With not much happening in the market, this is a quickie with some shock value...thanks to a tip from Jonathan Goolsby...
Regent Communications is a broadcasting company that owns 62 radio stations in 13 markets in Colorado, Illinois, Indiana, Kentucky, Louisiana, Michigan, Minnesota, New York, and Texas. None of those any closer than Evansville, IN/Owensboro, KY...but they are based in Cincinnati. And that's why we're telling you this information.
Jonathan tells TSMW that the stock is getting "killed". And he's right. The price on the stock will shock you.
NINE cents.
That's not a typo. NINE cents. $0.09.
Talk about getting killed on the stock market.
Why is this happening? As near as we here at the Blog-O-Fun can tell, it's merely one of the more extreme examples of the economic crash taking its toll on a station ownership group.
You might recall that this blog reported on the firing of Richard Skinner from 96.5 (WFTK-FM 96Rock) early in its existence. That was a budget move...but that was tame compared to this.'
If we were the good folks at this company's holdings across the US, we'd be keeping our resumes up to date. No, we haven't heard of any moves by Regent, but with the stock price as low as it is, it's nearly a foregone conclusion.
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2 comments:
Does this mean it's time to buy? I doubt it! All these greedy oowners are about to get their come uppance if they haven't already.
You're right though. All the major blood letting is coming from the CBS stations in Cleveland.
I am hoping none of that blood letting happens down here. It's depressing news when companies lay people off, especially in December when you have to worry about Christmas. I heard about the firings at 92.3 up there...and it's sad to see.
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