The Lunacy of Citadel Buying ABC

Why is it that when a company spends $2.7 billion to do a complicated buyout of an old radio company everyone thinks they are good investors?

Am I the only one who looks at Citadel's purchase of ABC as a colossal overpayment for radio stations with an aging audience and a questionable future.

I don't mean this as criticism of the programming people and managers who have made ABC one of the most profitable radio groups. It's just that their time is up. Their stations are not going to win the future generation and yet Citadel gets backing to do the ABC deal based on a lot of good yesterdays.

I'm not naive. I know why&hellip