Right from the start of radio consolidation, the smart money said these emerging monopolies could never pay back the huge debt they were running up to buy large concentrations of radio stations.
Back then, $100 million sale prices for individual radio properties were not uncommon. Multiples way in excess of ten times were expected. There was so much funny money around that individuals who wanted extra fees were paid millions just for "introducing" seller to buyer.
It was as phony an excuse for paying fees as investment banks, buyers and sellers could come up with.
Did anyone really believe that the debt being&hellip