Earlier this year, he acquired a local AM station to air spiritual content, but this time his target might be in the middle of the FM dial.
He declined to say which station he's now targeting and had initial discussions about. Radio insiders say the likely choices are the two Detroit FM stations owned by struggling Cumulus Media Inc. — adult contemporary station WDVD 96.3 FM (20 Kw) and Country WDRQ 93.1 FM (26.5 Kw) . Cumulus also owns news-talk WJR 760 AM (50 Kw).
"I want to pick up an FM," Adell said. "I don't want another AM."
The thinking is that Atlanta-based Cumulus will need to sell stations to raise cash either to bolster profitability or through bankruptcy, and Adell said his strategy is to get a station for far less than what it would cost under normal circumstances.
|WFDF 910 AM (50 kw-D) Red=Local Coverage Area|
Picking up WDVD or WDRQ is predicated on Cumulus' financial decisions in coming weeks and months.
The company, founded in 1997, has been the target of intense scrutiny and criticism because of its $2.5 billion debt load and an 84 percent decline in share price since the start of the year.