Radio: A Gamble Or A Good Bet?


Start with a legendary (or perhaps infamous) media executive — Randy Michaels — who is said to be attributable in more U.S. broadcast licenses than anyone else.

Add one of the leading authorities on communications industry business values, investments, and strategies — Tom Buono — someone who has been involved in the valuation of billions of dollars’ worth of communications properties.

Stir in a veteran of 30 years in corporate banking — Garret Komjathy — including 20-plus years in media and communications new-deal origination, structuring and relationship management.

Round that out with yet another leading expert — Drew Marcus — on media and technology transactions valued at over $100 billion who, as a broadcast analyst, was ranked No. 1 by Institutional Investor and The Wall Street Journal.

Think this group might have some interesting perspective and insight on the state of broadcast radio in the months and years ahead?


You would be thinking correctly. If you are an investor or looking for an investment, or if you are in the market to buy or sell stations, this is a Forecast 2019 session you need to attend.

The radio game has never been more volatile, and the chess board is wide open for new players looking to make their move.

As the big groups right-size and prioritize their geographies, smaller broadcast companies and independents could see this reorganization, timed with the current economy, as an opportunity to expand.

Do investors see it the same way, or have recent telecommunications deals numbed them or even blinded them to radio?

Are they knowledgeable enough about the industry and its new platforms and technologies to see the potential for growth and increased revenue? 

And if they are confident enough to invest, what do they expect in return? Conversely, are companies realistic in valuing their holdings and the new revenues they anticipate? 

What does an owner of any size need to show — or do — to attract money for expansion or refinancing? At Forecast 2019‘s Prospects for Radio as an Investment in 2019: The Real Street Talk panel, Michaels, who has seen both sides of the investment game and probably the other guy’s hand, moderates a panel of financial advisors and analysts in a candid, honest discussion of who is investing and where. 

Wall Street’s opinion affects every player; this is a session no broadcaster can afford to miss.

Randy Michaels, CEO of Radioactive LLC, has been involved in the radio industry since the early 1970s. As CEO of Jacor Communications, he led one of the nation’s most successful radio groups, selling the company to Clear Channel in 1999. He later served as EVP of the Tribune Company and CEO of interactive and broadcasting operations as part of the management restructuring following the consummation of the Tribune Company privatization transaction.

  • Tom Buono is CEO of BIA Advisory Services, LLC, and founder of BIA Financial Network and CEO of BIA/Kelsey.
  • Garret Komjathy is SVP/Media & Communications Division at U.S. Bank.
  • Drew Marcus is a senior advisor to Guggenheim Partners in its Media/Technology Investment Banking Group.


Forecast 2019 brings together the best and brightest talent in broadcasting and advertising to forecast the coming year, and to discuss the trends and momentums that will affect ratings and revenue.

From Washington to Wall Street, automobiles to mobile devices, Forecast focuses on what’s ahead in the broadcast community’s future and how to prepare for its opportunities and challenges.

This is the industry’s only forum that allows radio owners, CFOs, group executives, managers, and Wall Street analysts to gather for an open exchange on conditions and expectations for the coming year.

The conference concludes with the networking event of the year, the annual “Top 40” cocktail reception, the 40 Most Powerful People in Radio.

Seating at the event is limited and may sell out. Register today so you don’t miss any of the important information that you’ll hear only at Forecast. Click here.

Forecast 2019
November 14, 2018
Harvard Club
New York