How Consolidation Could Have Worked

I never for even one minute thought radio consolidation would work right from the get go.

But, even I didn't believe radio consolidation would have turned out this bad.

Citadel is negotiating its debt covenant to avoid bankruptcy again even as I write this. Clear Channel's solvency is no slam dunk. And Cumulus, the other one of the big three consolidators, has one foot in the grave and the other on a banana peel.

It didn't have to be this way.

All the power didn't have to wind up in the hands of a few radio execs worshiping at the feet of Wall Street bankers. There could have been a "Plan B" just in case&hellip