townsquare media

[bobdavcav]

If Townsquare's deal has been killed by the FCC, how is it different from the cumulus deal? What they could do, using cumulus as the example buyer here,
1. Townsquare buys KEGX and continues with both frequency swaps.
2. They sell the stations they have now that they want to sell to Cumulus.
3. They buy the rest from NNB. They may have to do this in two transactions as I forget which stations they wanted to sell that they have now. Any thoughts?

 

[Kent]

If Townsquare's deal has been killed by the FCC, how is it different from the cumulus deal?

What do you mean how is it different from the Cumulus deal? If you mean the Cumulus/Citadel deal, the difference is that Cumulus is attempting to take over Citadel but has a few extra stations. Cumulus intends to keep all but a small fraction of the stations involved in the deal. In the Townsquare/NNB deal, Townsquare wanted to keep very few of the stations it was buying and was mostly planning to shuffle around real estate. Also, in the Cumulus/Citadel deal, we're talking about a few stations here and there (I don't think anymore than two in a market) being put into trust while the Townsquare/NNB deal involved putting the market maximum (or very close to it) number of stations into trust.

What they could do, using cumulus as the example buyer here,
1. Townsquare buys KEGX and continues with both frequency swaps.
2. They sell the stations they have now that they want to sell to Cumulus.
3. They buy the rest from NNB. They may have to do this in two transactions as I forget which stations they wanted to sell that they have now. Any thoughts?

I suggested in the previous thread about this deal that, if I were Townsquare, I'd be on the phone with Cumulus offering to swap my excess in the NNB deal with at least some of their excess in the Citadel deal. I don't know if it's enough for Cumulus to make the trade, but I'd be trying it if I were them!