Air staff and employees at the KFMB AM 760 and 100.7 FM stations have been told they are out of a job. The word came from owner owner Tegna Inc. which is selling the stations to Local Media San Diego (LMSD) services would no longer be needed.
The San Diego Reader reports some 45 staffers were told that their jobs were being eliminated as current owner Tegna Inc. sells the stations to LMSD, which also owns XETRA 91-X, XHRM Magic 92.5 and XHITZ Z-90. Staffer were told it is now up to new owner LMSD if anyone would be rehired. As of now, it appeared only five KFMB employees, including four sales staffers and a commercial producer, would be retained.
It is expected that FCC approval of the transfer of the KFMB radio stations from Tegna to LMSD will happen during the first week of February. The radio stations will also be changing call letters to avoid any marketing confusion with Tegna's KFMB-TV.
KFMB radio employees given a two-week notice include 100.7 FM DJs Chris Cantore, Meryl Klemow, Cha Cha Harlow, Robin Roth and Rick Lawrence. AM 760 talk show hosts Brent Winterble, Mike Slater and Mark Larson were also told their current talk show hosting arrangements would be ending in two weeks.
LMSD general manager Greg Wolfson released no official comment on the future of 100.7 FM or AM 760.
The sale of the two KFMB radio stations was well known. Virginia-based Tegna, Inc. is focused on TV properties and currently operates 62 TV channels nationwide. Tegna has a history of spinning off radio properties once they purchase TV/radio broadcast groups. Tegna bought the four KFMB broadcast properties including the two radio stations and TV platforms Channel 8/CBS and CW Channel 6 for $325 million in late 2017.
Economic markers spell out why the radio business is on a downturn. Fifteen years ago all the stations in the San Diego market combined took in $220 million. Last year that total was $141 million.
Station value has also plummeted. In 2004 $35 million was offered to purchase KPRI 102.1 but that offer was rebuffed because KPRI’s owners wanted $40-million. Five years ago KPRI was sold for $12-million. And just a few months ago Tegna sold both KFMB-AM/FM for $5-million.
No comments:
Post a Comment