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KRS Media Strategy: Copy Corrupt Alabama Move

January 10th, 2013 · 1 Comment

Oh, yes, it’s that time again. Time to discuss a couple Kentucky Retirement Systems hot messes.

First, there’s this:

The Illinois House adjourned Tuesday, the end of the lame-duck session, without passing any pension reform for the state with, in aggregate, the worst-funded pension plans in the country.

Illinois is now referred to as the worst-funded in aggregate. Because, obviously, the worst individual plan is KERS – a part of the KRS.

Now to the real issue: Is the KRS media strategy to copy Alabama? It sure seems like it.

Alabama just won the national championship in football, so they must be doing everything right. Right?

They came up with a media strategy that guaranteed them no negative press. What’d they do? Bought the local teevee stations. More here, as well.

Never mind that pesky class action suit (Warning: External PDF Link) for underperformance or the pesky Securities and Exchange Commission, right? It’s a foolproof strategy for Alabama.

As we’ve mentioned in the past, KRS seeded Crestview Partners with $75 million shortly after Crestview gave placement agent Glen Sergeon $1.1 million.

Then Crestview purchased interest in six Kentucky radio stations (Warning: External PDF Link). Here they are:

  • WCYN-FM – 102.3 – News/Talk (simulcast of WVLK-FM)
  • WLTO – 102.5 – Rhythmic Contemporary Hit Radio
  • WLXX – 92.9 – Country
  • WVLK-FM – 101.5 – News/Talk
  • WXZZ – 103.3 – Active Rock
  • WVLK – 590 – News/Talk

Crestview also invested in Insight (Warning: External PDF Link).

Nothing to see here, move along.

Fun times for the Commonwealth. This is why Kentucky can’t have nice things.

Tags: Corruption · Flashback · Wasted Money

1 response so far ↓

  • 1 E // Jan 10, 2013 at 3:14 pm

    As if the local news indistry was reporting on the KRS mess to begin with *sigh*