We’re just a few days ahead of Christmas, and most of you have probably completed the annual orgy of consumerism and have all the gifts for family and friends ready under the tree or shipped to arrive in time for the holiday. Perhaps your home is all decked out and looking great.
For those of you in PPM markets, Santa Nielsen makes a visit just after Christmas. For some, he’ll bring wonderful December numbers, even if most of the survey period was in November. If you were bad boys and girls, Santa Nielsen will deliver a lump of coal in the form of lousy shares.
I had an odd Christmas gift thought: What if you checked your stocking and found a piece of paper? What if that paper was the title to a radio station? Would you be excited heading into 2026, or would you be more likely to chuck it into the roaring fireplace? “Never saw that one coming,” or “Was there something else in the stocking?” when you were asked for a reaction?
When I was young, I wanted to own a radio station, preferably a combo. This was in the days of the 7-7-7 rule for broadcast ownership. If you’re too young to remember, there was a time when you could own just seven AM and seven FM stations across the entire country, and only an AM/FM combo in a single market. TV was limited to seven as well, but only five could be VHF stations. It was a different world, and you had multiple ownerships in most any decent-sized market. Sure, some owners splashed out more money on promotions, while others knew how to make a nickel squeal. My dream never happened, but having a long career in the business was good enough.
The value of radio stations has declined greatly over the decades. If someone offered you an AM standalone today, pretty much anywhere, would you want it? Do you think you could make a go of it?
While the NAB continues to push the AM Radio for Every Vehicle Act, companies are turning in AM licenses to the FCC. Meanwhile, some of the biggest AM stations out there are being “backed up” on FM. The latest was the announcement by Urban One of WBT-AM’s format being moved to a full-power FM signal. WBT was already simulcast on an FM in the market, but on a far less desirable signal. The follow-up to the announcement was that WBT wouldn’t be an AM/FM simulcast, but that something new will end up on the 50,000-watt AM signal.
Urban One’s move isn’t unique. While I was at Cumulus, KNBR-AM in San Francisco added an FM simulcast. More recently, KMOX, a legendary blowtorch in St. Louis, added an FM simulcast. If AM stations of that stature need an FM, what does that say about the more typical AM station that can’t be heard in 38 states and six provinces at night?
I’ve asked this question of friends from time to time: If someone offered to give you a station at no cost, would you take it? And if so, what would you do with it? Could you do something unique and make a profit at the same time? Most of the time, the answer is, “I would have loved to years ago, but no way today.”
Gifting a radio station may not be practical, but if you need last-minute ideas, another great radio gift option is stock in publicly held radio companies. As I write this, you could buy 100 shares of iHeart (IHRT) for under $500. If that’s too pricey, how about 100 shares of Urban One for just over $100? Still too much? You’ll be the most amazing gift-giver in your neighborhood if you put 1,000 shares of Cumulus under the tree, and that present will cost less than $100. You never know, one of these may become a meme stock, as happened with Beasley this month, and your recipient could cash in.
I’ll stop the smartass stuff there because it’s not the time of year to be a Grinch or a Scrooge. Like most of you, I’d like to think that the radio business will have a better 2026. I’ll keep working with the students running WWHR-FM, Revolution 91.7, at WKU here in Bowling Green. They’re excited about what they can do with a real radio station. They want to make a difference, and it gives me hope for the future.
As part of the holiday, Jason has given me next week off from the rigors of writing this column, so let me take this opportunity to wish everyone a Merry Christmas and a Happy New Year. If you celebrate Chanukah, I belatedly hope you had a great holiday. And thanks to the people who took the time to comment on my columns in 2025. Even if you didn’t agree — especially some Nielsen Audio employees — it’s great to get feedback. Here’s a toast to a great 2026.
Let’s meet again next year.
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