Chris Devine’s Blue Point Media, one of the first big buyers announced in the Clear Channel Radio divestitures of small and medium market clusters, will not be a buyer after all. Clear Channel told its managers at the 11 markets involved yesterday that the 45.7 million bucks sale of 35 stations, mostly in the west, to Blue Point will not be going to closing and the stations are back on the market. An internal memo to managers of the 11 clusters says Clear Channel intends to move promptly to identify a new buyer, and, as such, the managers can expect to get requests for updated market data.
Here are the markets that are again available.
Clear Channel clusters formerly going to Blue Point
|
Market name & CCU market number |
Arbitron Rank |
|
Duluth, MN – Market 424 |
204
|
|
Billings, MT – Market 403 |
260
|
|
Cheyenne, WY – Market 240 |
290
|
| Casper, WY – Market 239 |
297
|
| Bozeman, MT – Market 404 |
NR
|
| Burlington, IA – Market 197 |
NR
|
| Laramie, WY – Market 420 |
NR
|
| Missoula, MT – Market 405 |
NR
|
| Pocatello, ID – Market 204 |
NR
|
| Shelby, MT – Market 406 |
NR
|
| Twin Falls, ID – Market 206 |
NR
|
Source: Clear Channel Communications SEC filings, FCC filings and announcements
RBR observation: There had been rumors for some time that this deal was in trouble. Devine and partner Bruce Buzil (who was not a part of Blue Point) had put some of their other radio companies – Millcreek Broadcasting, 3 Point Media – Delta, 3 Point Media – Franklin and 3 Point Media – Utah – into Chapter 11 bankruptcy reorganization a few months ago. That didn’t inspire confidence and Devine apparently lost his original financing for the Clear Channel deal. There were attempts to find a new lender, but, alas, now the deal is dead.
