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.
- Townsquare Has Attracted an Interesting Bidder
- Toxic Workplace, CBS Managers War on Entercom
- Budget Panic at Cumulus, the John Kaufman Effect
- Entercom’s Amped Up Cutback Plans
- Cumulus Revenue Shortfall, Sellers Exposed
- Investors Turning, Fear Fake Radio
- Entercom Management Purge, Glorified Sales Managers
- The Growing Threat of SiriusXM
- The Coming AM-FM Music Tax
- Entercom’s Voice Tracking Expansion Plans