Posted by The Mic Whisperer on December 23, 2009 at 12:26:00:
In Reply to: NextMedia to sell all 11 Chicago area stations? posted by The Mic Whisperer on December 23, 2009 at 12:20:40:
Before this gets too out of control, I have just seen a report from Inside Radio that states NextMedia will become over the FCC limit when it changes ownership to its lenders. That will cause them to sell a few radio stations (2 in NC and 2-4 in Chicago), but not all. That is similar to what I had heard, but not nearly as dramatic as what I heard. I'm not sure which is true (or maybe both are true), but time will tell. I just wanted to pass the calmer news on as well as the more hysterical news. Here is what Inside Radio wrote:
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NextMedia likely forced to sell in Chicago and North Carolina. The final say is up to the FCC, but the change in control of the company triggers FCC review. In the case of NextMedia it likely will mean a mandated sale, according to court documents. Formed in 1999, NextMedia operates two grandfathered clusters over the current ownership limits. That includes a nine-station cluster in suburban Chicago, including seven FMs and two AMs. That appears to be two FMs over the limit. In Greenville-New Bern-Jacksonville, NC it has a total of eight stations, including six FMs and two AMs. In a market that size, the most an owner can hold is four FMs.
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Note: Inside Radio wrote that the NM Chicago cluster is 9 stations large, when in fact, it is 11, which is why above I wrote they might have to sell 2-4 stations. Regardless, some suburban radio stations are going up for a quick sale soon. The question now is how many & which ones?