So, let’s get this straight.
Emmis sells its 50.1% interest in its Austin radio properties for $39.3 million.
That’s only about $3 million less than Cumulus got for KLOS-FM, Los Angeles, a storied station in the second largest market.
And much more than Cumulus got for one legendary WPLJ-FM, New York that was bundled with WRQX-FM, Washington and WYAY, Atlanta with three more smaller market stations thrown in for the low, low price of $103.5 million devaluing WPLJ to garbage status.
And then yesterday, Beasley buys WDMK-FM, Detroit and three translators thrown in for only $13.5 million – and yes, I get that Detroit is not New York or LA or even Austin but something is seriously wrong with the radio industry with fire sales like these going on.
If the good stuff is selling for pennies on the dollar, how does that value the rest of the radio industry?
Cumulus was working on the WPLJ sale for months only to just give it away.
What other stations are on the block and under the radar?
But wait, has the market finally bottomed out for radio stations?
And is it a good time to buy?