Howie Carr has no love for Entercom/Audacy but he makes some valid points
I am reveling in the agony of the wretched bust-out sports talk station WEEI and the company that owns it, Audacy.
howiecarrshow.com
After I began my 2455-day sentence in radio hell, I kept begging the empty suits to at least put me on FM. In those days, before streaming, apps, social media etc., it was a real detriment to be stuck on AM, a band fewer than 15 percent of listeners ever used.
Besides Shillville, Entercom had other beyond-belief-bad stations in the cluster. One played the worst rock of the last 50 years – WAAF. That was the Beavis & Butthead station. It had ratings lower than whale excrement. So they bought it a second FM stick for $27 million. The ratings remained in the toilet.
One day the suits took me out to the Stockyard and asked me what I wanted. I said I only needed one thing. I asked them to give me one of the WAAF sticks. The bosses were shocked. We can’t do that, they said.
“Why?” I said. “WAAF has zero ratings with two sticks, you can get no ratings with one stick too.”
WEEI had no competition until 2008, when CBS decided to put a real sports station on FM, Sports Hub. I figured it would take a year to knock off WEEI. It only took six months. Entercom made it even easier, by getting rid of the only decent show they had – Callahan and Minihane.
Five years ago, Entercom bought CBS Radio. They had to decide which stations to divest in Boston. One choice was between Sports Hub and WEEI, which is the radio equivalent of picking between the QE2 and the SS Minnow.
Entercom picked WEEI. They also had to choose between WAAF and WZLX. They picked Beavis and Butthead.
Now Entercom stock is in the tank. Last Friday, at 3:58 p.m., somebody unloaded 7 million shares. The share price fell to $.089.
Entercom – call it Audacy if you like – now has a market capitalization of about $15 million. That averages out to about $50,000 for each of their 230 stations. Put another way, the entire company is worth about half of what the company once paid for that second stick for the unlistenable WAAF.
Entercom stock used to sell for about $60. Now it’s a dime. There’s nothing left, nothing. It would take a heart of stone not to laugh.
WEEI is as dead as a doornail. Their meal ticket was always the Red Sox. Who watches the Red Sox now on TV, let alone listen on the radio?
It is rare that agree with Howie but the way Entercom/Audacy botched the buying of CBS Radio in the Boston market defies logic.
ENTERCOM had WEEI-FM 93.7 Lawrence, WEEI-AM 850 Boston, WRKO-AM 680 Boston, WAAF-FM 107.3 Westborough, WKAF-FM 97.9 Brockton.
CBS RADIO had WBZ-FM 98.5 Boston, WBZ-AM 1030 AM Boston, WZLX-FM 100.7 Boston, WODS-FM 103.3 Boston and WBMX-FM 104.1 Boston.
Entercom in taking over CBS Radio had to shed Boston properties to keep US regulators happy.
Entercom decided to keep WEEI-FM and spin-off 98.5 WBZ-FM in a trade with Beasley for WMJX-FM 106.7 and CASH.
Entercom then worked out a swap with iHeart which took control of WBZ-AM, WRKO-AM, and WZLX-FM in Boston and Entercom got stations in other markets in return.
The Red Sox contract with WEEI expires at the end of the 2023 season with a team option for 2024.
Most media pundits believe NESN (FSG) will buy WEEI-FM and AM and the Bruins will move there next season.