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Leykis Discusses Why He Went Internet Only

7-16-2012

In the upcoming issue of Radio Ink magazine former syndicated talker Tom Leykis discusses why he invested $1 million of his own money to launch his Internet only radio show. The show launched in April, and because he stayed in touch with his many listeners while CBS paid him big money to sit on the beach, Leykis had over 400,000 listeners in his first week back. When he was syndicated by Westwod One Leykis was heard, at one point, on over 225 stations. The radio business is very different these days for those on the talent side as Leykis points out.

"The radio business

has had the juice squeezed out of it by consolidators and private equity firms. Nobody wants to say this, because everybody is scared to death of telling the truth. The truth is that our business has had the life sucked out of it by people essentially Gordon Gecko-ing us, coming in, consolidating us, squeezing us, and cutting it to the bone. There’s nothing left to cut but the bone in radio right now. How is Clear Channel going to pay off all of their debt? Ever? I hope they do, because I don't wish ill for the radio business. I love the radio business. I have been in it since I was 14 years old. I want to see these companies and all my friends in the radio business survive and thrive. But, I don't see how you can operate a business with $17 billion in debt, when the revenue does not match up with the debt you have to pay."

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(7/16/2012 11:50:52 PM)
These are boilerplate CYA's that populate all SEC reporting. There's nothing new here.

Leykis is completely correct, btw. What a shame.

- SEC Requirements
(7/16/2012 2:10:20 PM)

- Vinnys
(7/16/2012 6:46:35 AM)
Continuing, Clear Channel Communications quarterly 10-Q filing with SEC:

"If we and our subsidiaries cannot make scheduled payments on indebtedness, we or our subsidiaries, as applicable, will be in default under one or more of the debt agreements and, as a result we could be forced into bankruptcy or liquidation".

-
(7/16/2012 6:34:17 AM)
From the most-recently filed Securities and Exchange Commission's 10-Q: Clear Channel Worldwide Holdings, Inc.:
We and our subsidiaries may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
We have a substantial amount of indebtedness. At March 31, 2012, we had $20.7 billion of total indebtedness outstanding.

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