What a mess.
Founder Larry Wilson intended for Alpha Media to be everything iHeart was not – live and local and soundly invested in carefully chosen mid-sized radio markets.
But in his haste to do an IPO, Wilson bought a micro-market company known as Digity and the high price of adding insignificant small market stations put Alpha underwater ever since.
Wilson was kicked aside. Paul Stone came to his financial rescue and took over control.
Now, even Stone may get burned as a new owner is waiting in the wings and their goal is not live and local but buy and sell.
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