From Robert Feder, Chicago Time Out:
If the recently announced acquisition of Bonneville International stations was, by all accounts, an agreement made in heaven, then the impending sale of radio giant Citadel Broadcasting could be — to borrow a phrase from Sam Zell — the deal from hell.
After months of fighting off unwanted overtures from smaller rival Cumulus Media, Citadel confirmed last week that it had entered kicking and screaming into exclusive negotiations for a potential merger.
If completed, the $2.4 billion deal couldn’t come at a more inopportune time for Citadel’s two Chicago properties — news/talk WLS-AM (890) and oldies WLS-FM (94.7). Under current management, the two stations finally appear to be firing on all cylinders. For the first time in decades, ratings and revenue are pointing up on both the AM and FM side. Net profits at the combo have increased tenfold in the past two years alone.
That’s a tribute to the savvy oversight of Michael Damsky, president and general manager of WLS, and the confidence he enjoys of Citadel’s embattled CEO, Farid Suleman.
All of the gains WLS has made could be in jeopardy, however, if Cumulus steps in and imposes its heavy hand and one-size-fits-all approach to station management. As morning stars Don Wade and Roma mark their 25th year on the air together, the afternoon duo of Roe Conn and Richard Roeper sets the pace for the market, and the incomparable Dick Biondi still shines in the night after 50 years, the last thing WLS needs is an owner known for its disregard of talent and lack of commitment to the communities it serves.Read more here.
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