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Randy Michaels Is Back--And New York's Got Him (along with Chicago)

B

Bob1370

Guest
This from Inside Radio online just a short time ago (9:50 AM ET on 6/21);

http://www.insideradio.com/Article.asp?id=2218662&spid=32061

"After announcing it was seeking to sell rock WRXP, New York (101.9) and its two Chicago FMs, Emmis Communications has instead found a partner in former Jacor and Clear Channel executive Randy Michaels and the private equity firm GTCR. Their newly-formed Merlin Media has struck a deal to buy a majority stake in WRXP and Emmis’ Chicago FMs: modern rock “Q-101” WKQX and classic rock “The Loop” WLUP-FM (97.9). Emmis will still own a significant minority stake..."

What we know about Randy Michaels is that he's creative, iconoclastic and unafraid to push the envelope or bust through it. He's also controversial in his management style (which Chicago columnist Bob Feder likened to a frat-boy mentality) but that can, IF properly channeled, create an exciting and groundbreaking place to do radio. Michaels has both his fans and his critics, but there's no denying that at his best, he can make radio exciting to produce and exciting to listen to.

In recent years, of course, he's been best known for his programming work in the realms of AC and news/talk programming around the country with Jacor and later with Clear Channel and Tribune. The Chicago stations, AFAIK, are pretty well set in their current formats. WRXP, however, is a secondary player in the rock realm as things now stand. It'll be interesting to see if he tries to battle Q104 or find some other format in which to play. Anyone have ideas, or maybe suggestions?




[Link added as a courtesy by Radio Info]
 
A lot of people will focus on the price, which is signicantly lower than value. But I focus on the fact that Emmis isn't selling these stations outright. They're selling a majority share in them. So Michaels has controlling interest, but not total interest. That keeps Emmis involved. We may see a lot more deals like this, where current owners need a cash infusion, but don't want to completely sell off their assets. It's very similar to what's going on now with The Mets.
 
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