iHeart, Entercom, Cumulus and Townsquare are afraid of the coronavirus but not for the reasons you think.
Their stock is in the toilet (Entercom $2, Cumulus $6, iHeart, $7, Townsquare $4).
Revenue was eroding for years before the current recession triggered by the pandemic.
No buyers – not even private equity firms who could load up on radio cheaply.
In 1999, a major market radio station sold for $100 million or more.
Today, there are no comparables which of itself says $10 million for WAAF-FM in the Boston market is accurate if not pathetic.
Behind closed doors, each of the major consolidators are getting ready to make disruptive moves to avoid bankruptcy and even their employees don’t see what’s coming.
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