MAD CAPITALISM

24 10 2009

A couple of decades ago, certain wealthy interests began buying up radio stations, stripping their staffs down to the absolute minimum needed to function, removing local programming from them, and then borrowing money against them to buy still more stations to add to their collections — and so on, ad nauseum. The cashflow from the stations was very nice for those rich folk, and no-one much cared about all the laid-off employees to whom much of that money had once gone to in the form of salaries.

The radio broadcasting version of the story of American business over the last 40 years, in short.

Later, after this consolidation had gone on for a long time, radio began losing listeners because only a few broadcasting formats were allowed by the amalgamation masters, and younger people were bored with them. For God’s sake, even I, a crusty old bably boomer, don’t want to hear songs from the past over and over and over again, daily and forever.

Now one of those eaters of stations, Citadel Communicatons, seems to be headed toward bankruptcy. Here is an interesting discussion of how the company’s immediate future is likely to play out, from a commentator on the radio business who has been prescient on the future of radio under the amalgamators for years:

http://insidemusicmedia.blogspot.com/2009/10/pre-packaged-bankruptcy-for-citadel.html

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