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 Support The DrudgeReport; Visit Our Advertisers  UPDATE Mon Nov 14 2005 09:43:54 ET /// CUMULUS is the frontrunner on bids received by the end of business last Friday, sources claim. XXXXX DRUDGE REPORT XXXXX THU NOV 10, 2005 10:33:08 ET XXXXX ABC NEARS SALE OF RADIO NETWORK, STATIONS; FINAL BIDS DUE THIS WEEK **Exclusive** DISNEYABC CEO Robert Iger is prepared to sign off on the sale of the network's ABC radio network and ABC radio stations, top sources tell the DRUDGE REPORT. Negotiations between DISNEY and three major suitors have intensified in recent weeks; contenders were asked by bankers representing ABC to meet via phone to discuss their final questions. Final bids are due this week, a top source says, with DISNEY then having a 15 day window to accept an offer. MORE A sale of ABC RADIO, with the network's sensational constellation of 60+ stations, including WABC in New York, the nation's top-rated talkstation; WLS in Chicago; KGO and KSFO in San Francisco; WBAP in Dallas; influential WMAL in DC; WJR in Detroit, and others, is expected to rock and roil the radio industry. EMMIS, ENTERCOM and CUMULUS MEDIA each have their hat in the bidding, sources say. One company is said be approaching Iger's asking price. MORE A deal would not include Radio Disney or ESPN radio; it will be a "reverse Morris Trust" transaction, where DISNEY shareholders will hold half of the newly merged radio company. "This is the biggest shakeup at radio stations in a generation," a top source directly involved in the action said Thursday. "I think we will know around Thanksgiving if it's happening this round," said a second well-placed insider. Developing... ----------------------------------------------------------- Filed By Matt Drudge Reports are moved when circumstances warrant http://www.drudgereport.com for updates (c)DRUDGE REPORT 2005 Not for reproduction without permission of the author |
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