Travel more travel
not sure what to feel
As I sit
high above wall street
doing this huge deal.
not sure what to feel
As I sit
high above wall street
doing this huge deal.
In the last chapter (‘Are You Ready’) I was talking about how unprepared my Brother Reg and I were for success.
When I moved to California to start my consulting company, one of my first projects was to launch a new format in San Antonio called “Class-FM”
When I moved to California to start my consulting company, one of my first projects was to launch a new format in San Antonio called “Class-FM”
I was hoping that it would become successful enough to get me a couple more clients so I could afford to continue living my dream in California.
Then when the ratings exploded, so did my consultancy.
Then when the ratings exploded, so did my consultancy.
When the new clients started coming on board faster than I could handle, I quickly partnered up with my brother Reg.
Then, before we knew it, not only were we consulting radio stations all over North America, but we also owned radio stations in Portland and Indianapolis and were trying to buy one in Chicago.
Then, before we knew it, not only were we consulting radio stations all over North America, but we also owned radio stations in Portland and Indianapolis and were trying to buy one in Chicago.
Then just when I thought it couldn’t get any busier I got a call from Jim West.
He wanted me to fly to Dallas to meet with Tom Hicks, who owned 7 Up, Dr. Pepper, The Texas Rangers, and a European soccer team. (Tom Hicks pictured on top)
He wanted me to fly to Dallas to meet with Tom Hicks, who owned 7 Up, Dr. Pepper, The Texas Rangers, and a European soccer team. (Tom Hicks pictured on top)
Upon my arrival at DFW, Jim, and Tom were waiting for me, and when we found a quiet corner at the airport, Tom got right down to business.
He explained that his younger brother Steve who was also in broadcasting, wanted Tom to get involved, but up until now, Tom said, “Radio just wasn’t big enough.”
He explained that his younger brother Steve who was also in broadcasting, wanted Tom to get involved, but up until now, Tom said, “Radio just wasn’t big enough.”
“However,” he went on to say, “With the newly relaxed regulations on ownership, and if I can talk you into merging your company with my brother’s, I may get interested enough to take it to Wall Street.”
I immediately put Tom in touch with our CFO, Bill Yde and before long we’d formed a new company called “Capstar.”
We’d be starting with seven markets where Reg and I would be in charge of getting more ratings which would enable us to buy more radio stations.
We’d be starting with seven markets where Reg and I would be in charge of getting more ratings which would enable us to buy more radio stations.
It all sounded very exciting, so I foolishly resigned most of my clients so I could work on our own stations full-time.
As the merger was coming together and my marriage was falling apart, I moved to Austin to fire up the Hicks’ flagship station, Key 103.
As the merger was coming together and my marriage was falling apart, I moved to Austin to fire up the Hicks’ flagship station, Key 103.
Key 103 was a little sleepy, so I decided to do a complete makeover.
First, I brought in Reid Reker as the ringmaster and then hired some nasty major leaguers like The Magic Christian, Jeff McKee, Mike Donahue, Mike Keneally, and Peter Jennings sound-a-like Bill Taylor.
First, I brought in Reid Reker as the ringmaster and then hired some nasty major leaguers like The Magic Christian, Jeff McKee, Mike Donahue, Mike Keneally, and Peter Jennings sound-a-like Bill Taylor.
I’ll never forget the look of disbelief on Steve Hicks’s face a few months later when he said, “George, the new ratings claim that we have gone from a seven share to a 13.1 which puts us ahead of the previously unbeatable KASE.”
As wonderful as that news was, it didn’t compare to the rating party the Hicks threw for the whole staff in Las Vegas.
As wonderful as that news was, it didn’t compare to the rating party the Hicks threw for the whole staff in Las Vegas.
I guess those ratings must have excited big brother Tom because the next thing I knew, there I was in New York with him being whisked to the top of the financial world.During our elevator ride, I was trying to convince Tom that I didn’t think my speaking to investors was a very good idea because as I said, “I’m just a radio guy who doesn’t know from Wallstreet.”
Tom assured me I’d be fine because the folks I’d speak to don’t know from radio.
When Tom kicked off the presentation, I could tell that this wasn’t his first rodeo on Wallstreet.
He told the investors that a new day had dawned in Broadcasting, and now for the first time, outsiders like us would be allowed to invest in radio.
When Tom kicked off the presentation, I could tell that this wasn’t his first rodeo on Wallstreet.
He told the investors that a new day had dawned in Broadcasting, and now for the first time, outsiders like us would be allowed to invest in radio.
But like you,” he went on to say, “I don’t know anything about radio so I found somebody who does.”
“The man you’re about to meet is a radio genius and he’s going to make us all filthy rich.”
“The man you’re about to meet is a radio genius and he’s going to make us all filthy rich.”
As I sat there listening to Tom, I remember thinking, “Wait till these sharks figure how frightened this so-called genius is, that’ll inspire ’em.”
While Tom was explaining the financial part, I was gazing out at the New York skyline and wondering just what the hell I was doing here until I heard Tom say, “Now it’s time for you to meet the star of Capstar, George Johns.”
While Tom was explaining the financial part, I was gazing out at the New York skyline and wondering just what the hell I was doing here until I heard Tom say, “Now it’s time for you to meet the star of Capstar, George Johns.”
As I stuttered-stepped my way to the podium, I’m sure everyone could hear my knees knocking.
Once there, I took a moment to look out at the sea of blue pinstriped suits who were staring back at me with total disinterest which pissed me off. Now I was ready!
Once there, I took a moment to look out at the sea of blue pinstriped suits who were staring back at me with total disinterest which pissed me off. Now I was ready!
I bid them all a good morning and began with, “As Mr. Hicks said, I’m a radio guy, and what I know about radio is that 97% of the American population uses it every day.
Hell, I said, “5% of Americans are legally deaf, so even some of them are listening; how strong is that?”
“Radio,” I went on to say, “Has always been huge because i always reinvents itself when a new threat like Television shows up.
“However,” I continued, “As big as radio is, very few people understand how it works.”
“However,” I continued, “As big as radio is, very few people understand how it works.”
“Even Hollywood gets it wrong, but whenever they do a movie about you guys, they fucking nail ya!”
With that, the room exploded with laughter, and the demise of radio began.
With that, the room exploded with laughter, and the demise of radio began.