Interep made headlines a week ago by hiring away three top executives from the Katz Media Group's radio representation unit and then 130 Katz employees in what seemed like an unprecedented exodus. A few days later, Katz announced that it had welcomed back all or most of the employees. There was no word on the fate of the three senior executives who started the shuffle in the first place.
There still isn't - Katz and Interep didn't return phone calls Monday afternoon - but a clue was sent by Interep's public relations department when it said that Mike Agovino had been named co-president and co-chief operating officer of Interep. The post had been one that had been given to one of the Katz executives.
A radio industry newsletter said today that the three ex-Katz executives haven't been at Interep and that negotiations are underway to release the three from the contracts they signed with Interep on Nov. 13. The Radio Business Report, citing anonymous sources, said the three have been seen at Katz's offices - and they seem to want to say there.
Agovino most recently accepted a position as vice president and general manager at the Spanish Broadcast System in Los Angeles. Also on his resume was a term as president of Clear Channel Radio Sales, a unit that, like Katz, is owned by radio giant Clear Channel Communications.
Agovino's first assignment is to build a new independent radio rep company.
"Mike understands the power of independent radio representation," Ralph Guild, chairman and chief executive officer of Interep, said in a prepared statement. "Having him on board gives us an even stronger rep management capability to serve our growing list of independent radio station groups."