1 of 1- RadioActive
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How A Big Bet On Radio Almost Destroyed A Family's Fortune
At one time, Audacy was one of the biggest owner of radio stations in the U.S. Then C.E.O. David Field risked $1.5 billion in 2017 to buy the CBS-owned stations, including some of the biggest like WCBS, WINS and KNX. But with the industry sagging, so are his family's fortunes - and fortune.
It's the sad story of how the medium is no longer well done and how poor ownership only made things worse.
"The company, previously known as Entercom Communications, is hardly alone. The shares of industry leader IHeartMedia Inc., which has more than 850 stations, are down 60% this year, and No. 3 Cumulus Media Inc. said revenue at its 400 or so stations fell 17% in the third quarter.
"With new options like Spotify, people don’t turn to radio to discover new music as much as they used to, according to Jacobs Media. The share of Americans ages 12 and older who listen to radio declined to 82% last year, from 92% in 2009, according to Pew Research."
He Bet Big on Radio’s Future. It Crushed His Family’s Fortune
- darcyh
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Re: How A Big Bet On Radio Almost Destroyed A Family's Fortune
Interesting how the decline of radio is often blamed on competing platforms and it probably is to some extent. I believe many stations were over valued and these big broadcasters paid too much for them. Does it not occur to those in charge that their relentless cost cutting and cheapening of the product (content) is key to their decline.
Last edited by darcyh (November 17, 2023 11:33 am)
- paterson1
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Re: How A Big Bet On Radio Almost Destroyed A Family's Fortune
Audacy is trading this morning at .29 cents per share. The lowest was in May of this year when stock got down to .09 cents. Here at home Corus Entertainment is trading at .58 cents per share. Audacy is a major player in US radio with 227 stations in 45 markets.
- mace
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Re: How A Big Bet On Radio Almost Destroyed A Family's Fortune
paterson1 wrote:
Audacy is trading this morning at .29 cents per share. The lowest was in May of this year when stock got down to .09 cents. Here at home Corus Entertainment is trading at .58 cents per share. Audacy is a major player in US radio with 227 stations in 45 markets.
In May 2023, Audacy was delisted from the NY Stock Exchange due to the company's common stock trading at an abnormally low share price. I would say .29 cents per share would fall into the abnormally low category.