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Liberty has withdrawn its $1.1 billion offer for a 40% stake in the company for reasons that are both strategic and concerning.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

Subscribers get INSTANT ACCESS here.

Become a NEW SUBSCRIBER and begin with Less FM For Entercom here. 

A new subscription also unlocks these recent articles …

            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.

Your new subscription includes access to every article for the past year and 3,964 in our archive like these(scroll through/latest first). Everything.

For 27 cents a day, join the thousands of members who read Inside Music Media-- insightful, deadly honest and informative.

Inside Music Mediacontains noadvertising.  Accepts no corporate money or consideration.  And is beholden only to subscribers who appreciate it so much that they pay for it.  Thank you.

Start a subscription here. 

Subscribers get INSTANT ACCESS here.

Become a NEW SUBSCRIBER and begin with iHeart, Entercom & Cumulus here.  

If you’ve been thinking about subscribing and would like to access this story, let me tell you what you will get …

• 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

Your new subscription includes access to every article for the past year and 3,963 in our archive like these(scroll through/latest first). Everything.

For 27 cents a day, join the thousands of members who read Inside Music Media-- insightful, deadly honest and informative.

Inside Music Mediacontains noadvertising.  Accepts no corporate money or consideration.  And is beholden only to subscribers who appreciate it so much that they pay for it.  Thank you.

Start a subscription here. 

Subscribers get INSTANT ACCESS here.

Become a NEW SUBSCRIBER and begin with Lew Dickey's Next Venture Heating Up here.  

If you’ve been thinking about subscribing and would like to access this story, let me tell you what you will get …

• 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.

A new subscription also unlocks these full articles …

            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?

Your new subscription includes access to every article for the past year and 3,961 in our archive like these(scroll through/latest first). Everything.

For 27 cents a day, join the thousands of members who read Inside Music Media-- insightful, deadly honest and informative.

Inside Music Mediacontains noadvertising.  Accepts no corporate money or consideration.  And is beholden only to subscribers who appreciate it so much that they pay for it.  Thank you.

Start a subscription here.