SBS Seeks to Force 'Fire Sale,' Says CXR
The CXR Radio Station Trust “should not be forced through an inflexible regulatory deadline to sell the Stations at fire sale prices,” said CXR, in a reply posted in docket 19-98 Wednesday on the trust’s request for an extension on…
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a Dec. 17 deadline to sell two FMs divested as part of the Terrier/Cox deal (see 2111220059). “Political pressure” from trade-press articles and testimonials from public officials shouldn’t drive FCC decision-making on granting the extension, CXR said. Spanish Broadcasting Systems' valuation of the stations is based on recent sales affected by the COVID-19 pandemic, said CXR. “The deal market in 2020 and 2021 was basically non-existent.” The few transactions “were for AM stations and non-performing FM stations with most of them sold to religious programmers buying for 'stick' value, not commercial operators interested in going concerns.” The CXR stations are “materially different,” the filing said. “They both have ratings, revenue and cash flow.” CXR wants the one-year extension to conduct a multiple-round bidding process for the stations.