WABC could be (almost) all syndicated shows

[Garrett Wollman]

<<On Wed, 26 Nov 2008 11:53:47 -0500, "Bob Nelson" <raccoonradio@mail.com> said:

> A powerful station in the nation's biggest city--just about all
> syndicated talk, though. As we've said local talk is important, but
> it's a sign of cost-cutting

Citadel is in deep, deep financial trouble.  They spent way too much
to take on the ABC stations (effectively a leveraged buyout, even
though Disney shareholders ended up controlling the new company) and
now it's starting to hurt.  Wall Street analysts like Morningstar are
saying bankruptcy is a near certainty.

On the other hand, it looks like a brilliant move for Disney --
particularly if they end up buying the whole group from the creditors
next year for pennies on the dollar.  I'd also be on the lookout for
well-capitalized group owners, like Bonneville and Cox, to be making
selective acquisitions next year.

-GAWollman