I posted this to the Buffalo board where Regent also owns stations. Evidently, Regent sold the Watertown cluster to a Christian broadcaster from the south. Details at Radio-Info and Radio & Records: Oct. 10.
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Regent sale in Watertown
- Thread starter ThePickleReport
- Start date
The same group today also just purchased the Martz group of six stations in Massena/Ogdensburg.
Holy Crap! I can't believe they just dumped the entire cluster. To have the #1 station in the market, with a 20+ share in every single book, and then just walk away... it sounds bizarre. And worse yet, to a friggin' religious broadcaster! Is there seriously no other owner out there who'd be willing to buy that up and keep the formats intact? I know it's small-market, but it's not like this was the 4th-place cluster in a 3-cluster market.
It sounds like Regent is emerging into the realm of "big corporate", or at least "bigger corporate". The recent stockholder challenge, which resulted in additional members added to the Board of Directors, looks like it has prompted the company to make some serious changes.
Regent appears to be shedding small markets, which bring small returns. It will be interesting to see what happens to the money. Will they use it to buy back more stock, reducing the chances that another private equity firm can buy up enough stock to challenge the current directors? Are they reducing their debt load, attempting to bump up the stock price and keep current stockholders happy? Or, are they looking to acquire property in a larger market?
And, what's the deal with the Stephens Family Limited Partnership? I guess everybody will have to wait and see what they do with their new stations. Will they leave the successful ones alone, and go Christian on the losers? It seems hard to believe that they would blow up the existing ratings winners when they're going to need the money to pay for their purchase.
In the meantime, the people in those markets are the potential victims of overconsolidation.
Regent appears to be shedding small markets, which bring small returns. It will be interesting to see what happens to the money. Will they use it to buy back more stock, reducing the chances that another private equity firm can buy up enough stock to challenge the current directors? Are they reducing their debt load, attempting to bump up the stock price and keep current stockholders happy? Or, are they looking to acquire property in a larger market?
And, what's the deal with the Stephens Family Limited Partnership? I guess everybody will have to wait and see what they do with their new stations. Will they leave the successful ones alone, and go Christian on the losers? It seems hard to believe that they would blow up the existing ratings winners when they're going to need the money to pay for their purchase.
In the meantime, the people in those markets are the potential victims of overconsolidation.
SirRoxalot said:Are they reducing their debt load, attempting to bump up the stock price and keep current stockholders happy? Or, are they looking to acquire property in a larger market?
I'm gonna bet on the former. Regent's stock (Yahoo chart) was consistently between 7-8 points a share from 3Q 2003 to 2Q 2004. Since then, it's been slipping downward, and as of this writing, it's sitting at 2.58, not far from the 52 week low of 2.4. The extra money should help the bottom line. Buying into a bigger market could help excite stockholders too, but the Watertown sale money alone isn't going to make that happen.
K
kentuckymedia
Guest
Dont look for Stephens to make wholesale changes to the entire cluster. Look moreso for their underperformers to make changes. You will see 2 or 3 new Christian stations, but majority of them will actually be strengthened.
Country and Classic Hits will most likely stay the same as before. They make money...
Country and Classic Hits will most likely stay the same as before. They make money...
Best of Both Worlds
Maybe that's why they bought stations so far from home. There won't be as many questions about how they can play "the devil's music" on some stations, while selling "the Lord's work" on others.
Maybe that's why they bought stations so far from home. There won't be as many questions about how they can play "the devil's music" on some stations, while selling "the Lord's work" on others.
This is not the same group but another post has a change for the North Country. WBDB-FM (part of the CHR "The Border" simulcast) is going "Air America" Wow, that region is going to have a lot of changes. Air America on FM? What gives?
http://www.radio-info.com/smf/index.php/topic,83684.0.html#top
http://www.radio-info.com/smf/index.php/topic,83684.0.html#top
Lots of people have said FM talk could be a contender in many markets... but few have actually tried it. Regardless of whether this particular example works out, I applaud them for at least taking the risk. Kinda surprised though, Air America in a market where half your audience is in Canada, and probably won't be interested.
Reading the article on Radio-Info this morning it makes me wonder is that station will just be clearing a program or two from Air America and not the whole lineup. That's probably the case.
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