Free Essay

Radio One Inc

In: Business and Management

Submitted By Lauracastellanos
Words 918
Pages 4
Preguntas

1. ¿Por qué Radio One desea adquirir las 12 estaciones de Clear Channel Communications que están rankeadas entre las 50 mejores además de las nueve estaciones en Charlotte, NC, Augusta, GA, e Indianápolis, ID ¿Cuáles son los beneficios y riesgos?

Hemos considerado las siguientes razones de la adquisición:

 Radio One desea adquirir estas 12 emisoras porque le permitirá duplicar su tamaño y le ayudaría a consolidar su posición en el ámbito nacional.
 Estas adquisiciones le permiten la entrada a nuevos mercados
 Muchas de las emisoras en venta tienen el formato urbano de Radio One
 El público objetivo de Radio One es el colectivo afroamericano, el cual ha tenido un rápido crecimiento en cuanto a población (60%), ingresos (150%), estos ratios de crecimiento son mayores a los de la población en general; además los afroamericanos escuchan la radio 24% más que el publico general.
 Sinergias. La adquisición de las emisoras le permite reducción de costos, ya que tiene como estrategia la compra de emisoras de baja rentabilidad para modificarlas a un formato urbano, utilizando sus recursos, programación, etc. para así seguir reduciendo costos innecesarios y obtener mayores eficiencias.
 Disponibilidad de fondos para la adquisición de las emisoras Los beneficios que obtendría de estas adquisiciones, son los siguientes:

 Al adquirir las 12 radioemisoras, llegaría a tener mayor número de oyentes afroamericanos que el resto de emisoras por tanto se obtendrían más ingresos por publicidad.
 Mayor poder de negociación de la publicidad ya que cuenta con mayor cantidad de oyentes.
 Integración de directivos de las emisoras a adquirir, que tienen posiciones sólidas en el mercado.
 La obtención de mayores ingresos por publicidad, constituiría una plataforma más sólida para la expansión que la empresa planea hacia otros medios de comunicación como televisión por cable, industria discográfica o internet.
 Beneficios fiscales, por compensación de pérdidas, concesiones fiscales y revalorización de activos depreciables.

Los riesgos asociados a las adquisiciones:

 La regulación estricta de la Comisión Federal de Comunicaciones – FCC
 Que no se alcance la sinergia deseada debido a que las culturas organizacionales no se puedan fusionar.
 De no concretarse la adquisición otras emisoras podrían aprovechar la oportunidad para seguir creciendo. 2. ¿Qué precio debería ofrecer Radio One basado en un análisis de flujo de caja descontado? ¿son razonables las proyecciones del flujo de caja?

A continuación, presetamos los cálculos necesarios para obtener el VPN por la adquisición de las 21 estaciones de radio, 12 estaciones de Clear Channel Communications y 9 estaciones adicionales que el Directorio también evalúa comprar, según el análisis del Flujo de Caja descontado:
Es importante comentar que hemos utilizado ciertos ratios para los gastos corporativos (42.86%) y de las comisiones (12.42%), en base a la proporción de los gastos de las 21 estaciones frente al total para el primero, y el porcentaje que representa para el segundo. De esta manera obtenemos el FCE, del cual consideramos su promedio entre los años 1999 al 2004, siendo USD. 64,141.47 M. Estas emisoras a las que aspiraba Radio One, Royster calculaba ofrecer al menos 20 veces su FCE, por lo que la inversión inicial seria de USD. 1,282,829.35 M. Finalmente desarrolamos el Flujo Proyectado de la Adquisición, considerando el la inversión por la adquisición, el FCE, la perpetuidad en el año 2009 y otras inversiones para el capital de trabajo, entre otros. El FCF lo actualizamos al CPPC de 10.08%, que su cálculo lo podemos observar en anexos, y el valor presente neto resultaría USD. 28,447.94 M, precio al que Radio One debería ofrecer según Royster.

3. ¿Qué precio debería ofrecer Radio One basado en un análisis de múltiplos?

El Anexo 8 de la lectura nos presenta los múltiplos de las cotizaciones del sector radiofónico en Marzo de 2000, basadas en las previsiones estimadas para 2001. A partir de esta data, obtenemos un promedio de las cotizaciones de FCE por un múltiplo de 16.78, resaltando que hemos extraido las cotizaciones extremas, la de Hispanica Broadcasting y Saga Communications, para que pueda resultar un promedio mas razonable.

Con un múltiplo de 16.78 veces, la inversión inicial resultaría de USD. 1,076,293.82 M. Al igual que en el procedimiento anterior, descontamos el FCF al CPPC de 10.08%, lo cual nos daría un VPN de USD. 234,983.47 M en base al análisis de múltiplos.

Consideramos que éste múltiplo de 16.78 es muy bajo. Si bien es cierto que el VPN resulta rentable y atractivo, tenemos que tener en cuenta que Radio One se encuentra dentro de una Oferta de Compra, y por ser una licitación los vendedores podrían rechazar su propuesta y perder, de esta manera, una oportunidad única de crecimiento de Radio One.

4. Asumiendo que el precio de las acciones de Radio One es 30X BCF, ¿se puede ofrecer como mucho 30X BCF por las nuevas estaciones?

Según los cálculos obtenidos con un precio de 30X BCF, consideramos que es demasiado alto, y en consecuencia este proyecto de adquisición traería pérdidas de USD. 612,966.73 M, es decir el proyecto no podría devolver el precio pagado.

5. ¿Qué debería ofrecer Radio One por las nuevas estaciones?

De acuerdo al análisis realizado, Radio One podría ofrecer por las nuevas estaciones desde 16.78 que es lo que señala el mercado del sector radiofónico, hasta un máximo de 20.44 veces su FCE, que es el limite para que Radio One obtenga un VPN de 0 (VPN = 0 ). Un máximo de 20.44 veces su valor

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