at the first staff meetings the owner was sprinkling his speech with bold statements and comments like "When we're number one..." I don't think the employees even bought that one. You've got some tough competiton between you and number one Jack...not to mention Mississippians have never really cottened to cocky Yankees anyway.
So another 100KW is in play, again the game gets interesting. The last time those stations were on the block the owner turned down CC's 6 million dollar offer and ended up selling for 3.5- so there's not a great track record of mental acuity at that end of Beasley Road.
 
and I be the higest bidder at 4 dollars 71 cents - time to shake things up in the market eh?

> The trades are now reporting that On Top Communications has
> taken the plunge-seeking Bankruptcy protection with almost
> 20 million in red ink. CEO Steve Hegwood purportedly lost
> about $450,000 of his own money. The list of creditors is
> quite long. This ought to really throw a monkey wrench in
> any deals on 97.7 for some time. Rumour has it that Hegwood
> and his investors attempts to shove all that debt off on
> potential buyers rather than spinning off properties at
> market value to generate operating revenue has cost On Top
> many opportunities to unload unprofitable properties such as
> 97.7. Citadel was the last group I've heard was interested
> in buying that property but something must have fallen
> through considering the bankruptcy announcement.
> Is 94.7 JACK FM up for sale?
> Rumor has it that Backyard Broadcasting is very disappointed
> in the performance of their Jackson property after Jack FM
> has failed to gain the popularity it has in other markets
> and 93.9 has also been unable to gain a foothold. Sales at
> the group are also not meeting corporate expectations. I
> enjoy the station and am sorry to hear that circumstances
> are so grim. However, I knew that they were in for some
> disappointment when I heard that at the first staff meetings
> the owner was sprinkling his speech with bold statements and
> comments like "When we're number one..." I don't think the
> employees even bought that one. You've got some tough
> competiton between you and number one Jack...not to mention
> Mississippians have never really cottened to cocky Yankees
> anyway.
> So another 100KW is in play, again the game gets
> interesting. The last time those stations were on the block
> the owner turned down CC's 6 million dollar offer and ended
> up selling for 3.5- so there's not a great track record of
> mental acuity at that end of Beasley Road.
>
 
> The trades are now reporting that On Top Communications has
> taken the plunge-seeking Bankruptcy protection with almost
> 20 million in red ink. CEO Steve Hegwood purportedly lost
> about $450,000 of his own money. The list of creditors is
> quite long. This ought to really throw a monkey wrench in
> any deals on 97.7 for some time. Rumour has it that Hegwood
> and his investors attempts to shove all that debt off on
> potential buyers rather than spinning off properties at
> market value to generate operating revenue has cost On Top
> many opportunities to unload unprofitable properties such as
> 97.7. Citadel was the last group I've heard was interested
> in buying that property but something must have fallen
> through considering the bankruptcy announcement.
> Is 94.7 JACK FM up for sale?
> Rumor has it that Backyard Broadcasting is very disappointed
> in the performance of their Jackson property after Jack FM
> has failed to gain the popularity it has in other markets
> and 93.9 has also been unable to gain a foothold. Sales at
> the group are also not meeting corporate expectations. I
> enjoy the station and am sorry to hear that circumstances
> are so grim. However, I knew that they were in for some
> disappointment when I heard that at the first staff meetings
> the owner was sprinkling his speech with bold statements and
> comments like "When we're number one..." I don't think the
> employees even bought that one. You've got some tough
> competiton between you and number one Jack...not to mention
> Mississippians have never really cottened to cocky Yankees
> anyway.
> So another 100KW is in play, again the game gets
> interesting. The last time those stations were on the block
> the owner turned down CC's 6 million dollar offer and ended
> up selling for 3.5- so there's not a great track record of
> mental acuity at that end of Beasley Road.
>
Rock 93.9 did have a foothold in the market when I was fired. Once again, thank you God! It was the best thing that ever happend to me. Got sober, finally, got out of radio for a actual job that pays, and repaired some relationships. And your right, not even the employees bought the "when we're number one" B.S. It's funny, even though I was wasted half the time, we still had much better ratings when Roach, Big Johnson and I were still there. I think those stations have hit the iceberg, or, "jumped the shark" if you will. Women and children first! I knew when they brought in Shane Media as consultants, we were in trouble at Rock 93.9. Is Johnny Maze related to Ed Shane? How else did he get the gig? I have heard the original PD is looking to get the gig back. You have to wonder, if they've done it behind someone's back before, they'd do it again. They had huge ratings when the station first signed on, and I was slowly programming it back into it's original form. Larger playlist, less repitition, and a lot of attitude. I mean, why have a conservative active rock station? Well, that's what it has become again. The station used to rock and have a real edge and personality. Now, just like Jack, it has none. I predict most Jack stations will be gone in another year or two. I just hope Rock 93.9 isn't also.
 
> The trades are now reporting that On Top Communications has
> taken the plunge-seeking Bankruptcy protection with almost
> 20 million in red ink. CEO Steve Hegwood purportedly lost
> about $450,000 of his own money. The list of creditors is
> quite long. This ought to really throw a monkey wrench in
> any deals on 97.7 for some time. Rumour has it that Hegwood
> and his investors attempts to shove all that debt off on
> potential buyers rather than spinning off properties at
> market value to generate operating revenue has cost On Top
> many opportunities to unload unprofitable properties such as
> 97.7. Citadel was the last group I've heard was interested
> in buying that property but something must have fallen
> through considering the bankruptcy announcement.
> Is 94.7 JACK FM up for sale?
> Rumor has it that Backyard Broadcasting is very disappointed
> in the performance of their Jackson property after Jack FM
> has failed to gain the popularity it has in other markets
> and 93.9 has also been unable to gain a foothold. Sales at
> the group are also not meeting corporate expectations. I
> enjoy the station and am sorry to hear that circumstances
> are so grim. However, I knew that they were in for some
> disappointment when I heard that at the first staff meetings
> the owner was sprinkling his speech with bold statements and
> comments like "When we're number one..." I don't think the
> employees even bought that one. You've got some tough
> competiton between you and number one Jack...not to mention
> Mississippians have never really cottened to cocky Yankees
> anyway.
> So another 100KW is in play, again the game gets
> interesting. The last time those stations were on the block
> the owner turned down CC's 6 million dollar offer and ended
> up selling for 3.5- so there's not a great track record of
> mental acuity at that end of Beasley Road.
>

You know it seems like everytime a station that's been sucking the mud from the bottom of the radio pond moves up and holds steady numbers in the top 7, everybody starts some BS rumor about the station not doing as well as it had hoped. Trust me...Backyard is extatic about their increased listenership over the pathetic numbers it was scraping up a year ago... If you take enough time to actually breakdown the last book, you'd see how skewed that arbi was. JACK is doing very well in Jackson. In the JACK franchise, it's been noted as one of the strongest performers of all the other stations that have switched withholding the very newest ones. I'd be very surprised to see them sell it.

By the way, any owner who doesn't address his staff with cocky statements isn't a very good motivator and should get out of the industry. So hat's off to Barry Drake for giving his staff some positive enforcement early on. The staff may have had a hard time grasping the "number one" status, but you can bet they are much happier being in the top tier of the non-ethnic stations than in a dead heat for last..."also rans" don't make jthe cut. JACK is doing just fine after a year and a couple of more books that aren't so obviously skewed to SW Jackson will show that they are still holding strong.

ROCK on the other hand...needs some help. Something needs to happen there.

I'm glad to hear the Phil has sobered up and gotten a real gig...good for you man. Leave the bitterness behind. Slap shots at the past don't help you move forward. If you're so happy it's over, then quit reliving it.
 
> > The trades are now reporting that On Top Communications
> has
> > taken the plunge-seeking Bankruptcy protection with almost
>
> > 20 million in red ink. CEO Steve Hegwood purportedly lost
> > about $450,000 of his own money. The list of creditors is
> > quite long. This ought to really throw a monkey wrench in
> > any deals on 97.7 for some time. Rumour has it that
> Hegwood
> > and his investors attempts to shove all that debt off on
> > potential buyers rather than spinning off properties at
> > market value to generate operating revenue has cost On Top
>
> > many opportunities to unload unprofitable properties such
> as
> > 97.7. Citadel was the last group I've heard was interested
>
> > in buying that property but something must have fallen
> > through considering the bankruptcy announcement.
> > Is 94.7 JACK FM up for sale?
> > Rumor has it that Backyard Broadcasting is very
> disappointed
> > in the performance of their Jackson property after Jack FM
>
> > has failed to gain the popularity it has in other markets
> > and 93.9 has also been unable to gain a foothold. Sales at
>
> > the group are also not meeting corporate expectations. I
> > enjoy the station and am sorry to hear that circumstances
> > are so grim. However, I knew that they were in for some
> > disappointment when I heard that at the first staff
> meetings
> > the owner was sprinkling his speech with bold statements
> and
> > comments like "When we're number one..." I don't think the
>
> > employees even bought that one. You've got some tough
> > competiton between you and number one Jack...not to
> mention
> > Mississippians have never really cottened to cocky Yankees
>
> > anyway.
> > So another 100KW is in play, again the game gets
> > interesting. The last time those stations were on the
> block
> > the owner turned down CC's 6 million dollar offer and
> ended
> > up selling for 3.5- so there's not a great track record of
>
> > mental acuity at that end of Beasley Road.
> >
>
> You know it seems like everytime a station that's been
> sucking the mud from the bottom of the radio pond moves up
> and holds steady numbers in the top 7, everybody starts some
> BS rumor about the station not doing as well as it had
> hoped. Trust me...Backyard is extatic about their increased
> listenership over the pathetic numbers it was scraping up a
> year ago... If you take enough time to actually breakdown
> the last book, you'd see how skewed that arbi was. JACK is
> doing very well in Jackson. In the JACK franchise, it's
> been noted as one of the strongest performers of all the
> other stations that have switched withholding the very
> newest ones. I'd be very surprised to see them sell it.
>
> By the way, any owner who doesn't address his staff with
> cocky statements isn't a very good motivator and should get
> out of the industry. So hat's off to Barry Drake for giving
> his staff some positive enforcement early on. The staff may
> have had a hard time grasping the "number one" status, but
> you can bet they are much happier being in the top tier of
> the non-ethnic stations than in a dead heat for last..."also
> rans" don't make jthe cut. JACK is doing just fine after a
> year and a couple of more books that aren't so obviously
> skewed to SW Jackson will show that they are still holding
> strong.
>
> ROCK on the other hand...needs some help. Something needs
> to happen there.
>
> I'm glad to hear the Phil has sobered up and gotten a real
> gig...good for you man. Leave the bitterness behind. Slap
> shots at the past don't help you move forward. If you're so
> happy it's over, then quit reliving it.
>
Slapshot happens to be one of my favorite movies. No bitterness intended, I certainly was at first. I'm being sincere when I say I hope Rock 93.9 survives and thrives. I don't believe Jack has done bad at all, it's done quite well if you consider what was there before. But, I stand by belief that this format is a passing fancy, and will be all but gone a year or two from now. I'm still very interested in radio, just not working in it. Unless I owned the station. Hmmmmmm......lol...
 
Hey Phil,

E-mail me at [email protected] when you get a minute. I've got a question or two for you. Thanks.

Matt Chatham
Former New South Radio Prod God
 
Status
This thread has been closed due to inactivity. You can create a new thread to discuss this topic.


Back
Top Bottom