Station Sale

[NoWay]

Has anyone ever gone through this? When your station has been bought by a different company what can you expect?

[Gonzo 77]

I suspect most of us have gone through this. Repeatedly.

It really depends on who's buying. Some companies will already be planning to re-sell you, especially if they bought you as part of a package deal. In that case you'll be in limbo for months, dealing with a hiring freeze and other things.

Some will actually start looking at ways to make things better. I've never experienced that, but I've heard it happens.

Others will make grand promises, and then pull the rug out. I went through one sale where we were told how much the company valued local news. Then, on the first day they took ownership, they basically did whatever they could to chase out the experienced, and more expensive, employees. This included, in one case, having a reporter work four hours in the morning from 8:00-12:00, and then come back at 6:00 and work until 10:30. Everyday. He quit two months later.

The best thing you can do is just keep working hard. You have no control over any of this, so control what you can. It also is a good time to make an updated tape, just so you know you have one.

[Gil]

Oh, sure.

1. Sold from Post Corporation to Gillett Broadcasting. Some benefits improved, GM lost his job, and the union eventually went away.

2. Sold from Busse Broadcasting to Granite. Benefits improved and I got a big raise and a bunch of Granite stock (which I sold at a nice profit when they fired me 10 months later).

My impression is that it has little effect on most employees. General Managers and Business Managers are exposed. The trend these days is to consolidate back office stuff as much as possible, so traffic and accounting may go away and be done from a hub somewhere.

[AutoTranz]

If you've gotten to this point, you'll notice that things that would normally get fixed or replace will not get fixed or replaced (light-bulbs, monitors, cables, mic's, tripods).

The length of time between oil-changes on the station vehicles increases.

If current management expects a rough ride with the change-over, they'll be very secretive and edgy about a lot of things. Laborer says to manager: "How's your day going?" Manager says: "Who wants to know?!"

This may or may not depend on who's buying/selling the property.

[Brain Cramp]

I was already on my way out when it happened at my station. Thank God! It probably isn't the norm but here's what happened:

All non-contract employees were immediately placed on 3-month probation, meaning new management could fire any one of us for any reason in those first three months.

All earned vacation time was immediately vacated and not a day of vacation would be earned until the employee had completed a full year on the job under new ownership.

Pay increases were frozen and, in some instances, employees had to take a pay cut (again, non-contracted).

These moves pretty much cleaned out the place. And for those who stayed, morale was in the cellar.

[Y2J]

Ditto, here. Got out just before the last station I worked at was sold. The new owners automated the station, cut a handful of production jobs, fired all the directors, and questionably fired a few others in which case they have or are in the process of settling with them. Needless to say, all the cuts just killed the morale of those left behind.

The new owners did shell out a lot of money for new equipment...switcher, video server, Avid cutters, etc...but the building they're located in is still a dump and falling apart and the studio is way too small, though I heard they might be trying to move to a new location.

And the ratings have gone from bad to worse. They're pretty much at rock bottom in that department.

[LENSCRAFTER]

The one thing I learned from new owners... is that you really can't trust anything they say.

First they had a big meeting to tell us how happy they were to be there... what a great company they were and how things were going to be so wonderful.

A few months later... 15 people were let go... shows were cancelled and salaries were frozen. 11 months after that... ALL shows were cancelled and everyone was told to take a hike.

[Signature on File]

Everybody gets a clean slate.

[The Mockingbird]

When your station gets bought, think of that as a Hellhole Workplace Watch.

In otherwords, conditions are right for a Hellhole Workplace to form.

You might want to also look for the warning signs: staff rotation, a greenish tint in the eyes of middle managers, and a sudden shift in pressure.

[Bureau Chief]

First off, the minute you hear that there might be a sale, UPDATE that resume tape! Take all vacation you can before the change over and dont sign on the line for any major purchases, like a house, a new car or that bass boat you been looking at.

Been through it twice. Many who had vacation built up lost it all, all new hires were given a new, lower payscale and 18 old, higher paid hands were simply fired.

[McCovey Cove Returns]

I've been through this twice. I quit the second time because the owners had no interest in news, just making a profit.

First of all, it depends who is buying your station. Do some research and see what kind of rep they have. Second, get the resume and tape ready. A change in ownership usually means a change in management and a change in direction. You may fit in their plans and you may not. Take the less optimistic approach so you don't end up unprepared in the event you get laid off. These days the trend is to go young and cheap unless it's one of the few ownership groups that believes in winning with content and ratings.

[Newzie52]

Been through it 6 or 7 times, and am now going through it again. I've learned not to panic, but just to be very wary. We're expecting a "private equity" group to be the most likely buyer, as broadcast entities are the flavor of the month for them now. We're #1 in the market with great research, blah blah blah, and it may or may not mean anything to the bottom-liners. By the time my contract is up next year, my kids will all be out of college and off the payroll, so I will be able to relax at least a bit if the new owners start cutting. This sure gets exhausting.

[overthehill]

Change in ownership means change. Don't ever buy into the belief that "if it ain't broke, they won't fix it." They will.

You're bound to see a new GM, perhaps a new ND, probably a new sales manager, perhaps a new business manager.

Like many animals, new management likes to mark their territory. They'll make changes to leave their mark and because they CAN make changes. It might be your anchors, it might be your set, graphics, news music, promotion, etc.

A sale rarely affects the worker(s) in the trenches. Top management and high visibility staff are more at risk. Changes may not be immediate, but it may come within 6 months after the sale is official.

Good luck

[ August 03, 2007, 12:59 PM: Message edited by: overthehill ]

[Poo(h)]

Remember the rule of the seagull.

They fly in, sh*t all over everything, and leave.

[Fake Post]

I remember working for the smallest market station, but, according to the head cheese, the most profitable of the ownership bunch (Multimedia).

The head of the chain, Bill Bolster, told us that he was so pleased with the performance of our station, that he wishes he could clone us to compete in some of our ownership group's larger market stations (Cleveland, Cincinnatti, Knoxville, etc.) After the head cheese made that statement, a director fired back. "If we know how to make you money, then why don't you move US up to those larger markets?"

Needless to say, the head cheese responded accordingly by saying, "No."

[NoWay]

Well I'm really concerned about it and want to leave before it happens. There are weird things happening that have me concerned for my job. The takeover is suppose to happen in a couple of months. Would now be the best time to leave then without having concerns over my current contract?