How a Corporate President
Destroyed His Own Radio Company

The radio industry thrived for years when it was run by small regional chains. Then in the mid-nineties congress decided to corporatize radio so that a few big chains could dominate the industry. The result has been lots of financial disappointment to the point that two of the biggest radio chains have filed for bankruptcy while another went deeper in debt to buy out a big chain.

The cartoon equivalent to what's going on in the radio biz is Bob Sludgehammer, CEO and founder of Sludgehammer Communications. He was born rich and has millions of dollars to play with, so he bought a dozen radio stations for $100 million. His goal was to sell the chain for a billion some day. But today the value of his stations has shrunk to $25 million and Sludgehammer must now decide on filing bankruptcy since the company is millions in debt.

Bob makes a salary of $1.5 million per year, which is quite a lot considering he's been a big industry failure. He doesn't care about all the jokes behind his back since he's the one laughing all the way to the bank. He's just another example of a corporate con artist who has a nice retirement package waiting for him, despite a horrible vision for radio: to automate the same programming in a dozen markets. It didn't work, but he'll still be raking in millions after the company reorganizes with fresh loans.

Created by Alex Cosper