You're being overly bearish. You're missing the "triple whammy" effect here: 1) EMMS debt is chopped by about 1/3, and 2) the stations it sold off are generating minimal Ebitda, and 3) Merlin will have the financial wherewithal to make the "stick asset" stations into real cash flow generating successes, which will, in theory, give EMMS's remaining 25% or so interest in the stations the potential to significantly climb in value.
Stock should have climbed to $1.25-1.35, imho. But maybe there are "sell on the news no matter what" types coming out now.
I guess some of us hoped for a somewhat higher valuation on these stations...but the fact of the matter is, with this sale, the FINANCIAL RISK has just, in one fell swoop, dramatically decreased.