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  1. #1

    • Darkbeer
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    ABC Nears Sale of Radio Network, Stations

    http://www.drudgereport.com/flashar.htm


    DISNEYABC CEO Robert Iger is prepared to sign off on the sale of the network's ABC radio network and ABC radio stations, top sources tell the DRUDGE REPORT.

    Negotiations between DISNEY and three major suitors have intensified in recent weeks; contenders were asked by bankers representing ABC to meet via phone to discuss their final questions.

    Final bids are due this week, a top source says, with DISNEY then having a 15 day window to accept an offer.

    A sale of ABC RADIO, with the network's sensational constellation of 60+ stations, including WABC in New York, the nation's top-rated talkstation, WLS in Chicago; KGO and KSFO in San Francisco; WBAP in Dallas, influential WMAL in DC, WJR in Detroit, and others, is expected to rock and roil the radio industry.

    EMMIS, ENTERCOM and CUMULUS MEDIA each have their hat in the bidding, sources say.

    One company is said be approaching Iger's asking price.

    A deal would not include Radio Disney or ESPN radio; it will be a "reverse Morris Trust" transaction, where DISNEY shareholders will hold half of the newly merged radio company.

    "This is the biggest shakeup at radio stations in a generation," a top source directly involved in the action said Thursday.

    "I think we will know around Thanksgiving if it's happening this round," said a second well-placed insider.

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  2. #2

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    Re: ABC Nears Sale of Radio Network, Stations

    I think that it's a good thing. Radio is something that Disney is not fantastic at, and that energy that's being focused on that division of the company would be better suited being focused on the parks and resorts. Just my two cents.

  3. #3

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    Re: ABC Nears Sale of Radio Network, Stations

    Report: Cumulus
    The Front-Runner For ABC
    Rumors of imminent sale continueCiting sources close to the deal, the Drudge Report website today says that Cumulus has emerged as the leading candidate to purchase ABC Radio's stations and the ABC Radio network. Executives from both Entercom and Emmis have recently expressed interest in acquiring the ABC assets, but Cumulus CEO Lew Dickey — who has stayed fairly quiet on the issue — is reportedly closest to reaching Disney CEO Bob Iger's asking price.
    http://www.radioandrecords.com/
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