Sifting Through the Wreckage
Terrestrial Radio is a sector that many investors have forgotten. The sector is composed of a handful of names and the companies are both tiny and obscure, making it impractical for large funds or banks to devote time to analyzing the sector. They also do not retain any of the popular excitement that is reserved for satellite or internet counterparts, largely because broadcast radio is thought to be a "boring" business. For many investors, myself included, boring is good. In a rapidly rising market, Value Investors find it difficult to find sectors that offer the low valuation multiples and robust cash flows offered by many traditional media companies.
While many of the radio companies that I...
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