Louis: This is it! This is the sign!
Janine Melnitz: Yeah, it's a sign, all right - "Going out of business".
-- From Ghostbusters
Sooner or later it had to happen.
Citadel, Clear Channel, Cumulus and the other big consolidators weren't just driving down their share prices. They were also killing the value of radio stations.
Of course, we really haven't been able to know just how low prices were really going to sink because so few stations have been sold in this bad economy.
We had the CBS Denver sale -- three stations to Wilkes Broadcasting for $19.5 million. The multiple on that deal was about&hellip
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