Radio & Records says:
Wednesday, April 20, 2005
Susquehanna Looks To Exit
Broadcast Business
York, PA-based Susquehanna Pfaltzgraff issued a release today announcing it is exploring options to sell all its radio properties as part of a strategy to divest its major subsidiaries; Susquehanna Media and The Pfaltzgraff Company. The company owns 33 radio stations and employs more than 1,000 people in Atlanta, Cincinnati, Dallas, Houston, Indianapolis, Kansas City, San Francisco and York.
In addition, Susquehanna owns cable systems in six states and an Internet provider. The Pfaltzgraff Company makes pottery and dishes.
Company Chairman Louis Appell Jr. says any sale would be some distance off while bids are considered and strategies assessed. 'In the interim,' he says, 'all involved - customers, listeners, subscribers, employees and the communities we serve - can be assured that our business philosophy, culture and commitment to quality, service and value will not change.'
Appell says the passage of time has had an impact on corporate and family circumstances, and without a younger member of the family inclined to assume a future leadership role, the time is right to explore this sale.
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The "deal" is going to be for all the stations, not just one here or there. Man that is gonna be a fat check!
So here's what's a little weird about this. Normally radio stations are sold THEN announced. It would be normal to have a meeting with the staff and say "We've been sold", not we are for sale. Sometimes it happens this way but not often.
So I wonder if by doing this they are saying to the radio management of the company, "if you want to buy some stations, put together a deal..." That way at least some of the stations stay in the family, or in the new family.
Did I know anything about it? no.
What will happen? I don't know.
Will KFOG change? I am guessing (hoping?) not. We are doing pretty well, making money, costs are low etc... Seems like we'd be a good thing to buy and keep.
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