Broke Back Radio

Radio is broke.

But there is no way to know for certain.

The market cap on publicly-traded radio groups is so startlingly low as to be useless. The cap for Citadel, for example -- is around $54 million dollars. And that includes all those major market ABC properties. That can't be right.

So Wall Street's own litmus test of value doesn't really work for radio.

Very little Wall Street does works for radio. The local radio business was a victim of investment bank greed during the heady times of the Nineties.

No radio station was ever really worth $100 million.

No multiple of streaming cash flow or&hellip