A bit old now, but one of my many, old employers is about to disappear from the Nasdaq exchange:
“Citadel, which gained a penny to close at 14 cents a share on Thursday, fell below a $1 a share months ago, below the exchange’s continued listing standard.
“Citadel shares hit a 52-week low of 11 cents a share on Feb. 17 and a 52-week high of $2 on March 11, 2008. The issue has lost more than 36 percent of its value in the past month and 99.26 percent over the last five years.”
Idiot M.B.A.’s in Las Vegas! They thought they could run radio like a “business.” I hate to break it to them (although Wall Street is doing that less kindly), but if radio could’ve been run as a business, somebody would’ve tried that 30 years ago – when it actually made money.
I have no bad feelings for the local people I worked for. They were great, and I think they went out of their way to insulate us from the corporate monstrosity that is beginning to collapse onto local clusters.
I left the company because I felt there was no upward mobility, except into media sales (and I’d rather jump off a bridge than go into sales). My local boss kept trying to get us on-air. Corporate kept saying “no.”
Is it no wonder radio sounds bland, predictable, and … oh yeah, gets de-listed from Nasdaq?
Maybe the post-bankruptcy radio dial of 2012 will start to sound creative again.