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Layoffs coming to Hubbard Seattle?

R

Rob Piotrowski

Rob Piotrowski said:
Is Seattle next? Just in time for the holidays, too...
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Maybe. They just spent a lot of money buying a big cluster in West Palm Beach. As you all know, Hubbard is a family company, and they can't just issue new stock to cover their expenses. The money has to come from somewhere. At the same time, Hubbard has been looking to grow some if its non-broadcast business, including podcasting. There's only so much money in the wallet, so the investment money has to come from somewhere. And it usually helps to get all your financial ducks in a row before the end of the tax year. So that's where things stand.
 
Getting fired in late November and December is just the radio industry's way of saying "Happy Holidays". Especially if you're a long term/older employee.

It's NEVER the company's fault if they overextend or just pay entirely too much in 2018 for whatever station/cluster acquisition. It's ALWAYS the person(s) who have provided years/decades of selfless service and devotion. Who brought their stations to the top of the ratings and made their stations household names.

Yep, gotta get rid of those worthless bums. Just look at 'em all, with their successful track records, hard work and unwavering loyalty. Who do they think they are?
 
The most amazing thing about the Chicago layoffs is that there were actually two live overnight hosts in the same cluster to lay off in the first place! Actually, three overnight hosts as apparently one is keeping their gig.

Seriously, think about that. Most clusters in 2018 don’t have anyone minding the store from around midnight to 3-4am.

I’m sure someone will enlighten me, but are there even three paying overnight airshifts in the entire Seattle market?
 
It's well known that the Seattle cluster, even under previous ownership was the home to those who were willing to work the cheapest. Maybe local staff are safe due to this hiring strategy.
 
notalent said:
It's well known that the Seattle cluster, even under previous ownership was the home to those who were willing to work the cheapest. Maybe local staff are safe due to this hiring strategy.
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I bet you're right. If you notice, the markets where staff cuts happened (Chicago & St. Louis) were previously owned by Bonneville.
 
Rob Piotrowski said:
The only thing missing is you saying you were wrong about no Seattle layoffs...
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Maybe you should re-read what I wrote:

TheBigA said:
Maybe. They just spent a lot of money buying a big cluster in West Palm Beach. As you all know, Hubbard is a family company, and they can't just issue new stock to cover their expenses. The money has to come from somewhere. At the same time, Hubbard has been looking to grow some if its non-broadcast business, including podcasting. There's only so much money in the wallet, so the investment money has to come from somewhere. And it usually helps to get all your financial ducks in a row before the end of the tax year. So that's where things stand.
Click to expand...

So where did I say "no Seattle layoffs?"
 
Story is now missing from the other 'radio' site. Wishing the morning crew all the best, hopefully they will find another job soon. Perhaps because KSWD is kicking their arse's in the ratings?
 
Hubbard overpaid for that cluster in West Palm Beach, IMO.

I have a feeling they are actively looking for additional acquisition opportunities.
 
MarkW said:
Hubbard overpaid for that cluster in West Palm Beach, IMO.
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They bought a cluster that has 51% of the market's total radio revenue. I suspect they paid a normal-for-today BCF multiple, plus any real estate values. I'd bet that the cluster has an operating margin over 50%, and it has relatively low risk from competition.
 
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