EntercoN files for bankruptcy — Howie rejoices!
As an escaped hostage of the World’s Worst Radio Co., my prayers have finally been answered… and on a Sunday morning no less!
Why no mention in the release of the future of David “Thanks Dad!” Field, the bust-out CEO?
He has brilliantly guided EntercoN from a $2.3-billion market cap down to under $1 million.
After a 30-to-1 reverse split, it was delisted from NY stock exchange & traded OTC for under 20 cents per share. Trading was “thin,” as they say.
Press release says that at EntercoN (its former name) it will be “business as usual.”
Now that’s a big problem, considering how business as usual has worked out for them.
Just in Boston, remember how Field had a choice when he idiotically overpaid billions for CBS Radio, between keeping Sports Hub or his ridiculously pathetic WEEI, also known as Shillville.
He picked the dog-ass WEEI.
He also had a choice between keeping WZLX, which had good ratings, or the local Beavis & Butthead station, WAAF, which had nothing but hash-marks across the board.
Guess which “rocker” Field picked.
Then, a couple of years later, EntercoN was already so destitute he had to unload WAAF to the snake-chuckers at EMF, who made it a dollar-a-holler signal.
By the way, back in the day, when I was in solitary confinement working for those a-holes, he bought a third-rate stick in Brockton to simulcast WAAF’s dreadful programming.
He spent $27 million! On a translator for a station absolutely nobody listened to.
For those of you keeping score at home, that $27 mil was 30 times the market cap for the entire 230-station company until the bankruptcy filing this morning at dawn.
Eventually he sold WAAF for $10 million, after spending $27 mil on the translator! Boy, that Ivy League education (Penn) really paid off for Field.
When I was stuck there, I begged that the Brockton signal be given to MCI-WRKO, where I was incarcerated.
I pointed out to EntercoN suits that since WAAF was finishing dead last in the ratings with 2 signals, it could just as easily finish last with one.
I was getting way more numbers with a flawed AM stick than than Beavis & Butthead were getting with 2 FMs. But Field et al. didn’t want to hear it.
Their next successful programming decision will be their first one—anywhere. Oh that’s right, they won’t be making any more catastrophic calls because they’ll soon be… spending more time with their families.
Instead of giving me an FM stick, they took away my studio and gave it to Shillville, where the only topic of discussion for decades was, “Would you be willing to have Tom Brady’s baby? His twins? His triplets?”
Over-under in Vegas on how long until Field announces he’s departing to “pursue exciting new opportunities”—90 days.
Irony: Who could have ever dreamed that Bill Belichick and David Field would be shown the door on the very same day?
Remember, Audacy rhymes with bankruptcy.
David “Thanks Dad!” Field — Bob Dylan once described him perfectly.
“Helpless, like a rich man’s child.”
My heart feels like an alligator!