Timing and execution made all the difference. We earned mos… - Sam Zell

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Timing and execution made all the difference. We earned most of our money on the first one hundred stations we bought — numbers 20 to 118. Why? Because after that the rest of the industry caught on, competition for stations increased, and prices went up. However, we continued to acquire even then, albeit at a slower rate, because of the economies of eliminating redundancies within a large portfolio in geographic concentrations and because our average price per station remained so low. But it was the first-mover advantage that made Jacor a lead dog — and a home run. Within three years, we went from 20 stations to 243.

Sam Zell

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At some point the guy I was sitting next to turned to me and asked, “So what do you do?” I replied, “I’m a professional opportunist.” And that has been my response to that question ever since.

I looked at each property and figured out how much debt service it could handle based on its existing cash flow. I’d restructure the debt at a lower interest rate and put $1 down on the property along with a limited cash-flow guarantee to ensure the institution would not go into default while waiting for the market to recover.

There’s a line from an old movie, Wheeler Dealers: “You don’t go wheeling and dealing for the money, you do it for fun. Money’s just a way of keeping score.” And that’s how I see it. I’ve always been much more drawn to the experience.

Timing and execution made all the difference. We earned most of our money on the first one hundred stations we bought — numbers 20 to 118. Why? Becau… - Sam Zell

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