Call it a management philosophy suited to the times.
A new organization has launched, describing itself as a "virtual media company" whose job is to manage radio operations when a station is in a "financial workout period" — or as one exec put it, to "stop the financial bleeding, perform operational triage and return the radio company to profitability so investors can recoup its value."
It includes several names familiar to broadcasters.
The Radio Workout Team aims to rebuild and operate radio companies during a workout and until the properties are sold. It covers all aspects of radio operations including operations and management, sales, programming and marketing, financial and engineering.
Members include Dan Halyburton, a former exec with Susquehanna and Emmis; John Stevens, president/COO of Paragon Media Strategies; Mike Henry, CEO of Paragon; Skip Pizzi, a consultant and contributing editor to Radio World who is a former manager with NPR and Microsoft; Paul Marszalek of Media Mechanics, who has held several senior programming positions; producer Ben Manilla; ratings analyst John Sutton; marketing specialist Lori Dillé of Weather Shore; and revenue expert Richard Warner of What's Up Interactive.
The group also includes sales consulting and training from Creative Resources and the Center for Sales Strategy.
The group says it can operate a radio station or company "without the traditional cost structure" and that it has been working for several months with lenders, trustees, receivers and "troubled owners who need a new economic solution."