Home > Uncategorized > Sold!

Sold!

I made this posting originally yesterday and I need to apologize to the seven or eight bloggers who responded right away. We had one obscenity-laced, off-topic comment which I went to delete last night and I accidentally erased the entire thread. Long weekend. Sorry!

Here’s the original announcement posted in the radio trades:

“Jason Wolff’s Los Angeles-based Frontier Capital Partners has snatched up 16 Clear Channel stations, 13 of which are in California, and a trio in Yuma, Ariz., for an undisclosed price.

The California outlets are KVEC-AM & KSLY-FM/San Luis Obispo, KSMA-AM, KXFM-FM & KSNI-FM Santa Maria, KSMY-FM/Lompoc, KSTT-FM/Los Osos-Baywood Park, KURQ-FM/Grover Beach, KATJ-FM/George, KIXA-FM/Lucerne Valley, KIXW-AM & KZXY-FM/Apple Valley and KRSX-FM/Yermo. The Yuma stations Frontier gets are KBLU-AM, KQSR-FM and KTTI-FM.

Frontier Capital Partners is a private equity investment firm that invests in growing and established businesses in North America. In a statement posted on the Internet, the company says “we will consider opportunities in most business sectors, but favor companies with strong cash flow characteristics and defensible margins. We can be equity sponsors for a buy-out, recapitalization or restructuring, and can also provide capital to support an acquisition strategy.”

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  1. marianne
    July 2, 2007 at 5:24 pm

    David and Tom
    If this is the end for you guys on KVEC, thanks for some good shows.
    Hopefully it all works out so you can get on another local station. Thanks and good luck!

  2. Anonymous
    July 2, 2007 at 6:38 pm

    Very Very Sad. KVEC with Dave and Tom where the best. If they get rid of Dave and Tom, I will NEVER listen to KVEC again.

  3. Anonymous
    July 2, 2007 at 6:41 pm

    The morning news with Ben and King and there great local news and weather. David and Tom in the afternoons. Why would Jason Wolff
    get rid of all of this?

  4. Anonymous
    July 2, 2007 at 7:49 pm

    Wow, I read the news release and didn’t see anything about anyone being on the chopping block. Of course there’s always uncertainty when there’s an ownership change, but there is no handwriting on the wall as of yet.

  5. Anonymous
    July 2, 2007 at 8:30 pm

    Too bad Dave accidentally removed the original post with some very good responses….those responses were much more interesting than the ones here now….hmmmmmmmm…..

  6. Anonymous
    July 2, 2007 at 9:15 pm

    Investors do “interesting” things after they’ve made a purchase.

    But KVEC is probably a little different. It has a flavor all its own.

    The Dave and Tom show is a literal legend in the area and anyone would be foolish, if not reckless to do anything to it. It takes a long time for a team to build the back and forth that Dave and Tom, (or is it Tom and Dave?) have.

    If the new owners grab a large handful of pod casts and listen to our hometown radio guys they will be impressed and leave the team in place.

    It would be dumb to do otherwise.

  7. Anonymous
    July 2, 2007 at 10:04 pm

    There is no way in hell they will chop these guys. They are way to good.

  8. Anonymous
    July 2, 2007 at 11:11 pm

    Oh MY GOD. Why would they do this?

    They chop him, the SOBs chop him.

  9. Anonymous
    July 3, 2007 at 1:03 am

    Bottom line is this…the new owners want cash flow to pay for the buy outs. If they close the office dump the staff and get a small building with a satalite and 1 engineer they can run nationally syndicated shows and rake in the bucks.
    They all say they are leaving things the same, but they never do.
    They will maximize profits! It’s an equity funding company! Think it through…Big rich doctors and lawyers pool their money in hopes of bigger returns than they could get alone. Home town radio to them is a spread sheet of costs and revenues, nothing more.
    It is what it is, and nothing will change that.
    Given the right bend on the station, a local left leaning program may quit possiblly be doomed.
    We will all know soon.
    But make no mistake here…This is business and only business. If it was more some local yocal would have bought it and kept it the same.
    Do your homework on radio buyouts…it’s all about revenues and costs. To spend $1 to get $2 of advertising is the same and as spending nothing and getting $1. It’s a bean counters world in America and has been the invention of mega-national comglomerates!
    And I love em! My 401K went up $267,000 in 2 years! Count all the beans ya want! I want the cash!

  10. Anonymous
    July 3, 2007 at 3:11 am

    I listened to Bill Benica for a minute today and it was excruciating. Ooof! If that is Dave’s only worry I would buy a new motorocycle and take another expensive trip to Antarctica.

    Bill couldn’t figure out when he was going on break, how to navigate the CHP website for his “traffic” report or keep from screwing up and having dead air. He then switched to reading randomn headlines off the internet. It makes me yearn for the days he would simply read the Trib on air.

  11. cayucos b
    July 3, 2007 at 3:18 am

    cant understand what is going on why is kvec and some local stations making changes so quickly new ownership is a dicey thing

  12. Anonymous
    July 3, 2007 at 4:24 am

    Jason Wolff is going to take all all of you down. He has already taken out Tom! Its all about $$$$$$.

  13. Sharkman
    July 3, 2007 at 5:43 am

    Dave, I think you should hire Joe Benson and then you can have the left leaning you and the right leaning joe.

  14. Dave Congalton
    July 3, 2007 at 6:07 am

    Everyone needs to take a deep breath and relax, please.

    No one at KVEC has lost their jobs because of new owners and I do not expect any major changes in programming or staff. We’ll have another update for you during the show on Thursday.

    Keep the faith. Hometown Radio is alive and well.

  15. Downtown Bob
    July 3, 2007 at 7:06 am

    I find it amazing how some people automatically assume the worst of any situation. Dave has mentioned repeatedly that the station was for sale and that things could change, but most likely won’t. How about if we wait and see what happens before we get all up in arms about what might happen. I too tuned into a little of Bill Benica on KYNS; I had to change the channel before I went to sleep! I thought he is supposed to be a radio professional. Dave, you will have to be pretty boring before I can listen to Bill again.

    Oh, and to anyone who might be wondering, Yes, I am the Bob from San Luis that has been commenting here for awhile, but Dave gave me the option of being called “Downtown Bob” since my name is Bob and I have a small business in downtown SLO. I do NOT speak for anyone else in the downtown, or anywhere; I speak for myself only, and yes, I am aware that it is only my opinion that I speak.

  16. Anonymous
    July 3, 2007 at 1:02 pm

    Hrm, maybe doom and gloom are coming. Some very innocuous messages are being removed by Dave.

    Is it only ok to mention other radio stations if we’re slamming them (a la KPRL) but not if we’re wondering where a KVEC-alumni went?

  17. Anonymous
    July 3, 2007 at 1:39 pm

    Downtrodden Bob said:
    ” How about if we wait and see what happens before we get all up in arms about what might happen.”

    Practice what you preach Bob!

    Relax and let the republicans take care of things. We have and will keep you safe and we will close the borders and send home all the law breakers.

    As for local talk radio…wake up!
    Start crunching the numbers…salaries, overhead, expenses, rent, the list goes on…VS no overhead or salaries with nationally syndicated shows and tons of advertising. You’d think a business owner would understsand that. However most of downtown has their heads burried in the sand so this is no departure from logic.
    We live in an out of the way liberal college town. Potential listners number under 200,000. Why spend all that money when you can keep the expenses and pocket the advertising dollars?
    Some will miss local talk, but some other station will try to revive it against the big shows on KVEC. My money bets on the big company that understands the radio business. If KVEC was all that you say it is why is the biggest comglomerate of radio stations dumping KVEC?
    Psssst…Think it through!
    For those at KVEC here is a good link. Monster.com. key work “JOB”

  18. barry in los osos
    July 3, 2007 at 1:45 pm

    When Tom Madsen “quits” the day KVEC is sold, anyone reading between the lines would understand that the two moves were connected.
    The whole thing reeks of a KPRL vs Joe Benson saga.
    Sorry to say but Hometown Radio has been compromised for corporate greed and it stinks.

  19. Anonymous
    July 3, 2007 at 2:03 pm

    I can’t believe the bizarre conspiracy theories being posted here. A bunch of sick puppies, that’s for sure.

    I heard Dave say on the radio yesterday that things looked OK with the new owner and that Dave is safe because he has a contract.

    Crunch the numbers? OK. I bet people listen to local radio. That’s what makes $$$$$.

    Benica? Zzzzzzzzzzzzzzzzz.

  20. Downtown Bob
    July 3, 2007 at 2:39 pm

    anonymouses: Your obsession with trying to read into Tom’s departure is sad; Dave has stated Tom’s reason(s) for leaving- agree with Dave or not, has he ever mislead his audience on anything factual? I don’t happen to agree with Dave on one hundred percent of what he states when he states his opinion, but when he reports on an event or happening, I cannot think of any incidence where he fabricated a lie or purposely mislead. Dave and Tom seemed to be incredibly close; if Dave said that Tom was “done”, I don’t understand why you cannot believe him.

  21. Elizabeth Halverson
    July 3, 2007 at 2:57 pm

    I’d like to thank Tom Madsen for being a straight shooter and wish him the best.
    As for him being “done”, I’m sure the new owners helped Tom become more “done”.
    I’ll watch the upcoming changes on KVEC with hope, but the departure of Tom and the new ownership announced on the same day is more than a little troubling

  22. Anonymous
    July 3, 2007 at 3:14 pm

    Guess I missed something…..yes…I missed Monday’s show….WHAT Is the circumstance of Tom quitting so suddenly?? Just would like to see it in writing….perhaps you could elaborate on your Blog Dave…you see…IF you miss the first few minutes of your show which with LIFE can happen….you miss the explanation. NO…I do not have an ipod and do not want to podcast!! Dave….put it in writing here please!! Will there be a farewell party etc.???

  23. Dave Congalton
    July 3, 2007 at 4:39 pm

    Not to puncture these conspiratorial balloons, but Tom Madsen didn’t know that KVEC had been sold until I told him Friday night. We didn’t learn the news until late afternoon.

    And even if he had known, why would that make Tom quit? He didn’t quit when Clear Channel took over in 2000.

    You had three radio-related events happen in quick succession: The 8 CC stations in SLO and SM were sold, Tom decided to retire and Benica jumped to yet another station.These are three unrelated events, but go ahead and spin your theories otherwise.

    Am I being petty in removing references to Benica’s new gig opposite me? Probably. But I don’t feel the need to promote the competition. Let Bill get his own blog and do his own publicity.

    We’ll talk about Scooter Libby today at 4:05. Should be interesting.

  24. Anonymous
    July 3, 2007 at 4:54 pm

    Dave,

    I wish you would talk about Tom
    at 4:05 PM. I dont give care about Scooter Libby. I will miss Tom Madsen a great, great deal. This sucks!

  25. Dave Congalton
    July 3, 2007 at 5:19 pm

    Anonymous,

    I spoke about Tom at length yesterday at 4:05. You’re invited to hear the podcast to catch my comments.

    I’m as sad as you are. You have no idea how sad I am. It does suck, but it’s his decision.

  26. Ron in Avila Beach
    July 3, 2007 at 10:17 pm

    I’ve got some questions about Dave’s story for the moment. Many things have happened in local radio in a very very short period. Dave seems to be confident with his survival which is good, but nobody really knows the plan except the new company Frontier. I’m sorry but Tom leaving at this time the puzzle don’t fit.

  27. Reality check
    July 4, 2007 at 1:24 am

    Conspiracy or not there is no coincidence that Tom quit the same day the station was sold.
    We aren’t that stupid!
    he took the hand shake offer package to get out with some cash rather than wait for the anvil to drop! Spin it all you want…The guy with the “contract” is under contract to make this look like it’s no big deal when we all know it HUGE!
    Place your bets bloggers…Home town radio is gone. Nationally syndicated shows are the money bags for the day and years to come.
    If the new owners listen to recent shows they will see how devicive liberal talk is in lil SLO…they want revenues not liberal sludge!
    How small is your world? Literally all the locally owned private employers of any size have left SLO over the past decade. Homes are being sold only during the pre=Cal Poly summer months and prices have plummeted!
    You gotta wake up and smell the coffee. How many ads can you have in a 4 hour show? and how can they pay the salaries and expenses! It’s mind blowing if you actually start to write down a few numbers (guess if you don’t know). It doesn’t pencil out! To live in SLO city or county and own a home you’d better be bringing in 6 figures…You can’t sell that many ads and commissions to the reps and huge managerial salaries to boot.
    Cry in your milk if you want. Tom was the smart one…he got out with class and dignity as usual the rest will sink on the ship of denial.
    Mark my words…It’s over.

    Now…Dave please! How bout fairness here? How bout a blog topic on the poll numbers for your democratically controlled house and senate are the lowest in the history of polls! You threw the election in 06 in our faces…now isn’t it time for some reality payback?

  28. Robyn
    July 4, 2007 at 1:35 am

    I was out of town yesterday and missed the information about Tom’s retirement. I will try to listen to the podcast. I will miss Tom greatly (who will flirt with me when I call in?) but wish him all the best for a long, healthy and happy retirement.

    Dave, you know I think you do an incredible job and a great service to the community. I hope the new owners hope to re-new your contract as long as you choose to work on the air. I know Tom’s departure must be tough for you.

  29. Rudy McCain
    July 4, 2007 at 3:23 am

    Hey Reality Check —

    Why can’t it be a coincidence about Tom? Dave says Tom didn’t know about the station being sold until LATER. HELLO????? Are you a fucking idiot, or what???????

  30. no cussing allowed
    July 4, 2007 at 3:44 am

    brett,
    we dont swear like that on this blog.
    wash your mouth out and get a life.
    Deal with your repressed anger…seek help

  31. Tom Fan
    July 4, 2007 at 5:07 pm

    Tom, you are a good man…a very good man. You did the right thing to get out with some dignity and style.
    You will be missed. The hole you leave will never be filled.
    God bless my friend. Be well, hug the Mrs!
    and enjoy your golden years in your new home!

  32. Anonymous
    July 4, 2007 at 10:51 pm

    Amen! I will miss so much.

    “God bless my friend. Be well, hug the Mrs! and enjoy your golden years in your new home!

  33. Anonymous
    July 6, 2007 at 7:17 pm

    This was in today’s Tribune

    Biz Buzz: Clear Channel sells 8

    Dave Congalton—host of an afternoon talk show on KVEC—wrote in his blog that he expects little change in personnel or content at the station.

    “No one at KVEC has lost their jobs because of new owners, and I do not expect any major changes in programming or staff,” Congalton wrote.

    —Nick Wilson

    Man, I sure do miss Tom Madsen. He was such a great guy. This is a big loss KVEC. I bet New Times will go off on Dave next week about this.

    Peter in San Luis Obispo

  34. kevin in paso robles
    July 6, 2007 at 8:42 pm

    Tom Madsen was the straw that stirred hometown radio. I’m sorry that Tom was kicked to the curb like a piece of trash by the new owners. A boycott is in order until some questions are answered.

  35. Anonymous
    July 7, 2007 at 6:47 pm

    I just heard that John Spencer of Spencer’s Fresh Market is really up in arms about Tom going away. They really need to get Tom back ASAP. Please KVEC, bring him back. You don’t need the loss of Mr. Spencer’s advertisements on KVEC.

  36. Anonymous
    July 7, 2007 at 8:54 pm

    I notice the blog sponsor is gone, too. Hrm…

  37. Anonymous
    July 8, 2007 at 12:57 am

    pretty sad when an entire radio station depends ona small chain grocery store to survive.
    I hope the new owners don’t read this!
    Yikes!

  38. John Ashbaugh
    July 9, 2007 at 11:11 pm

    Yes, Tom’s departure is a blow, and I’ll miss him too – but the return of Matt Donovan shows that Dave and KVEC management still care about airing local people with some history here.

    Tom Madson was terrific, and I’ll never forget how he handled the crisis of the San Simeon Quake in 2003 with such professionalism and energy. He was our only source of solid information for the first critical hours of that emergency, and (as I recall) when Dave joined him at about noon or so, we all continued to tune into KVEC for the rest of the day, with only occasional glances at the incompetent NBC coverage on KSBY.

    Godspeed, Tom, and good luck! If you did choose the much-hyped occasion of the KVEC sale to leave, who could blame you? I hope that we get to hear your familiar voice again from time to time – now you can join us as a caller and maybe even as a guest on Dave’s show. All the best to you!

  39. NewsstandGreg
    July 10, 2007 at 11:31 pm

    Dave and Tom,

    Since I don’t listen quite as often as I used to, this news is just now getting to me.

    Tom–gonna miss your dulcet tones in traffic and weather together and your blog comments. (You’ll still comment won’t you?)

    Your point of view offered solid, historical perspective to the younger, non-Korean War era know-it-alls. And you did it with grace.

    Hope we hear from you soon, and be well.

    Dave, keep on keeping up the good work, though you surely will miss a work partner like Tom for a long, long time.

    –Newsstand Greg

  40. Anonymous
    July 12, 2007 at 1:14 pm

    Dave,

    Great show last night for Tom. All the calls for Tom were good.

    Jim in Baywood Park

  41. Kevin in Paso Robles
    July 14, 2007 at 6:09 pm

    The question is will Tom still get use of the private dining area at Pezullos

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