Monday, November 20, 2006

Air America sale: One more week

NEW YORK (AP) - Air America Radio has another week to find a buyer.

A lawyer for the network, Tracy Klestadt, told a bankruptcy hearing Monday that the company was in "advanced negotiations with a few parties" about a sale, and expected to have more definitive news on a deal in a week.

Under its financing agreement, the network had faced a deadline of this Wednesday to have a deal in place for a buyer, but Klestadt said the network's lender had informally agreed to extend the deadline by about a week.

It is continuing to operate in the meantime as it searches for a buyer. Klestadt declined to say who the potential buyers are.


Frasier Crane said...

Maybe nobody wants to buy this turkey.
Then what?

raccoonradio said...

Rumor has it Boston's two AAR
stations may be dumping the format on Friday, whether or not a buyer is
found (WKOX/WXKS).

ltr said...

Raccoon, you've been floating rumors like this all over the web for a while now. On the Radio-Info boards, at Baloney's site, and who knows where else.

I realize it must drive you crazy that two weak AM stations in Boston are airing liberal talk shows, but get real here. Personally, I don't like the rap station in my town, so I choose not to listen.

BTW: I've heard the rumor too, which comes from some obscure Boston radio message board. One person even left a message at the station and the PD himself called back to say he knew nothing about it.

Quite frankly, I don't believe it. Granted, Clear Channel's going nuts changing formats on some of their station in preparation for the sale, but what the heck else are they gonna put on those signals? Neither of them will amount to anything until WKOX gets their power upgrade.

raccoonradio said...

I repeat, Donna Halper--respected
radio consultant--heard about it from someone she knows and respects at Clear Channel. Now she posts "it's a done deal and should happen within the next three weeks" (so maybe they're going to all-Christmas in the meantime?)

Yes, it's rumors (some are saying all-Spanish by Monday) but be aware
that CC may well be putting it on the block and they want to change the format...

What else? They could even pull
Fox Sports from WEEI (Premiere/CC
does Fox Sports): Fox Sports 1200 and 1430 (in which case WEEI could
pick up ESPN, telling them they'd
wind up on a stronger signal than 890/1400

I've heard the "PD" was actually the promotions person btw.

Liberal talk radio is fine--I've heard Miller and Colmes myself--
but AAR hasn't cut it (they should have tried to put one or two good shows on and marketed them to reg. talk stations.

ltr said...

I don't consider a radio consultant who spreads vague rumors via radio fanboards to be "highly respected".

CC has been flipping many of their stations lately, giving them in-house formats like FOX Sports.

I don't think those two stations would work that well for Spanish. Spanish stations don't tend to do well on AM.

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