Posts Tagged ‘WRIE’

Lew Dickey keeps Erie

According to RadioInk Magazine, the shakeout from the big Cumulus/Citadel radio merger leaves the four stations in Erie, WXKC, WXTA, WQHZ, and WRIE in the hands of Cumulus Media. Because of FCC rules, Cumulus can’t keep 14 of the stations from the resulting massive broadcast group. From their report:

The paperwork has been filed for the Cumulus-Citadel merger, including an application to assign 14 stations to a divestiture trust since, with the deal, Cumulus will lose grandfathered status in some markets and go over ownership limits in others…The stations will be assigned to Volt Radio, a divestiture trust with Scott Knoblauch as trustee.

Cumulus buys Citadel, includes four stations in Erie

Classy 100/WXKC

WXKC/Classy 100's parent is sold to Cumulus Media

Nearly half of Erie’s radio stations are about to answer to a new boss. According to a flash report Thursday afternoon on RadioInk.com:

Radio Ink has confirmed that a deal to purchase Citadel, which includes the radio network and the former ABC-Disney properties and Citadel properties with 550 stations in 120 cities and eight of the top 10 markets has been agreed to. The offer, which was accepted is due to be announced at $37 a share ($30 cash).

The transaction valued at 2.4 billion and 1.5 billion in market equity totaling a $4 billion enterprise value.

The magazine was unable to get comment from the major players, but internal communication confirmed the sale.

This puts the nation’s second largest radio owner in charge of four stations licensed in Erie County, including WXKC/Erie (Classy 100), WXTA/Edinboro (Country 98), WQHZ/Erie (Z102.3), and WRIE/Erie (ESPN 1260 The Score). Citadel Broadcasting prided itself as the largest “pure-play” radio operator in America, and recently emerged from bankruptcy protection last summer. As we have reported over several months, Cumulus has had its eye on the group for a takeover, hostile or otherwise.

As of this afternoon, there is no official word of the sale from either party.

WMCE listeners migrate from 104.9 translator

Michael Leal, Director of Broadcasting for Mercyhurst College’s 88.5 WMCE, writes to tell listeners of the jazz station that they are about to lose their second signal at 104.9 FM. Here’s the release:

If you listen to Mercyhurst College’s JAZZ FM – WMCE Radio over 104.9FM, program director Michael Leal is asking listeners to switch frequencies to 88.5FM, effective immediately.

Mercyhurst owns the 88.5 FM frequency which it broadcasts a full-time jazz format. It has also been simulcasting its programming over translator 104.9FM (W285AI), which is not owned by the college and the license is expected to be sold to a local commercial broadcaster in the near future.

The 88.5 FM frequency has increased its power significantly in recent years and anyone listening to Jazz FM over 104.9 will be able to receive it over 88.5

“All Jazz FM programming will continue without interruption, but only heard over 88.5FM,” Leal said.

You can also continue to hear programs as usual on the station’s Internet at www.ErieRadio.com.  Questions can be directed to Leal 824-2264.

The commercial broadcaster Leal refers to is Citadel, who is planning on picking up 104.9 to put it’s WRIE/ESPN sports station on the FM band. That would make two Erie AM’s also available on FM via translator frequencies; the other being WPSE business talk out of Penn State Behrend on 107.1.

Cumulus spurned as it tries to buy Classy 100 parent

Citadel Broadcasting

Citadel Broadcasting Corporation

The troubled parent company of Classy 100 and Country 98 has rejected two offers for merger with radio heavyweight Cumulus Media, according to a report this morning on the New York Times DealBook blog.

The board of Citadel Broadcasting, America’s number three radio operator and corporate owner of WXKC/WXTA/WQHZ/WRIE in Erie, rejected the offers as bad for the shareholders of the privately-held company:

In a Dec. 6 filing, Citadel revealed it was a takeover target of an unnamed third party. DealBook has learned that the third party was Cumulus Media, according to two people familiar with the offer who were not authorized to talk. In early November, Citadel received “an unsolicited letter from a third party proposing a merger transaction,” the company said in the filing. The board quickly rejected the offer.

A few weeks later on Nov. 29, Cumulus Media, whose chief executive is Lewis W. Dickey Jr., raised the offer. The board rejected the revised bid, saying it was not in the best interest of shareholders, according the filing.

The offers come just months after Citadel worked its way out of bankruptcy protection in June, complete with an attempted massive $110 million stock payout to top executives and board members. Management has since dropped the stock awards.

Star 104 goes super nova in Erie Spring radio ratings

WRTS/Star 104

It’s got to be one of the biggest Top 40 stations in the country.

According to the recently released Spring 2010 Arbitron ratings for Erie, the nearly 18 percent share of the Erie radio audience that WRTS/Star 104 enjoys at any given part of the day means that if you were to pile all those people into one place it would be the equivalent of the population of a decent sized city all jumping up and down to The Black Eyed Peas. Star definitely benefited from the sheer depth of great Top 40 songs currently in rotation. Erie has gone GaGa for the Lady, the glam of Adam Lambert, and the Gurls of California.

In fact, market watchers tell me that Star 104 has reached audience Nirvana with its “skew graph.” Connoisseur Media’s WRTS scored nearly the same percentage of adult listeners in each demographic slice, meaning that it’s the station that Grandma, Mom, and Sissy can agree on. Most Erieites listen to Star and another station; from Bob to Z.

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Classy’s parent files bankruptcy

As reported by AllAccess.com this afternoon:

CITADEL BROADCASTING, the nation’s third biggest radio broadcaster has indeed filed for bankruptcy in NEW YORK on SUNDAY (12/20), by filing a voluntary petition with the bankruptcy court.

The bankruptcy filing, as ALL ACCESS first reported earlier this month (NET NEWS 12/10), is a pre-arranged deal with lenders to swap debt for equity and will reduce CITADEL’s debt load to about $762.5 million.

The filing lists assets of $1.4 billion weighed down under $2.5 billion in debt. A huge, unserviceable debt and interest payment was due on JANUARY 15, 2010, which forced the Chapter 11 filing.

Citadel owns WXKC (Classy 100), WXTA (Country 98), WQHZ (Z-102), and WRIE (ESPN Radio) in Erie.

Deep Background for November 15-21, 2009

Whispers became a shout this week as executives at Citadel Broadcasting are indicating that they may have to go Chapter 11 ahead of a scheduled January debt payment that the owners of WXKC, WXTA, WQHZ, and WRIE don’t have. To hear Jerry Del Colliano of Inside Music Media talk, there could be consequences for the last remaining local morning show in the group: The Breakfast Club.

For me, I think it would be crazy for Citadel to gore their only real cash cow, Classy 100. But a note of appreciation for Chuck and Brenda to the station would be timely.

I just sounded off, how about you? What’s your take on this challenging media environment? Did you spend any funny money on last week’s ETN millionaire auction? What’s the latest scoop at your media outlet? For all this and more, this open forum is our sounding board.

You can leave a comment, e-mail me at joel@nataliemedia.com or tweet@pressandtower.

Embrace the chaos!