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In reply to the discussion: Trump suggests he might skip ABC debate with Harris [View all]BumRushDaShow
(147,015 posts)15. Well... as a note
The fact that there were 2 CBS radio affiliates in the same market was a result of the obsessive communications deregulation in the '90s. I would have preferred that they kept the original CALL letters though (and news format).
Be that as it may, WCBS was an Audacy station and Audacy is now in the process of having George Soros' Fund (yes that guy ) taking over a majority stake -
Report: Audacy Investment Part Of A Bigger Audio Buying Spree For Soros Fund.
Apr 10, 2024
OLIVIER HOSLET
The name of billionaire investor George Soros has become part of the radio lexicon ever since his Soros Fund Management invested hundreds of millions to become the largest stakeholder in Audacy when it emerges from Chapter 11 bankruptcy reorganization. The Soros fund was also one of several investors in Latino Media Network, which purchased 18 radio stations in 10 major markets from TelevisaUnivision more than a year ago. Now a story published by Semafor suggests these investments could be the beginning of a bigger audio buying spree.
One potential target named in the story is Cumulus Media. The fund has privately discussed acquiring other major radio companies, such as the limping, publicly traded Cumulus Media, the story says, while acknowledging that FCC local ownership caps would put limits on common ownership of radios second and third largest companies. (We would point out that Cumulus has twice rebuffed efforts to buy the company by Connoisseur Media CEO Jeff Warshaw, who said they did not seem to be interested whatsoever in an offer, despite multiple attempts. Warshaw offered $15-$17 a share for Cumulus in the summer of 2022 when its stock was trading for around $12 a share. The stock closed at $3.15 on Tuesday.
Cumulus is also attempting to block a potential hostile takeover by Renew Group Private Ltd., a Singapore-based shareholder group led by Manoj Bhargava, the founder of 5-Hour Energy drink. To thwart the effort, Cumulus in February adopted a so-called poison pill to make buying up shares of a company beyond a defined limit financially unpalatable, to discourage acquirers from gaining a controlling interest.
The Semafor story cites three unnamed people who have been involved in discussions with Soros executives. A Cumulus spokesperson did not reply to an Inside Radio request for comment.
(snip)
https://www.insideradio.com/free/report-audacy-investment-part-of-a-bigger-audio-buying-spree-for-soros-fund/article_838ff272-f704-11ee-853d-d3520e0b2a7c.html
Apr 10, 2024
OLIVIER HOSLET
The name of billionaire investor George Soros has become part of the radio lexicon ever since his Soros Fund Management invested hundreds of millions to become the largest stakeholder in Audacy when it emerges from Chapter 11 bankruptcy reorganization. The Soros fund was also one of several investors in Latino Media Network, which purchased 18 radio stations in 10 major markets from TelevisaUnivision more than a year ago. Now a story published by Semafor suggests these investments could be the beginning of a bigger audio buying spree.
One potential target named in the story is Cumulus Media. The fund has privately discussed acquiring other major radio companies, such as the limping, publicly traded Cumulus Media, the story says, while acknowledging that FCC local ownership caps would put limits on common ownership of radios second and third largest companies. (We would point out that Cumulus has twice rebuffed efforts to buy the company by Connoisseur Media CEO Jeff Warshaw, who said they did not seem to be interested whatsoever in an offer, despite multiple attempts. Warshaw offered $15-$17 a share for Cumulus in the summer of 2022 when its stock was trading for around $12 a share. The stock closed at $3.15 on Tuesday.
Cumulus is also attempting to block a potential hostile takeover by Renew Group Private Ltd., a Singapore-based shareholder group led by Manoj Bhargava, the founder of 5-Hour Energy drink. To thwart the effort, Cumulus in February adopted a so-called poison pill to make buying up shares of a company beyond a defined limit financially unpalatable, to discourage acquirers from gaining a controlling interest.
The Semafor story cites three unnamed people who have been involved in discussions with Soros executives. A Cumulus spokesperson did not reply to an Inside Radio request for comment.
(snip)
https://www.insideradio.com/free/report-audacy-investment-part-of-a-bigger-audio-buying-spree-for-soros-fund/article_838ff272-f704-11ee-853d-d3520e0b2a7c.html
So I expect this is part of the restructuring going on behind the scenes.
One of my beefs with "our side" (liberals/progressives, etc) has been that we whine about "the media" but own none. Many didn't even really support "Air America", which itself, self-destructed, so we will have to see what happens here with Audacy.
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This is the same repeated story we heard adnauseam before the Biden-trump debate.
jimfields33
Aug 2024
#5
This just continues the "profit over the good of society" march that we've been on for decades
mdbl
Aug 2024
#11
IF I hit the jackpot, my wish is to buy Faux News and have it be a 24 hour yoga and liberal
Evolve Dammit
Aug 2024
#54
"Really? The WaPo thinks the mumbling of a serial liar are worth publishing?"
BumRushDaShow
Aug 2024
#22
DNC Chairman Jaime Harrison says it would be "A huge disappointment" if he doesn't debate
ailsagirl
Aug 2024
#57