Posted by ITK on January 06, 2009 at 12:35:03:
In Reply to: Re: Clear Channel NOT coming to Green Bay? posted by Interesting on January 05, 2009 at 14:38:50:
After talking to some big wigs from both companies, it's just a technicality. CC is try'n to dump 2 properties that are costing them too much $ and Cumulus is tryin to acquire cheap. The plan is Cumulus will run the properties same as they are now and will buy back from CC in 5 years. I assume CC isn't going to even keep tabs on them...
: Sounds to me like CC is unsure about the buy and wants to test the waters first.
: : Okay, so it's in name only. I imagine that CC would still have some bit of influence as to how Cumulus will run the stations.
: : : From WisconsinBroadcasting.com:
: : : "As previously reported, Cumulus is trading their Green Bay cluster of stations, minus WZNN, to Clear Channel in exchange for some stations in Cincinnati, OH. Even though Clear Channel will become the new owner of the Green Bay stations, Cumulus will continue to operate the entire cluster under an LMA with a five year buy back period. In a Green Bay Press Gazette article, market manager Greg Jessen explains the swap as "a way to take advantage of current rules and the financial situation for both companies to do what they need to accomplish." WZNN and WWWX are being placed in a trust will and continue to be operated by Cumulus."
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