Congress may come to the aid of struggling radio companies yet, if a new piece of legislation gains support in the House and Senate.The proposed RADIO incentive, for Recession Assistance for Desperate Investors and Owners, is inspired by the current "Cash For Clunkers" initiative. Under the RADIO plan, qualifying companies with economic hardships who cease operations and turn in their radio licenses to the FCC could receive cash amounts up to three per cent of a station's most recent purchase price per license.
"In a lot of cases, that's the best return on their investment they're going to get," said one who should know, former Fortress CEO Hussein M. Greedie.
Already nicknamed "Treasure for Toilets," the legislation could possibly be inserted into the performance royalty bill currently before Congress, sources say.
