this story is fascinating on so many levels.
Apparently the deal was hastily done, under a cone of silence, for what appears to be a
fire sale price. That would certainly tend to confirm that, denials aside, the owners were
in very severe financial distress. Likely they aren't the only ones, and we are almost certain to see
more of these shockers from much larger ownership groups who are likewise in denial. (think 50kW Heritage station flipping suddenly to the hands of an unlikely owner)
Secondly, it certainly seems to challenge the Obama administration's clear intent to push for more diversity in ownership. That may indicate that doing so may be much more difficult than they think given the current economy. (it is one thing to identify prospective minority owners, it is another for those people to be capitalized well enough to actually run a station) If a long-established company
like Sheraden with professionals who know the business couldn't do it, you have to wonder about the prospects for any newbies.
It makes me wonder if the buyer was CC or someone else would the FCC be inclined to nix the
deal. In this case though, I have to wonder if they really want to pick such a battle with the Catholic Church. (with Hispanics making up a large and growing sector of the Catholic flock, such arguments could get quite interesting indeed).
And yes, the shutdown of Catholic programming on WZUM was done stealthily, and to my knowledge the Church or local Diocese has never addressed it. Clearly this is something that from their perspective has been in the works for some time.
In thinking about potential outcomes, one possibility that occurs to me is that they may approach the Mouse about flipping the ESPN sports programming to FM, has been done in many other markets. Then they can retain the Catholic programming on either 860 or 1250, and try to sell the other to some minority owner.