Cumulus is paying the staff, programming the stations, paying a sales staff, everyday expenses. You are assuming Merlin will take this over or even has cash flow to do this? Remember, they will no longer receive money to pay the note on the stations (the banks still own them, not Merlin) AND have to outlay cash for everyday expenses. Merlin can easily put it on a computer automation, a satellite service, or, they could fire everyone and keep the format, limping along automated until a seller or a new LMA arises.
You look at WXRT billing? Compare it to WKQX. WXRT is heritage and commands a premium ad rate. Entercom is ONLY flipping stations in markets that are under-performing and have the potential to make more revenue. That is why KHITS was gone before the ink dried on the dotted line.
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