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Rampant Speculation & Unfounded Rumors

S

SirRoxalot

I happened across this post on another board:

audio4tv said:
From All Access:

Saga Buys Two In Ithaca From Citadel, Will Spin Off AM

CITADEL is selling Talk WKRT-A and Classic Rock WIII (I-100)/CORTLAND, NY to SAGA COMMUNICATIONS for $4 million. SAGA will comply with ownership limits in the ITHACA market by spinning off WKRT to BIBLE BROADCASTING NETWORK, which will leave SAGA with three FMs and two AMs in the market.
Click to expand...

So, Citadel is raising some cash by spinning off one of their NY markets. The question that comes to my mind is WHY? Are those properties just low-rate-of-return orphans? You'd think that they could be rolled into the Binghamton market for some of their day-to-day operations if cost is a problem.

Or, is Citadel raising cash for a different reason? Perhaps to pay some premiums on the ABC deal? Or, maybe to take a run at the stations that Entercom is spinning off in Rochester?

Inquiring minds want to know!
 
SirRoxalot said:
I happened across this post on another board:

audio4tv said:
From All Access:

Saga Buys Two In Ithaca From Citadel, Will Spin Off AM

CITADEL is selling Talk WKRT-A and Classic Rock WIII (I-100)/CORTLAND, NY to SAGA COMMUNICATIONS for $4 million. SAGA will comply with ownership limits in the ITHACA market by spinning off WKRT to BIBLE BROADCASTING NETWORK, which will leave SAGA with three FMs and two AMs in the market.
Click to expand...

So, Citadel is raising some cash by spinning off one of their NY markets. The question that comes to my mind is WHY? Are those properties just low-rate-of-return orphans? You'd think that they could be rolled into the Binghamton market for some of their day-to-day operations if cost is a problem.

Or, is Citadel raising cash for a different reason? Perhaps to pay some premiums on the ABC deal? Or, maybe to take a run at the stations that Entercom is spinning off in Rochester?

Inquiring minds want to know!
Click to expand...

Or to raise funds for this: http://www.citadelentertainment.com/mediamain.htm perhaps?
 
I don't think that Citadel Entertainment is related to Citadel Broadcasting. The company was founded in 1978, as has changed hands since then. Their current address is a "Mailboxes Etc.".

Here's a link for more info.
 
[\quote]

So, Citadel is raising some cash by spinning off one of their NY markets. The question that comes to my mind is WHY? Are those properties just low-rate-of-return orphans? You'd think that they could be rolled into the Binghamton market for some of their day-to-day operations if cost is a problem.

Inquiring minds want to know!
[/quote]

It may not make sense on paper, seeing that Citadel owns in nearby Syracuse and Binghamton, but all factors point to Citadel not being real competitive in Ithaca. At best WIII has been #3 in Ithaca under Citadel and at worst #4 (correct me if I'm wrong). Plus the station is licensed and located in Cortland so there is a competitive disadvantage there as well. The AM they are selling-off (WKRT) makes no money and has little local programming.
 
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