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Tuesday, October 13, 2015

More Stations Will Be Available to Buy Soon

More Stations Will Be Available to Buy Soon
Oct 13th 2015, 05:05
That's the opinion of SummitMedia CEO Carl Parmer, who's on the cover of Radio Ink Magazine. Parmer had a very successful run with Cecil Heftel and is now building his own company. In 1996 Heftel sold its stake to Clear Channel and Parmer signed a five-year noncompete covering major markets. Heftel and Parmer then purchased two Urban stations in Birmingham, turned them around, and sold them to Cox. But the economy soon went in the tank and Parmer sat on the sidelines, waiting for the right deal. He served on a few media boards, and then, as luck would have it, Cox was looking to sell some stations. In 2013, Parmer purchased 23 stations from Cox for $66 million. SummitMedia was born, and Parmer was back in the business. Parmer says there will be more assets to buy over the next five years. Here are his reasons...