Kagan is estimating that $771 million of radio deals were done in the second quarter.
They are guessing at multiples like the 7 times forward cash flow for Cox FMs and 6 times for AMs, a generous estimate at that.
And there’s the Meruelo steal of Cumulus’ KLOS for only $43 million in LA and other insulting offers taken by opportunists who believe now is the time to start buying radio again.
The big guys are on the ropes but a troubling trend for smaller market owners is also emerging.
Take the Stephens takeover of Mapleton.
When you look inside the deal, it presents a scary scenario for a segment of radio markets that are thought to be bulletproof.
- Changes to Cumulus Operations
- Townsquare’s Non-Turnaround
- Pittman’s Blueprint for iHeart
- Entercom’s Accelerated Layoffs
- The Sale of Universal Music Group
- What Cumulus is Hiding
- Numbers Tell a Sobering Story on Entercom
- iHeart Firing Employees for Its New Owner
- Entercom Now Outsourcing to India
- Entercom’s Market Meltdown