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Radio company stocks down BIG today!!

M

Megacycler

Most of the publicly traded radio stocks got slammed big time today.

Entercom closed down almost 30% to 1.69...

Citadel down to 24 cents a share.

I am very sorry to say that layoffs and extreme belt tightening are in the very near future.
My prayers are with employees and their families and yes, even though its tough to say it, I will even pray for the worthless corporate wonks that they make the right decisions for their employees in the months ahead.
 
Megacycler said:
Entercom closed down almost 30% to 1.69...

Citadel down to 24 cents a share.
Click to expand...

What bargains! Ms. Field should be proud...

Megacycler said:
I am very sorry to say that layoffs and extreme belt tightening are in the very near future.
Click to expand...

The future is NOW for Entercom employees in Kansas City. The GM is out and Ms. Field promises the machete will continue to swing there and elsewhere. Could Pucker and Smitchell be next? You can't blame the republicans for this one. It's self-inflicted. Her pop must be proud...
 
Megacycler said:
I am very sorry to say that layoffs and extreme belt tightening are in the very near future.
My prayers are with employees and their families and yes, even though its tough to say it, I will even pray for the worthless corporate wonks that they make the right decisions for their employees in the months ahead.
Click to expand...

Check out the Kentucky forum with the "Clearchannel November" and "Mainline" post. I already predicted Clearchannel will lay more people off during its annual cutback, and Mainline laid a bunch of people off on Monday. What is the deal with these companies? Are they hurting that much for cash? Are they having trouble keeping the lights on? Are they trying to have a greener Christmas for their owners and execs?
 
Its the so-called "perfect storm". These companies have a large debt service, banks are not extending credit, and meanwhile ad revenues are declining.
I went through something similar in 1986 in Lafayette when the price of a barrel of crude went to circa $8 . The AM/FM combo where I was employed suffered probably a 60% decline in ad revenue.
 
The Entercom death watch continues. This morning, the stock has reached a low of 79 cents a share.
How are they gonna climb out of this hole?
 
They're not gonna climb out of this hole. Call the coroner for them shortly.

Ain't that a shame?
 
I think that Entercom is a great company. They not only are great radio broadcasters but they also donate more money to charity than any other public company of its size. Remember, layoffs in a time of financial crisis of biblical proportions like we're going through now are a necessary evil.
I worked for Entercom and was let go a year after Katrina. However, I have no ill feelings toward David Field or anyone with the corporation because after Hurricane Katrina they gave all New Orleans employees bonus money to help their families during the crisis and they also raised money from employees in other markets for evacuees. They also kept me on staff for a year when I was psychologically messed up and unproductive.
Long live entercom, never die and I'd buy their stock because I know that it
will go up 1000 percent in the next year.
 
I really wish Beernuts would back off of this Entercom bashing, I work with some that just lost their jobs, fortunately I was spared this time. As for Entercom's charity work, my son has been to Children's Hospital, we spent Thanksgiving 2005 in there when he was diagnosed with Juvenile Diabetes. I truly appreciate what Entercom does for that wonderful facility. As far as my co-workers Dainya Jay, Bernie Cyrus, Sheri Campbell, and Charles Guidry, GOOD LUCK with your future endeavors!! Let me know if I can ever do anything for you!
 
Johnny, on your honest request I will call it quits. I hope your son is doing well, and you don't need my rantings about things that don't matter but you feel strongly about, considering things that do really matter in life. I wish him the speediest and most complete recovery possible. I have a daughter of my own and though I can't exactly feel what you're going through first hand, I know it's a challenge to you both and I wish you all the best.

If you're ever in East Harwich, come say hi at my B+B on the Cape. If you like cold and snow it's a great vacation spot.

Happy Holidays to you and yours, and to everyone on this BB. Sparring has been fun on both sides, I'm sure, but I apologize to anyone I may have hurt personally. Johnny opened my eyes, and I thank him.

Best wishes to all from the "deeply opinionated about the radio corporations" (but not really a bad guy personally), Beernuts.
 
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