President Obama has announced a save-Chrysler plan that includes a bankruptcy filing. Gasp. But wait. This bankruptcy is part of a plan in which virtually all of Chrysler’s stakeholders (love that word), the people, banks, and organizations who have a stake in the survival and success of Chrysler, are volunteering to take a huge hit, making huge sacrifices, to allow the company to survive. How about bankruptcy as the solution to the radio industry mess? Radio is a healthy, viable, operating business. It hasn’t been destroyed yet by the Internet and the IPod. It’s the debt-burden imposed by ten years of speculative trafficking in stations that’s done it in. Radio needs a massive swamp-draining. Like the equity speculators who’re going to take a bath in the Chrysler bankruptcy, the overinflated gamblers who have lived high on their fees and commissions while creating a frail, unmanageable financial balloon for American radio, should be forced to make their contribution to its revival. Bankruptcy is the answer. Let’s follow the Chrysler model, and surgically remove the speculators. We need to find a whole new generation of local businesspeople to take on their town’s radio stations. But, I assure you, the price will be right.

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Bankruptcy. Why not?


Heinrich Hertz's experiments proved the existence of electromagnetic radiation. Cycles-per-second, the standard measure of radio wave frequency, was named for him. He died in 1894, at 37. Wikipedia: Hertz


What do you do with a problem like Howard? After decades of profits and FCC indecency fines as routine budget items, Howard Stern, king of all pottymouth radio guys, followed his enabler Mel Karmazin to Sirius Satellite Radio, leaving CBS to make up a hundred million in revenue (They sold stations) and fill the void for the half of Howard's loyal audience who didn't choose to buy a new radio and pay fifteen bucks a month for a few more, ranker epithets.
Wikipedia: Stern


CBS might have become the Cigar Broadcasting System. William S. Paley was the scion of the family business. In 1927, his cigar tycoon dad, Samuel, bought the struggling network of early radio stations from a group of poor schlumps who were trying to – would you believe: sell programming to radio stations! Every syndicator since has had to relearn that this doesn't work. Bill and his dad figured out the right business model -- you sell commercials to advertisers, and give the programs to stations. Got it?
Wikipedia: Paley