Greater Media Shafts Entercom
by Brian Maloney, November 12th, 2007 at 05:16pm
Almost daily, SaveWRKO’s message boards clutter with Entercom chest-thumping about how they’ve stuck it to WTKK owner Greater Media in one way or another. But today, the latter turned the tables on its rival.
Following so many exiled Bay Staters who are now calling North Carolina home, Greater Media shocked the industry today by buying two large Charlotte radio stations, including talker WBT-FM.
Because Greater is a small, privately-held outfit, observers didn’t believe the firm was even in the running, but it managed to put $100 million together and seal the deal.
It’s like having your favorite long-shot horse, the one everyone has written off, pull off an astounding last-minute victory.
According to Reuters, Entercom topped the firms favored to win control of these stations, but to the likely relief of WBT staffers, that didn’t come to pass. They will be much happier working for Greater Media.
As for programming, WBT-FM and WTKK have some things in common: both are adrift, with poorly-defined missions and lackluster personalities. Despite having absolutely no competition in Charlotte, a luxury WTKK has never enjoyed, WBT has been sliding in the ratings for over a year.
Now with two big talk stations, Greater needs to get a handle on the medium once and for all. Start with gaining an understanding of the audience rather than sucking up to the local establishment.
That said, watching it shaft Entercom is entertaining, to say the least. At least for this round, good beat evil, so there’s hope for us all.
Entry Filed under: Entercom
16 Comments
1. Joy | November 12th, 2007 at 7:57 pm
Thanks Brian.
That just feels good to know.
Congrats to Greater Media.
Charlottes got it goin on!
2. Joe from Brighton | November 12th, 2007 at 8:13 pm
Another wrinkle in Horseface Kahn’s face.
3. Matt | November 12th, 2007 at 11:20 pm
With all due respect, the last few posts just sound like bitterness.
4. Get A Clue | November 12th, 2007 at 11:58 pm
Entercom chose not to pay more money than Greater Media (if they were interested in the property at all). It is not victory or defeat, it is business.
Saying that one beat out the other is like saying the Angels (or whomever) beat out the Yankees for A-Rod. Could the Yankees write a bigger check? Absolutely, but they chose not to. Ditto for Entercom.
By the way, check out Bear Stearns’ evaluation of Entercom. It is quite different than E.F. Maloney’s post last week, but clearly those financial hacks must be on board with the vast left wing conspiracy, or something.
5. Still Looking | November 13th, 2007 at 7:17 am
I haven’t found any articles that mention Entercom as a suitor for these stations other than the post here.
In other news, apparently B of A isn’t as down on the stock as one would expect given the horrible state of the company descibed here. Is this site biased?
Analyst Sticks To ‘Neutral’ On Entercom, SBS
NEW YORK — November 12, 2007: In reports released Monday, Bank of America analyst Jonathan Jacoby has reiterated his “neutral” rating on Spanish Broadcasting System and Entercom stock following the companies’ Q3 earnings results.
(SBS commentary omitted)
Entercom’s Q3 results, meanwhile, “were slightly ahead of our estimates,” Jacoby wrote, in both revenues and EBITDA. He has lowered his Q4 revenue estimate to flat to down 2 percent from flat and is now predicting Entercom’s operating expenses will be up 1 percent in the fourth quarter rather than flat.
Jacoby reiterated his “neutral” rating on Entercom with a target price of $20.
6. Jimmy Severino II | November 13th, 2007 at 9:45 am
Hi, best and brightest, it’s me — Jimmy Severino II.
Tell me, does this head shot make me look old?
wtkk.com/DesktopModules/CISS.SideMenu/Styles/ImageMenu_slide/jay_severin.jpg
I like to project a youthful image and a tough, manly man womanizer image, too. I fear this falls short of that mark. Do let me know, best and brightest. I am at your service.
7. joy | November 13th, 2007 at 9:49 am
On what planet does ‘losing out on a bid war’ not matter?
It’s just business alright.
Dog eat dog.
Better dog won.
Brian’s working his butt off maintaining this site And who knows what else. We know he had a mess to deal with on that nor’easter that hit, yet here he was. Is he entitled to a little gloating?
I’m thinking yes.
p.s. nancy called it.
8. Brian Maloney | November 13th, 2007 at 9:54 am
Hey Get A Clue, how do you know this about the WBT deal? Entercom has said nothing. I based my post on the Reuters story.
Analyst Consensus For ETM: Hold. Not exactly high praise from Wall Street. There’s been a slight recovery from the very bottom, we’ll see if it holds.
Right now the attention is on Citadel.
9. Brian Maloney | November 13th, 2007 at 9:59 am
Still Looking: in my post, there’s a link to a Reuters story that backs up the point.
A “neutral” is great if you were happy getting C’s and D’s in high school.
10. Chris | November 13th, 2007 at 10:16 am
It’s common knowledge that the Charlotte and RTP areas are where the growth is (ask Fidelity). Boston is simply a liberal east-coast city stuck in ‘Neutral.’ This is a very good move…going where the growth and money are.
11. Karen | November 13th, 2007 at 10:29 am
Chris, I agree with you. It makes sense to go where our population is headed.
12. Chris | November 13th, 2007 at 11:32 am
Speaking of ‘going where the population is headed,’ Massachusetts stands to lose a congressional seat or perhaps an electoral vote. If you chase enough people away with higher taxes, higher fees, and interject increased ‘government-creep’ into their lives (hello, trans fats; Hola!, illegal immigrants), this is what comes out the other end. You just wait until this happens & see how the Meninos and Devals spin it. Good luck on that.
13. AW | November 13th, 2007 at 11:32 am
Isn’t Howie a Tar Heel?
14. dbw2007 | November 13th, 2007 at 3:05 pm
That’s exactly what I was thinking, AW!
15. Nancy | November 13th, 2007 at 5:47 pm
Hi Joy,
If you referring to “steve is kahn”…,”steve” just doesn’t sound like someone who wears pants!!!…..to me sounds like a skirt!! or what you would expect an anal, egotistical, mean spirited female ceo to pontificate on…………….so I’m glad my observation is understood!!!
just my humble opinion
16. joy | November 13th, 2007 at 6:56 pm
Nancy. right on the money. some of that stuff was classic. It may change now though watch. Once you out “it”.