Entercom’s Freefall

If you owned Entercom stock three years ago and held it today through the botched CBS Radio merger, your investment would be down 42%.

More recent news is just as bad.

Shares have been rebounding a little over the past month up 6.5% after a year of sustained underperformance.

Still Entercom is down 39.4% over the past 12 months.

What’s wrong with Entercom – how can it be this bad?

David Field’s broken promise that spooked money people.

What keeps investors up at night about the future of Entercom.

And what’s this insider buying the Field family does to boost the price up a few cents.

What are these rumbling of bankruptcy and when.

Read the full article now

Townsquare Turnaround

Townsquare has been the radio industry joke since it came up with the idea of buying micro-small radio markets, using station help to generate digital content and enter the events business.

The events business fell on hard times and Townsquare sold it for what they could get.

Previously, they tried to sell the entire company and got no takers.

They fired their founder, appointed co-CEOs for a year (a strategy that only troubled companies embrace) and finally gave up.

The giving up part turned out to be the unexpected consequence that could be a model for other stations feeling the advertising downturn.

Why is Townsquare’s future looking up?

If no one wants to buy them at any price, why are they rebounding today?

What is Townsquare doing to successfully operate in a depressed radio market?

A tough question is – will anybody buy them now? 

Read the full article now

The Cumulus Exit

Cumulus is fast becoming Townsquare but without a digital strategy.

That’s awful to say but, really, it’s true.

Cumulus is selling off major market assets to get whatever it can to placate lenders who have already taken a haircut in bankruptcy.

Going forward, the future is not as predictable because there is a belief that even the people running Cumulus – and that includes the new board of directors representing the aggrieved lenders – are not sure what move to make next.

What about the option to sell more of their best revenue producing stations.

What happens to the overall company now that it has lost significant cash flow.

Then there is the problem of losing key people before they are ready to.

Why are they suddenly trading smaller markets while giving away major market class B FMs?

Which option is implemented next.

Read the full article now

Entercom’s Next Round of Operational Changes

David Field spent money recently for the advice of Bain Capital on how to run Entercom.

Never mind that Bain is the genius behind iHeart’s $20 billion bankruptcy.

And a main investor in Nielsen the singlehandedly most controversial way to measure real radio audiences.

What’s in the works starting soon.

Now that David has had a few weeks to digest the gist of the Bain recommendations, he’s ready to implement them and both legacy Entercom and newly-purchased CBS Radio have plenty of reasons to be concerned.

Whose jobs will not be safe under the Bain recommendations -- six job descriptions will either be virtually eliminated or drastically cut back and when it will take place.

What functions will not be affected at Entercom even after enacting Bain’s suggestions.

Bain’s recommendations on employee compensation. 

And talent fees.

Read the full article now

Beasley’s Dominance over Entercom

Entercom is supposed to be the big kahuna in sports having inherited many CBS Radio brands.

But Beasley looks like they have Entercom’s number.

The CBS sports professionals are gone from Entercom and the David Field of Dreams is now the strategy that replaced sports talk.

Suddenly, Beasley is doing things that are not just beating Entercom.

How Beasley is using the old CBS sports playbook against Entercom, the company that bought the CBS stations.

The mixed news on sports programming that makes money but drives listeners away in droves.

Just when Entercom and Beasley are betting their futures on sports, everything just changed again.

Read the full article now