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            Entercom/USTN Deal Gone Bad - What Really Happened

            Cumulus & Univision Together

            Panic At Cumulus

            Beasley Blowing It

            Who Will Buy Cox Radio

            iHeart’s Silver Lake Takeover Bid

            Less FM For Entercom

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            Who Will Buy Cox Radio

            iHeart’s Silver Lake Takeover Bid

            Less FM For Entercom

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            Panic At Cumulus

            Beasley Blowing It

            Who Will Buy Cox Radio

            iHeart’s Silver Lake Takeover Bid

            Less FM For Entercom

            iHeart, Entercom & Cumulus

            Lew Dickey's Next Venture Heating Up

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            Who Will Buy Cox Radio

            iHeart’s Silver Lake Takeover Bid

            Less FM For Entercom

            iHeart, Entercom & Cumulus

            Lew Dickey's Next Venture Heating Up

            Voice Activated Radio Listening on Smart Speakers

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Inside 

• Suddenly, their growth plan is in jeopardy.  The serious ramifications. 

• Can they stop the race to the bottom stock price decline that THEY caused because of bad strategic planning?  

• How David Field snookered Caroline Beasley. 

• Future acquisition plans – what now? 

• Why Beasley is hanging around without any prospect of attaining scale. 

• Is Beasley a SELL?

Recent Stories

            Who Will Buy Cox Radio
            The likely buyer is the most unlikely buyer

            iHeart’s Silver Lake Takeover Bid
            Another suspicious offer Bain is not accepting 

            Less FM for Entercom
            Repeating how they killed the CBS merger

            iHeart, Entercom & Cumulus
            Which one is the next Toys “R” Us? 

            Lew Dickey’s Cumulus Takeover Bid Update
            When, how & chances of success

            Cumulus Troubles
            Now add the new board to their problems   

            Entercom’s Dire Future
            A bombshell announcement is coming

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Summary

• With Cox Media Group announcing the sale of its TV assets, there is no longer any synergistic reason to keep radio.
• Which radio groups or investor is most motivated to make an offer to buy some or all of the Cox radio properties.
• Why this is the worst time for Cox radio to be in play for groups that desperately need their stations more than ever.

Cox has no reason to keep its 60 plus radio outlets when it sells its TV stations as the company announced it would do yesterday.

Either a sale or a merger, but a sale is most likely.

Perhaps to the dreaded Sinclair or to Tribune to make it Sinclair-proof going forward.

Cox radio stations are highly desirable because unlike other radio groups, Cox knows how to super monetize them.  They hire outstanding people and their stations are well managed.

There are a number of radio groups that would like to cherry pick the Cox radio roster and one potential stealth buyer who could buy the entire radio group.

Because even purchasing Cox radio does not make another iHeart or Entercom for an existing radio group but the companies nibbling at some Cox stations are looking to grow more than dominate.

And look what happened when Beasley bought back WXTU-FM, Philadelphia at very high multiples.

Their stock tanked because they will have to issue more stock and dilute current shareholder’s value. Since Monday Beasley stock has dropped from the $9 range to the $7 range.  Does that leave Beasley out of the Cox radio sweepstakes?

Nevertheless, there is a surprising group of suitors who will find the money if they can pry some Cox stations away. 

Read more 

• Why iHeart has gotten 2 takeover bids and apparently rejected both.
• The main reason Liberty pulled its $1.1 billion initial offer for 40% of iHeart.
• What is suspicious about Silver Lake’s recent and lesser bid.

It shouldn’t come as a surprise that the company that ran like a circus with CEO Bob Pittman selling snake oil should find itself in a circus-like bankruptcy.

A second company has come forward to bid on iHeart.

Private equity firm Silver Lake is offering $500 million to its largest creditor groups (Franklin Mutual Advisors and Pacific Investment Management) that could go toward making lenders who will be taking a haircut more whole.

But as with the previous Liberty Media takeover bid, iHeart is not acting.

Liberty has withdrawn its $1.1 billion offer for a 40% stake in the company for reasons that are both strategic and concerning.

Why so many bids and none of them being seriously considered?

Read more 

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            iHeart, Entercom & Cumulus – Which one is the next Toys “R” Us?

            Lew Dickey's Takeover Bid Update – When, how & will he succeed?

            Cumulus Troubles – Now, add the new board to their problems.

            Entercom’s Dire Future – Eye-popping revenue slide coming.

            iHeart Bankruptcy – 2 bidders, so why aren’t they taking any offers?

            Smart Speakers & Radio – Truth about Alexa and radio usage at home.

            Ramifications of 8 FM Stations Per Market – Scary unintended consequences.

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• Why is it so difficult for radio’s three biggest groups to start regaining audience and revenue again?
• iHeart’s biggest strategic mistake.
• How Entercom keeps losing revenue with all those great CBS stations onboard.
• Why Cumulus is obsessed with controlling the narrative instead of growing revenue share.
• How lenders are prepared to turn radio’s best assets into Toys “R” Us.

A new subscription also unlocks these full articles …

            Lew Dickey's Takeover Bid Update

            Cumulus Troubles

            Entercom’s Dire Future

            iHeart Bankruptcy

            Smart Speakers & Radio

            Ramifications of 8 FM Stations Per Market

            Entercom’s Projected CBS Merger Cutbacks

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• Details on what is Lew going to do with that $207 million blank check that expires in November.
• Why Dickey is raising even more money beyond what it would take to buy Cumulus back.
• 3 radio groups from which Dickey could buy stations.
• First look at his radical new plan and where radio fits into it.
• We pinpoint the month when Dickey is going to make that offer to buy Cumulus.

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            Cumulus Troubles

            Entercom’s Dire Future

            iHeart Bankruptcy

            Smart Speakers & Radio

            Ramifications of 8 FM Stations Per Market

            Entercom’s Projected CBS Merger Cutbacks

            Cox – Seller or Buyer?

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• 3^rdquarter ad revenue pacing revealed
• The July 25th Town Hall
• The new Cumulus board
• Those market manager surveys
• Layoffs

Read the full article now.

• Revenue – why is it continuing to nose dive.

• How long before an Entercom turnaround.

• Trouble ahead at their former CBS all-news stations.

• New danger for 24 major market sports outlets.

• No ad revenue growth means more cutbacks – whose next and when.

• An Entercom bankruptcy?  Is that even possible.  What financial people say. 

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INSIDE …

• Liberty or Silver Lake – which one is going to make a bid for iHeart.
• What about all those leaks to the news media about interest in buying iHeart – who’s the source?
• The major victory for iHeart in bankruptcy court that is going unnoticed.
• What’s in all this for Bob Pittman.
• When to expect the serious bidders to make their move.

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Talk to Jerry privately here.

See a complete list of my previous stories here

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• Which groups have the most to gain if ownership rules are eased.
• The unintended consequences in key markets if ownership limits are expanded.
• The growing list of radio groups lining up in opposition to owning more stations than currently allowed.  And why!
• The scary new meaning of monopoly if this legislation gets passed.
• How easing ownership limits could kill some radio groups – say, Entercom to name a big one.

A new subscription also unlocks these full articles …

            Entercom’s CBS Synergies

            Cox – Seller or Buyer?

            iHeart’s New Buyer

            Beasley’s $250 Million Acquisition Fund

            iHeart’s Threat To Buy More Stations

            CBS Sales Rebellion At Entercom

            First Cumulus Report Card After Bankruptcy

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• How CBS news shakeup is about to get bigger.
• How much of a pay cut is coming for surviving CBS employees.
• CBS sports franchises.
• The CBS format likely to get hurt the most from coming cutbacks.
• What CBS key exec left the building last Friday.

A new subscription also unlocks these full articles …

            Cox – Seller or Buyer?

            iHeart’s New Buyer

            Beasley’s $250 Million Acquisition Fund

            iHeart’s Threat To Buy More Stations

            CBS Sales Rebellion At Entercom

            First Cumulus Report Card After Bankruptcy

            The Scripps Spinoffs

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• The Cox radio markets that could be available – 4, possibly 5.
• Which group will pay big multiples to get Cox stations.
• The markets where Cox could also be a buyer. 
• Cox’s new strategy of “convergence” explained.

A new subscription also unlocks these full articles …

            iHeart’s New Buyer

            Beasley’s $250 Million Acquisition Fund

            iHeart’s Threat To Buy More Stations

            CBS Sales Rebellion At Entercom

            First Cumulus Report Card After Bankruptcy

            The Scripps Spinoffs

            The Entercom Exodus

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Read the full article now    

1. Information leaked over the Fourth that there is a second bidder interested in taking over iHeartMedia – which one would be the better owner?
2. iHeart would emerge from bankruptcy with $10 billion less debt – is it enough or will there be more layoffs to come?
3. The parts that will likely be sold off to pay down debt even further no matter who comes away with iHeart.
4. And one bidder would keep selling until iHeart’s debt was de-levered – which one is that?
5. The rise of SiriusXM – how it fits into Liberty’s plans to remake iHeart programming.

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• Why Beasley filed with the SEC to raise $250 million at this late date.
• Public speculation about iHeart spinning off stations to Beasley.
• Alpha, Townsquare and Scripps/Milwaukee – which are now potential Beasley acquisition targets.
• How Beasley will be impacted by iHeart’s threat to buy more stations not sell if ownership limits are eased.

Read the full article now    

• Why iHeart, the biggest consolidator, is now strongly against easing ownership rules.
• How owning more stations will sit with Liberty, their buyer in waiting.
• The real reason iHeart is threatening competitors if the NAB-backed deregulation legislation is passed.
• How iHeart’s threat to get even bigger might affect Entercom, Beasley, Cumulus and other groups looking to grow.
• Will more stations be good for iHeart employees?

Read the full article now