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Regent has a new name and new leadership

Y

yugoidar

Hmmm...

Just a week after emerging from bankruptcy, Regent Communications is now Townsquare Media. Bill Stakelin (CEO) and Anthony Vasconcellos (EVP) have been replaced, respectively, by Fivewire Ventures co-founders, Steve Price (as Charirman/CEO) and Stuart Rosenstein (EVP/CFO) according to Allaccess.com.
 
Hmmm. Fasten your seatbelts. I wonder if Fivewire could ultimately be moving toward purchasing the company from Oaktree?
 
Same lawn, different dog. Not too good for the rank and file. BTW, Steven Price is the son of Robert Price, who headed one-time Price Communications which years ago purchased WKBW (WWKB) from CapCities/ABC. More than likely, Stakelin and Vasconcellos received compensation for the remainder of their contracts. Nice work if you can get it.
 
Paying the Piper...

Let me predict the future...

Citadel & Regent lead the pack into bankruptcy, essentially taking both companies private by stiffing shareholders and leaving the companies in the hands of the biggest creditors.

Once the "reorganization" is over, the "new" companies operate for a while, keeping a very close eye on expenses. No more cuts, but no help for the overworked, overextended people left on the payroll. They're supposed to be "thankful" that they're still employed.

In a year or so, the new owners "evaluate" the situation. If the returns are good, they think about taking the company public, with the promise of expanding their holdings and "extending our proven track record of good management to even more markets". The new owners use the stock offering to repay themselves for their original investment (plus interest), and hang onto enough stock to retain control of the company.

If returns aren't so good, they think about selling the company because "we're investors, not operators". The selling price will be their original investment (plus interest), and some stock in the new company. The new company will likely be one of the other groups who've either gone, or are, publicly held.

In other words, they'll either eat or be eaten. Thus, the public/private/public/private dance will continue...
 
"Same lawn, different dog. Not too good for the rank and file. BTW, Steven Price is the son of Robert Price, who headed one-time Price Communications which years ago purchased WKBW (WWKB) from CapCities/ABC."

Uh-oh. If "like father, like son" is applicable, watch out...At KB, Robert Price took a station that was still top-3 in the market (as a hot AC) when he bought it, and had a talent lineup with a lot of potential to make a successful transition to personality talk (like WBEN or WLS)--and they torched it pointlessly in a false economy drive. They left it virtually worthless and beyond redemption when it could have remained a lucrative market leader, and left the field totally to WBEN.

Wonder which station this crew will torch?
 
I love this part from the Radio-Info e-mail this morning.

"Neither has any radio operating background, but I’m told they’ve been studying the subject very hard of late." ::)
 
According to a statement made by the new owners there will be "no personnel changes."

I can't tell you how many times I've heard that comment made just before the chopping block was hauled out of storage.
 
ThePickleReport said:
"Neither has any radio operating background, but I’m told they’ve been studying the subject very hard of late." ::)
Click to expand...

Isn't that standard operating practice to own or manage broadcasting properties these days? In my business dealings I can't believe the number of people in management who have no idea what they are doing. Yet they hold the futures of qualified individuals in their hands. It is no wonder broadcasting, especially radio, has declined in (local) quality over the years. This is not to say that there are not some stations that have experienced owners or programmers running them.
 
SirRox - - I didn't enter your quote here...you said it well (those wondering will actually have to read through the thread :eek:)

There was a bull's eye out there..and I'm thinking you've hit it!! Do the words "in a nutshell" sound familiar!
Just reiterating and throwing a high five out there (not to mention saving keystrokes :D)
That's all
 
Thanks, Heyday. One thing about getting older - we've seen this movie before, and know how it ends. Grab all the t-shirts you can. They'll be worth 50 cents each at the yard sale some day.
 
Interesting article at RBR about the new owners. Turns out the CEO is the son of the founder of Price Communications, who once owned stations in Buffalo. The article also says they're making lots of changes at the home office near Cincinnati, with a move to Connecticut anticipated.
 
TheBigA said:
Interesting article at RBR about the new owners. Turns out the CEO is the son of the founder of Price Communications, who once owned stations in Buffalo. The article also says they're making lots of changes at the home office near Cincinnati, with a move to Connecticut anticipated.
Click to expand...

The KB Konnection was noted earlier in this thread. Just sayin'. Some employees referred to Price Communications as "Half Price Communications," so toxic had conditions become. Information about the Townsquare Media move to Connecticut is interesting but not surprising. The RBR story can be found at http://www.rbr.com/radio/24345.html
 
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