The Curse of Tower Sales

  • Which of these groups did a non-cursed tower sale: Saga, Townsquare, Cumulus, iHeart, or Alpha?
  • Three specific warnings to future buyers inheriting a tower deal.
  • How much more does a “Clean Sale” (no minimal rent) add to the resale price.
  • Which groups still have the tower maloik on them

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Vultures Circling Beasley

  • Why someone might find Beasley attractive
  • If Beasley falters, the groups that could snap up cheap assets
  • What the Beasley family can block and not block
  • Their one last lifeline
  • Will Beasley pass its 2026 “going concern” test

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Cumulus Accelerates Nielsen Lawsuit

Why it’s important:  No radio company ever succeeded at suing Nielsen but this time, it feels different.

  • Why Cumulus isn’t suing Nielsen to win
  • The possibility of switching rating services
  • What federal courts rarely do in cases like these
  • The projected courthouse outcome

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The Cumulus Temper Tantrum

The Cumulus lawsuit against Nielsen is all about their network Westwood One and Nielsen’s insistence on buying ratings in all markets where a network like Westwood One owns stations – monopoly Cumulus accusing monopoly Nielsen of wrongdoing is rich.

Why it’s important

  • A radio network that needs Nielsen is now feeling the wrath of a ratings monopoly whose actions could further depress their earnings – the kind of situation competitors have had to suck up.
  • The audacity of Cumulus CEO Mary Berner to accuse another monopoly of being the same thing shows she seems scared of effects on revenue.
  • Cumulus is saying that Nielsen won’t sell them the national radio ratings needed by their network Westwood One unless they also buy Nielsen’s local ratings — even in markets where Cumulus doesn’t want or need them.

In reality 

  • Cumulus only wants to buy the national ratings for its network business – but,  according to the lawsuit, Nielsen’s rule is basically:  “If you want the national ratings, you also have to buy our local ratings too.”
  • That’s the alleged “tie-in” — you can’t buy one product (national) without also paying for another (local).
  • Cumulus says that’s unfair because it forces them to pay for a service they don’t need, and it keeps any smaller competitor from offering just national ratings on their own.
  • Nielsen says the products are part of one integrated service, not a forced tie-in, and that Cumulus is mischaracterizing how the business works.
  • So, the fight is about this: Is Nielsen using its power over the must-have national ratings to force customers to buy more from it than they want?  That’s what “tying in” means in antitrust law.

Go Deeper:  Is iHeart Next? / The likely winner / If not Nielsen, who is Cumulus’ number two?

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The Trouble with Salem’s Turnaround

A “going concern” assessment is a crucial threshold for radio groups facing bankruptcy this year for Beasley, Urban One and Salem but Salem could attempt to survive the “going concern” challenge if it can manage some 6 critical obstacles in the way.

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Layoffs Mount — iHeart Brass Cash In

INSIDE

  • Why a company with a shrinking payroll rewards its highest-paid executives.
  • The math behind the latest iHeart layoffs that doesn't add up.
  • The one number that shows why iHeart’s CEO isn’t really worried about the debt.
  • How the executive who is overseeing iHeart's mass layoffs just ensured he'll never be one of them.

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