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 Post subject: Cumulus going bankrupt
PostPosted: Fri Nov 10, 2017 2:24 pm 
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https://radioink.com/2017/11/10/cumulus ... -possible/
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Abbot told investors and analysts on Thursday that there was nothing new to report on the negotiations with lenders on a refinance, other than discussions continue. He did say a resolution could be something done out of court, or in a Chapter 11 Bankruptcy. The company reported to the SEC that a Chapter 11 “could result in a significant or complete loss of value to the holders of our common stock.”

Last week, the Cumulus Board of Directors authorized the company to intentionally miss a $23.6 million interest payment on 7.75% senior notes due 2019, most likely to force lenders to come to the table and get serious. By missing the interest payment on November 1, a 30-day clock started ticking. That’s the grace period Cumulus has, giving the company one month to make the payment or go into what is called an “Event of Default.” An “Event of Default” means lenders can demand full repayment of the entire loan sooner than it was originally due. An “Event of Default” also enables the lenders to seize any collateral that has been pledged and sell it to recoup the loan. The filing says the decision was made “in support of the Company’s efforts to develop and implement a restructuring that will allow the Company to continue its operations.”


Let's round up some couch change and try to buy KQX.

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PostPosted: Fri Nov 10, 2017 2:27 pm 
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$23.6 million interest payment on 7.75% senior note


gimme some of that, who the hell negotiated those loans for em. that's 1980's muni bond interest.


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PostPosted: Fri Nov 10, 2017 2:29 pm 
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WLS and the Loop. Dayum.

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PostPosted: Fri Nov 10, 2017 2:31 pm 
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Hopefully all these large radio conglomerates begin to fail and have to sell off their assets. It would be good for radio to go back to a more independent model.

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PostPosted: Fri Nov 10, 2017 2:34 pm 
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Yeah, I feel like one way or the other, the center cannot hold: either the corporations sell off lots of their stations, or they pull the plugs on local operations and create national networks of Kiss FM/My FM/etc.

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PostPosted: Fri Nov 10, 2017 2:35 pm 
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They must be fucked if they can't find a lender to refinance that high-interest debt at a more reasonable interest rate.


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PostPosted: Fri Nov 10, 2017 2:36 pm 
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Hatchetman wrote:
WLS and the Loop. Dayum.

They actually just closed on ownership of KQX and the Loop the other day. They had been running them on LMAs for the last 4ish years while only owning 890 and 94.7 outright. I don't understand why they made that transaction if they're broke.

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PostPosted: Fri Nov 10, 2017 2:44 pm 
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I never really understood what they did with WLS-FM. That frequency had a good thing going with oldies/motown tracks they used to play, and they abandoned it for some stale/played to death playlist that you can find on 3 other stations in this market. They moved Dick Biondi to Saturday and Sunday mornings, and still force the guy to follow the same awful playlist. He is on from like 6AM-10AM Saturday and Sunday, why not let him create some sort of specialty show, and program it himself? The dude is a radio legend for chrissakes.

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PostPosted: Fri Nov 10, 2017 2:57 pm 
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Douchebag wrote:
I never really understood what they did with WLS-FM. That frequency had a good thing going with oldies/motown tracks they used to play, and they abandoned it for some stale/played to death playlist that you can find on 3 other stations in this market. They moved Dick Biondi to Saturday and Sunday mornings, and still force the guy to follow the same awful playlist. He is on from like 6AM-10AM Saturday and Sunday, why not let him create some sort of specialty show, and program it himself? The dude is a radio legend for chrissakes.

Consultants showed them that people PTFB on 1960s oldies, Motown, songs sung by women, any combinations thereof, and jocks talking too much, so that's all out. Everyone lives in constant fear of listeners changing the station, as if they won't do that when they hear "Any Way You Want It" for the millionth time, or during an eight-minute stop set, or won't do it anyway because nobody listens to the radio for 24 hours a day. It's the same reason the Loop and the Drive, previously sister stations but now competitors, have merged Classic Rock That Really Rocks and The Soundtrack Of Your Life into one bowl of lukewarm album-rock soup: the margin for error is too thin to play anything that hasn't been researched, focus-grouped, and field-tested as safe.

They should let Biondi do his own show but I think more than anything they've just been trying to push him out the door (they had him doing 11p-2a before. For whom, exactly?), but he's not gonna retire till he dies.

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PostPosted: Fri Nov 10, 2017 3:02 pm 
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Hatchetman wrote:
WLS and the Loop. Dayum.


If that means no more Big John Howell, I'll be fine with that.

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PostPosted: Fri Nov 10, 2017 3:03 pm 
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Curious Hair wrote:
They should let Biondi do his own show but I think more than anything they've just been trying to push him out the door (they had him doing 11p-2a before. For whom, exactly?), but he's not gonna retire till he dies.

Yeah, I remember when they had him doing overnites, but I was done with the station by that time anyway. He's broadcasting during hours where nobody is listening anyway, just let the guy spin what he wants.

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PostPosted: Fri Nov 10, 2017 3:47 pm 
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I figured Biondi has passed. I spent many an hour listening to him in the car as my dad dove my brother and I around.


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PostPosted: Tue Nov 14, 2017 11:05 am 
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Douchebag wrote:
I never really understood what they did with WLS-FM. That frequency had a good thing going with oldies/motown tracks they used to play, and they abandoned it for some stale/played to death playlist that you can find on 3 other stations in this market. They moved Dick Biondi to Saturday and Sunday mornings, and still force the guy to follow the same awful playlist. He is on from like 6AM-10AM Saturday and Sunday, why not let him create some sort of specialty show, and program it himself? The dude is a radio legend for chrissakes.

I'm with you as I love a real oldies playlist (70s/80s classic rock is good, but not oldies), but no station wants to play oldies anymore as the average audience is 70. I think there's a market for it, but no station provides it so I just get that music via one of about a half dozen music apps available.

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PostPosted: Tue Nov 14, 2017 11:30 am 
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I realize there's not a place for an all-oldies station anymore but I'd still like to think a "classic hits" station should be able to play one Motown cut per hour without clearing out the listenership the way the consultants fear. Like, do they think people listening to WLS-FM will hear "Come See About Me" or "I Heard It Through the Grapevine," start screaming "GET IT THE FUCK OFF MY RADIO," and crash their cars from furiously turning the dial to find "Livin' on a Prayer"?

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PostPosted: Tue Nov 14, 2017 4:07 pm 
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But sometimes I need the Wanderer and Love potion #9. I actually do have a fondness for that music and it was way before my time. Can't handle it for hours on end but yeah, I think Id take it over Livin on a Prayer.


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PostPosted: Tue Nov 14, 2017 4:13 pm 
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Curious Hair wrote:
I realize there's not a place for an all-oldies station anymore but I'd still like to think a "classic hits" station should be able to play one Motown cut per hour without clearing out the listenership the way the consultants fear. Like, do they think people listening to WLS-FM will hear "Come See About Me" or "I Heard It Through the Grapevine," start screaming "GET IT THE FUCK OFF MY RADIO," and crash their cars from furiously turning the dial to find "Livin' on a Prayer"?

The ratings at WLS-FM were great when they were more "oldies" focused. They have plummeted since the switchover to 70's and 80's butt-rock. It's not like they were playing music from the 50's either earlier. It was mostly 1964-1974 focused, with maybe an occassional pre 64 song sprinkled in.

I don't even understand why they wouldn't want to play oldies anyway. Old geezers are probably the only people left listening to FM radio. You might as well cater to your biggest audience.

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PostPosted: Tue Nov 14, 2017 4:27 pm 
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Sounds like a prime opportunity to purchase a signal for WCFMB.

I’m in for 25%.

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PostPosted: Tue Nov 14, 2017 4:30 pm 
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Worked in a kitchen with a bunch of older gals and we listened to Biondi all the time. Called in once and requested My Ding a Ling by Chuck Berry. That one was a favorite to get all those old hens cackling. That job was so much fun, I either worked with a bunch of old ladies or 16yr old kids. Either way the kitchen was always rocking :lol:

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PostPosted: Tue Nov 14, 2017 4:32 pm 
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Dr. Kenneth Noisewater wrote:
Sounds like a prime opportunity to purchase a signal for WCFMB.

I’m in for 25%.


Chicagoland signals are expensive. WBIG-AM and WRMN-AM are both 1K Watt, Class B-licensed stations that were packaged with a similar AM signal in Las Vegas, all airing The Radio Shopping Show, for $2 million.


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PostPosted: Tue Nov 14, 2017 4:56 pm 
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RMN's practically a daytimer, too; they carry Elgin HS hoops at night but the night signal might not even make it to the high school.

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PostPosted: Tue Nov 14, 2017 5:12 pm 
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Douchebag wrote:
The ratings at WLS-FM were great when they were more "oldies" focused. They have plummeted since the switchover to 70's and 80's butt-rock. It's not like they were playing music from the 50's either earlier. It was mostly 1964-1974 focused, with maybe an occassional pre 64 song sprinkled in.


Yeah, I remember WLS-FM coming back and doing great in the ratings because everyone missed having an oldies station so much -- 104.3 had been doing Jack FM for a while by then and not generating any interest (which it generally didn't in major markets, CBS did the same thing with WCBS-FM in New York). I don't know if K-Hits spooked them out of real oldies or what but it hasn't translated to ratings. Then they had that whole issue where some out-of-town executive was obsessed with getting this morning guy named "Jack Diamond" over at the expense of this whole roster of old Chicago DJs, but the guy was always out sick anyway until he finally disappeared. Then they started automating and voice-tracking, telling the jocks who actually were in the studio not to talk, and generally cutting corners.

Seems like the whole consultant racket in radio is that when they have a good idea, management gets the credit, but when they have a bad idea, hey, blame the consultant. Must pay well.

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PostPosted: Tue Nov 14, 2017 5:17 pm 
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http://www.radiotvdeals.com/35m8/illinois.html

We can get an FM Translator in Macomb for $50K. The "listenable" signal carries from Tennessee (IL) to a place totally unironically called Poverty Ridge. Dr. Ken's kind of people, I presume.

And then there's an AM daytime signal up for $2mil. Anybody know investors who want to get into the sports talk radio game?


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PostPosted: Tue Nov 14, 2017 5:19 pm 
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Juice's Lecture Notes wrote:
http://www.radiotvdeals.com/35m8/illinois.html

We can get an FM Translator in Macomb for $50K. The "listenable" signal carries from Tennessee (IL) to a place totally unironically called Poverty Ridge. Dr. Ken's kind of people, I presume.

And then there's an AM daytime signal up for $2mil. Anybody know investors who want to get into the sports talk radio game?


LOL, that might be fun. Dr Ken is in for 25%.....?

The problem would be the operating funds. It's one thing to buy the station and quite another to come up with the ongoing working capital needed to fund what I would expect to be a money losing venture.

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PostPosted: Tue Nov 14, 2017 5:27 pm 
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denisdman wrote:
Juice's Lecture Notes wrote:
http://www.radiotvdeals.com/35m8/illinois.html

We can get an FM Translator in Macomb for $50K. The "listenable" signal carries from Tennessee (IL) to a place totally unironically called Poverty Ridge. Dr. Ken's kind of people, I presume.

And then there's an AM daytime signal up for $2mil. Anybody know investors who want to get into the sports talk radio game?


LOL, that might be fun. Dr Ken is in for 25%.....?

The problem would be the operating funds. It's one thing to buy the station and quite another to come up with the ongoing working capital needed to fund what I would expect to be a money losing venture.

Drunk PittMike at 2:00!


Well I don't get out of bed for less than $2K a week.


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PostPosted: Tue Nov 14, 2017 5:31 pm 
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Just set up a pirate station, provided there's not a translator on every single frequency in Chicago now.

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PostPosted: Tue Nov 14, 2017 5:58 pm 
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Curious Hair wrote:
Just set up a pirate station, provided there's not a translator on every single frequency in Chicago now.


About a decade ago someone got a pirated station up and playing on the south side. I think it was like 101.5. All they played was unedited Rap music. It actually lasted a couple weeks and before they got shut down were doing ads for some business on 63rd st in Englewood.

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PostPosted: Tue Nov 14, 2017 6:00 pm 
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Yeah, I think 99.1 and 101.5 have been the only places you could do a pirate station in Chicago. Marty Zivin (RIP) had pirate stations on one or both.

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PostPosted: Tue Nov 14, 2017 6:06 pm 
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Curious Hair wrote:
Douchebag wrote:
The ratings at WLS-FM were great when they were more "oldies" focused. They have plummeted since the switchover to 70's and 80's butt-rock. It's not like they were playing music from the 50's either earlier. It was mostly 1964-1974 focused, with maybe an occassional pre 64 song sprinkled in.


Yeah, I remember WLS-FM coming back and doing great in the ratings because everyone missed having an oldies station so much -- 104.3 had been doing Jack FM for a while by then and not generating any interest (which it generally didn't in major markets, CBS did the same thing with WCBS-FM in New York). I don't know if K-Hits spooked them out of real oldies or what but it hasn't translated to ratings. Then they had that whole issue where some out-of-town executive was obsessed with getting this morning guy named "Jack Diamond" over at the expense of this whole roster of old Chicago DJs, but the guy was always out sick anyway until he finally disappeared. Then they started automating and voice-tracking, telling the jocks who actually were in the studio not to talk, and generally cutting corners.

Seems like the whole consultant racket in radio is that when they have a good idea, management gets the credit, but when they have a bad idea, hey, blame the consultant. Must pay well.

WJMK was my go to in high school when they were playing real oldies. Then memorial day of my senior year they switch to Jack FM. Bleh. I don't think anyone liked that crap. I remember they had a secondary station on Internet radio for a while that still played oldies though. I used to listen to that during my freshman year at Purdue the following fall.

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PostPosted: Tue Nov 14, 2017 10:56 pm 
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Drunk Squirrel wrote:
But sometimes I need the Wanderer and Love potion #9. I actually do have a fondness for that music and it was way before my time. Can't handle it for hours on end but yeah, I think Id take it over Livin on a Prayer.


:cheers: :cheers: Post of the Year! :cheers: :cheers: A man after my own heart. And I thought I was the only one still rocking to the oldies!


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PostPosted: Tue Nov 14, 2017 11:00 pm 
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I didnt know Dick Biondi was still alive. Good for him! and still working!

I remember 104.3 WJMK was the chicago oldies station for years since the 80s. Didnt know they don't play oldies anymore.

Do you guys also remember the 'dusties'? That's what my African American friends at work use to call the 'oldies'. I forgot which station it was but there was a great Dusties station on the AM dial back in the day. 60s Motown, 70s soul, R/B. And the sound off the AM dial sounded more authentic than modern FM music.

Man they don't make music like they did during the Motown era. The voices so rich and natural.

https://www.youtube.com/watch?v=grE0lwTsSPg


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