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What Will Radio's Deal Market Look Like In '09?
NEW YORK -- November 26, 2008: "As far as the deal markets are concerned, owners are holding on to cash-flowing stations until credit markets allow a more normalized trading environment, while the deal volume in stick stations is over twice that of more developed properties so far in 2008 -- $196 million of cash flowing stations vs. $471 million of stick properties -- the first time this has ever happened," says SNL Kagan analyst Robin Flynn, a panelist at Radio Ink's Forecast '09. "For the low For the low volume of cash flowing stations trading, multiples have weakened month by month since June, down two to three turns, not a surprising trend given that lending multiples are down sharply and some sellers were pressured to exit as a deleveraging event."
Drew Marcus, Vice Chairman/Media & Telecom Group, Deutsche Bank Securities and co-chair of Radio Ink's Forecast '09, will moderate two panels covering all aspects of radio investments from the public and the private side. Drew will be joined by experts including Flynn; Jim Boyle, CL King & Associates; Lee Westerfield, BMO Capital Markets; Harry J. DeMott III, King Street Capital Management; Richard Bilotti, GSO Capital Partners; Blair D. Faulstich, Merrill Lynch & Co; James C. Lewis, Wells Fargo Foothill; Andrew Salter, Oaktree Capital Management; and others, offering their perspective and insight.
Forecast '09 will be held at the Harvard Club in New York City on December 2 and will be immediately followed by the "Top 40" cocktail reception, honoring this year's 40 most influential radio broadcasters. Attendance is limited -- register today at www.radioink.com/forecastsummit, or call 561-655-8778.
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