One facet of the recent radio dealings of Townsquare Media is the placement of three Iowa stations into a trust for resale. The FCC is OK with that, but unlike similar situations with Clear Channel and Cumulus, this time the approval comes with a deadline.
The stations are in what was once the Waterloo-Cedar Falls Arbitron market. Arbitron is now Nielsen Audio and the market is no longer rated. They include KCRR-FM Grundy Center, KKHQ-FM Oelwein IA and KOEL-FM Cedar Rapids IA.
They are going from Townsquare to The Cedar Rapids Divestiture Trust for resale to a third party, and not only is the FCC saying that the event must take place within two years, the Trust must submit reports every six months detailing its efforts to sell the station to one or more other entities or individuals.
The FCC noted the open-ended trusts it allowed to be created by Clear Channel and Cumulus. It said the economy was in much worse shape at the time, making it difficult to find buyers for many of the stations at a fair price. It also noted that many of those stations have yet to be resold.