When CC decided to divest the stations they have been in the process of divesting this year, they went about it in a bit of an unusual way. Instead of setting asking prices, they issued the financials to qualified buyers and allowed the buyers to make bids for the properties. Essentially, the more stations a buyer was willing to buy at a time, the more likely CC was to accept the offer, even if the offer wasn't exactly the highest bid.
As many people know, I took a look at a few of the departing CC markets, including Somerset. I decided to take a pass for a variety of reasons, and I won't get into details of how well the stations are doing, but I will say that the Somerset cluster is quite successful from a revenue perspective.
We'll see what happens now that the American Securities Capital deal has fallen through. A good local owner could really do something with the Somerset cluster.