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Townsquare Deal

D

Dick Skinner

Guest
From Radio-Info

FCC kills Townsquare Media's deal in Yakima and Tri-Cities, Washington
The Commission says "We have never allowed a station owner to use a divestiture trust to re-shuffle its radio station portfolio as proposed here." The deal filed late last year between buyer Townsquare Media and New Northwest Broadcasters receiver Revitalization Trust involved nearly two dozen stations. Townsquare already owned 11 stations and proposed taking on another 12 from NNB, then meeting the FCC local-market caps by putting the rest into a divestiture trust. But the scale of the deal, and the way it reserved certain properties for Townsquare, drew petitions to deny from Cherry Creek Radio and Sunnylands Broadcasting. On Friday, the FCC spiked the $6 million deal. In fact, the staff even decided that it should never have accepted the deal for filing in the first place.
 
Thanks for posting this. I heard about it Friday, but wasn't able to post until Saturday. By then, you'd already put it up.

Now the question becomes, with the spiked deal what happens with the old New Northwest properties? My presumption is this puts these stations right back into the receivership. Does this clear them to be sold quickly to a group that isn't at their ownership limits or are we talking lots of legal wrangling for the foreseeable future?

I can see a nasty game of tit-for-tat coming out of this tying these frequencies up for any potential sale.

I hope I am wrong. Operating under receivership is not ideal for any operation.
 
Stephanie Sandlin said:
Now the question becomes, with the spiked deal what happens with the old New Northwest properties? My presumption is this puts these stations right back into the receivership.
Click to expand...

Technically, it doesn't put them right back into the receivership because they never left it.

Does this clear them to be sold quickly to a group that isn't at their ownership limits or are we talking lots of legal wrangling for the foreseeable future?
I can see a nasty game of tit-for-tat coming out of this tying these frequencies up for any potential sale.
I hope I am wrong. Operating under receivership is not ideal for any operation.
Click to expand...

It's hard to say what will happen. If Townsquare still wants to do this deal, it still could. It just needs to find a third party to take the stations it doesn't want. That way, a trust isn't involved. If I were Townsquare and still wanted to make this happen, I'd be calling up Cumulus to negotiate a swap of my excess in these markets for some of its excess in the Citadel buyout.
 
Looks like the rumor of "92.9 KFFM" and "107.3 The Bull" has been axed...

-crainbebo
 
crainbebo said:
Looks like the rumor of "92.9 KFFM" and "107.3 The Bull" has been axed...
Click to expand...

It wasn't a rumor. Townsquare published a press release stating that was exactly what they were going to do! In other words, it was a plan that either didn't come together or has been put on hold. Like I said, Townsquare can still do this deal if they can find a legitimate third party buyer.

If you, or anyone else, would like to see it, it's right here: http://townsquaremedia.com/townsqua...dcasting-in-yakima-and-tri-cities-washington/
 
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