After more than a decade at the company’s New England stations, including a run as Station Manager of Sports Talk WEEI-FM in Boston, a veteran Entercom sales pro is going to work for Jim Morrell.
But, is there more to the story? While the move is intriguing and begs the question of whether Morrell’s Pamal Broadcasting is positioning itself for its leader’s retirement, brokers who spoke with RBR+TVBR quickly dismissed such talk.
As first reported by Streamline Publishing’s Radio Ink, David Oldread has been appointed GM and Market Manager of Pamal’s radio stations in New York’s Capital District, the Albany-Schenectady-Troy market.
Here, Pamal owns and operates two market stalwarts — CHR/Pop WFLY-FM “Fly 92” and AC WYJB-FM “B95.5.” Also in the mix is a revitalized Goldien Oldies WROW-AM 590 and W263CG at 100.5 MHz, CHR/Rhythmic WAJZ-FM “96.3 JAMZ,” Country WKLI-FM 100.9 “The Cat,” and Alternative WINU-FM “Alt 104.9.”
Oldread will now be charged with growing these stations’ revenue, and Nielsen Audio ratings, in market No. 66. He’ll be competing against formidable clusters operated by Townsquare Media and iHeartMedia, and in some ways against successful noncommercial Classical WMHT and NPR giant WAMC.
He reports to Pamal COO Steve Borneman, starting Wednesday, Dec. 4. Borneman said, “We are absolutely thrilled to have David join Pamal Broadcasting. Our six stations will all benefit from David’s knowledge, drive, and enthusiasm to lead us into the future.”
While Oldread’s resume includes early career stints as a Sr. Account Manager at Cox Radio Group’s WMMO-FM 98.9 in Orlando and, before that, two years in a similar role at Clear Channel, it is his time at Entercom that is most intriguing, with respect to his forthcoming role.
Oldread arrives at Pamal after serving as Director of Sales & Operations of Entercom’s radio stations in Providence, R.I.; and in Springfield and Worcester, Mass., rising from roles as Station Manager and Director of Sales at WEEI-FM.
Oldread thanks Morrell and Borneman in a prepared statement provided by Pamal to radio industry trade publications. “I’m excited to work with our amazingly talented and dedicated staff. Together, we’ll do everything in our power to super serve the listeners and advertisers of the Capital Region.”
The arrival of Oldread after 11 years at Entercom presents an interesting, although unfounded, scenario.
Morrell, who graduated from Siena College in 1966 and is in his early 70s, has been the subject of retirement rumors among some in the media brokerage community, for several years.
However, there’s no sign of him slowing down anytime in the immediate future. Named the 2019 Entrepreneur of the Year by his alma mater in April, Morrell not only owns Pamal but has a formidable foothold in the Upstate New York automotive industry — and even a gym and hotel.
With his family, Pamal owns Destination Nissan and Destination Kia in Albany. Just a short walk from the radio stations are Morrell-owned ABC Sports and Fitness; Add Development and Management, and the Holiday Inn Express & Suites in Latham.
He also owns “several other businesses” in the Capital Region.
“Jim Morrell embodies the type of individual we imagined when Siena College created the Entrepreneur of the Year award,” said Michael J. Hickey, director of Siena’s Stack Center for Innovation and Entrepreneurship. “He not only is a successful serial entrepreneur but also a philanthropist, who continues to support a multitude of great Capital Region causes.”
This is why one broker familiar with Pamal’s current and former radio stations highly doubts the arrival of Oldread is part of a grand plan that could see Morrell sell his Albany, N.Y. stations, or perhaps those in Glens Falls, N.Y. and Vermont, too, to Entercom.
“I don’t think Jim would sell Albany,” the broker said. That said, he added, “I think Jim’s family would kill him if he bought more stations. But, he’s not really ready to retire. And, if any sale were to take place, the Rutland [Vermont] stations would likely be sold first.”
The broker added that Morrell is “a deft finance guy, and loves the radio business.”
Another broker who requested anonymity questions why Entercom would desire entry into market No. 66, as its “bread its buttered in the nation’s largest markets.”
The answer is simple: geography.
Entercom’s markets in New York include Buffalo and Rochester, due west of Albany, and New York City, some 150 miles to the south. Then, there’s the company’s large presence in New England, where it owns stations in Hartford, Providence, and the Boston DMA. Add in Wilkes Barre-Scranton, a not-so-short drive from Albany via I-88 and I-81, and it presents a perfect fit for Entercom. Another plus: Pamal operates an “Alt” station, a favorite of Entercom President/CEO David Field and a brand used in New York at the company’s WNYL-FM 92.3.
A third broker said a future acquisition makes sense. However, any talk of a deal in the coming months based on Oldstead’s arrival is just that — talk.
“Entercom is better off utilizing resources in its largest markets,” the broker said. “There are scarce resources available for the company to make an acquisition. It’s not like Entercom is printing money at this time.”
Entercom representatives were unavailable Wednesday due to the start of the Thanksgiving Day holiday period.
For Morrell, planning for the future started 16 years ago. In January 2004, children James, Amber, Michael and Joseph agreed to pay their father’s company $8 million for nine stations in the Gainesville-Ocala market. But, they ended up selling the stations back to their father. Then, in April 2011, Pamal said farewell to the market with its sale of a cluster reduced to seven stations to MARC Radio in a deal brokered by Glenn Serafin. The transaction was valued at $2.85 million.
While that sale was consummated successfully, a deal in the Berkshires struck in 2013 did not. In 2013, Pamal attempted to sell Class D WPNI-AM 1430 in Amherst, Mass., to The Love Radio Church Inc. However, the sale never closed, and in May 2014 Pamal surrendered WPNI’s license to the FCC.