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Volume 24, Issue 179, Jim Carnegie, Editor & Publisher
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Thursday Morning September 13th, 2007
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Radio News ®
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 Arbitron pitches
PPM samples success
Arbitron has already installed more PPM households in the New York market for its pre-currency launch than its target and yesterday reported some success with on ongoing efforts to improve in-tab performance in the two existing PPM markets, Houston and Philadelphia. New materials are coming out soon to try to help advertisers understand the metrics of PPM vs. diary, but folks from Arbitron are again talking about a likely one-year transition period for each new PPM market. "Much like television experienced five years ago, with the transition from diary to meters, when you have this transition ratings go down, gross rating points and cost-per-points have to be readjusted, much as if you would go through a currency conversion," said Pierre Bouvard, Arbitron's President of Sales and Marketing.
A number of agency people were on the client call, which followed the press briefing, and Arbitron Radio Advisory Council Chairman Steve Sinicropi from Cox Radio told RBR that they had basically the same sort of questions as broadcasters - trying to get their arms around the new data - and that the issue of how to adjust pricing didn't come up. Arbitron said a new brochure is coming out soon, which agencies have welcomed as a way to introduce advertisers to how PPM is different from diary measurement. Also, the promised ads begin running next week in advertising trade magazines pitching the basic conversion that 70 GRP under PPM can equal 100 GRP under diary ratings. How will Arbitron determine if it is successful in getting its message across, RBR asked? In addition to talking with clients, Bouvard said Arbitron subscribes to data from a 3rd part collector on market-by-market, demo-by-demo CPP. The August figures revealed some progress on improving in-tab performance and a client call is being planned soon on the money-back guarantee Arbitron has agreed to if it doesn't hit targets. "I don't think anyone is going to be happy with it until it's where it's supposed to be," said Sinicropi, calling the August improvement "modest." He's hoping for more when the September data comes out, since Arbitron will have had more time to show results from its efforts to weed out people who aren't carrying their PPM devices regularly and increase representation of hard-to-recruit demos.
| See the in-tab figures by demo for Houston and Philadelphia.|
New problem for PPM: Software update
As it released August PPM data to clients yesterday, Arbitron was dealing with a new problem: The largest national rep firm, Katz, was unable to access the data because a new software tool update from Arbitron wasn't working with the Katz computer systems. An Arbitron spokesman told RBR that the problem seemed to be limited to Katz, and that it was not because of the software, but because the Katz IT department didn't follow the directions for proper installation. Katz was reported to have everything working for Houston data by late afternoon, with the software being reinstalled for Philly as well. All PPM clients should have received the new software upgrade to install by Tuesday, ahead of Wednesday's monthly data release.
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 Mancow sues Emmis/Q-101
for 6 million
Former WKQX-FM (Q-101) morning man Erich "Mancow" Muller filed a 6 million dollar suit Tuesday against Emmis and Q-101 management claiming they disparaged his show and blocked him from getting other work. He alleges that in July 2006, when Emmis officials decided not to renew his contract, WKQX personalities mocked him on the air and managers made false, disparaging remarks about his show. "Emmis took proactive steps to ensure that Mancow would not be hired by another radio station in Chicago," said the lawsuit filed in Cook County Circuit Court. Emmis tells RBR they haven't seen the suit yet, so "we can't comment fully, but from what appeared in the Chicago papers today, these allegations are preposterous." Mancow still hasn't scored a new affiliate in The Windy City for his syndicated show. The suit also says Emmis ruined a deal that was almost done with Crawford's WPWX-FM in that market: "Emmis and WKQX-FM fabricated and provided the false and deceptive financial and other information to Crawford Broadcasting for the sole purpose of dissuading Crawford Broadcasting from employing Mancow." Mancow also says his former employer sabotaged his efforts to lease studio space. Four potential lease deals fell through after handshake agreements, the suit claims.
Fools rush in?
The proposed merger of XM and Sirius satellite radio operations seems to have found a new fan: Wall Street watchdog The Motley Fool. "They're picking curtains, not coffin drapes. They're looking at honeymoon brochures instead of divorce papers," writes the Fool, anticipating eventual regulatory approval for this wedding. "Even graying regulators are beginning to see that the marketplace is evolving with every passing digital audio introduction." The Fool noted the NAB's opposition, which it says lacks "a firm footing." It says that the NAB claim that the merger will bring with it increased costs for both subscriptions and equipment have been addressed by a "cynic-popping move," the provision of special packages for as little as 6.99 a month, allegedly sending the NAB back to its original objection to a merger in violation of the companies' charters. Reports note that the merger's 180-day regulatory clock is set to expire in December, and FCC Chairman Kevin Martin expects to deal with it within that time frame.
RBR observation: Huh? The Fool mentions one bare-bones 6.99 tier and fails to notice that most of the packages cost close to or more than the 12.95 monthly pricetag currently attached to these services, all for less channels. And it doesn't drop one atom of ink into explaining how the one 6.99 tier gets a subscriber around the need for a new receiver, especially since the two companies have already ignored the requirement that they use interoperable equipment. And the Fool fails to note the fact that price capping has been prominently discussed as a mechanism to enable this merger to go through, something that would not be necessary if true competition were going to be present. If the government has to have a role in pricing, than we are not talking about free enterprise. We're talking about a monopoly of convenience. But it won't be convenient for consumers or programmers stuck with only one place to go if they want a mobile service or have a program to sell.
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Lawsuit against Imus dropped
 Rutgers women's basketball player Kia Vaughn has dropped her libel, slander and defamation lawsuit against Don Imus. Her attorney told local newspapers that she decided not to pursue the lawsuit, which had been filed in a Bronx court, because she is too busy focusing on academics and training for the upcoming basketball season. Rutgers was the runner-up in last year's women's NCAA championship, which set the stage for Imus' on-air comment calling the team members "nappy headed hos." Vaughn had filed her lawsuit the same day that Imus reached a settlement with CBS Radio over his firing and cancelled contract. Imus was also fired by CNBC, which had simulcast his morning radio show. His attorney denies that Imus made any payment to Vaughn.
Time for kiddy companies to use adult formats
Mattel and Burger King are no strangers to the preteen market and no doubt have a great deal of experience marketing their wares to the elementary school demo. But both, for entirely different reasons, may wish to make a push to get their message in front of adults. In Mattel's case, it has suffered a rash of product recalls linked to manufacturing operations in China. It got to the point that Mattel CEO found himself testifying before the Senate Appropriations Committee. Eckert said that his company is not perfect, but that it is certainly capable of changing both its own standards and those of the toy industry in general. Jerry Storch of Toys R Us also spoke at the hearing, underscoring that consumers must trust the safety of the products one makes and the other vends. The toy industry in general and Mattel in particular may be wise to use the media to inform adults on measures taken to guarantee the quality and safety of these products.
On the other side of the coin, Burger King is putting out a new children's menu which will turn a nutritional negative into a positive. It will be offering flame-broiled (rather than fried) chicken, along with organic unsweetened applesauce and low fat milk, and has a revolutionary new product in the pipeline it calls BK Fresh Apple Fries. These are cold peeled apple sticks cut to resemble fries and served in a typical fast food french fry container. Burger King would be very smart indeed to make sure parents are as aware of these new items as children will be.
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| Wall Street Media Business Report TM |
Still money to be made on Cumulus stock
Depending on when the buyout deal goes to closing, Bear Stearns analyst Victor Miller is telling clients that they can make an annualized return of 12.1-23.7% buying Cumulus Media stock at current prices. His calculations are based on a closing taking place between January 15 and May 15, 2008. After studying the preliminary proxy filed this week (9/11/07 RBR #177), Miller found that the bid to take the company private worked out to a multiple of 12.1 times estimated 2007 EBITDA, and 11.4 times projected 2008 EBITDA. The proxy revealed that the Dickey family and their equity backer first offered 10.65 per share, which was rejected by the special committee of independent directors. That was raised to 11.25 and then to 11.75, the bid which was accepted. During a 45-day "go-shop" period, the special committee and its advisors contacted eight potential strategic buyers and 10 private equity shops, but only one signed a confidentiality agreement and no actual bid was ever received. "We believe the financing is not subject to market conditions," Miller wrote, with units of Merrill Lynch committed to funding up to 1.02 billion of debt for the buyout, which is to be principally funded on the equity side by Merrill Lynch Global Private Equity. With a closing expected in early 2008, Miller calculates that someone who bought the stock this week at 10.86 (the Tuesday closing price) would make an annualized return of 23.7% if the closing takes place on January 15th, sliding down to 12.1% if the closing is on May 15th.
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Ad Business Report TM
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 Network Radio Upfront update
As the annual network radio upfront negotiating season is just beginning, RBR/SmartMedia is providing a weekly progress update, based on conversations with buyers and sellers in the marketplace for our annual two-part print feature. This week, we look at networks' ability to copy split ads and their importance to the upfront. Excerpts from the SmartMedia magazine feature: The ability to copy split by market and/or format can help bring network radio out of the dark ages. Commented Natalie Swed Stone, pictured, US Director, National Radio Investment, OMD: The networks have improved their offerings significantly over the past two years. The lines between spot and network continue to blur with network offering many of the capabilities previously only available via spot-through trafficking technology, copy splitting is now pretty widespread and traffic deadlines are much shorter than they once were."
Added Agnes Lukasewych, VP, Account Director Radio Broadcast, MPG: "The ability to copy split by market and/or format has become more and more important especially for retailers. Agencies/Advertisers want the flexibility of manipulating line-ups to fit strategic goals. The technology is there, and I have to believe that the investment necessary to upgrade all properties to accommodate copy splits has the potential of creating higher returns in the long run."
RBR Note: As the annual network radio upfront negotiating season is just beginning, RBR/SmartMedia is providing a weekly progress update. This annual look at Radio’s upfront gets more interesting every year. Be apart of the decision makers at the ad agency level. Let them know what your network is up to and what content you have in the market place today. If you don't play don't expect to win so lets work together for Radio. Limited Makerting/Ad space available contact June Barnes 803 731-5951 or Jim Carnegie 813 909-2916.
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NAB Daytime Planner
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The following will be attending the NAB.
Call or email to make your
appointment in advance.
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BANKERS
Peter H. Ottmar; Dover Capital Partners, LLC; Westin Charlotte; 401/723-1063 x103; cell 401/639-4958; [email protected]
Jacob J. Barker; Barker Capital; Hilton Charlotte City Center; (212) 332-4312; [email protected]
Brian Eick/Dave Meier; The Gladstone Companies; Omni Charlotte Hotel; Brian cell 847-612-3002, Dave cell 847-650-1735; [email protected], [email protected]
BROKERS
Todd Fowler/David Reeder; American Media Services; Westin Charlotte; 843-972-2200; [email protected]; [email protected]
Cliff Gardiner; Clifton Gardiner & Co.; Hilton Charlotte City Center; 303-758-6900; [email protected]
Andy McClure/Erick Steinberg, The Exline Company, Westin Charlotte, office 415-479-3484, Andy cell 415-497-3855, Erick cell (415) 209-4890, [email protected]. [email protected]
Frank Boyle; Frank Boyle & Co.; Residence Inn Charlotte Uptown; 203-969-2020; cell 203-249-7818;
[email protected]
Gordon Rice; Gordon Rice Associates; 843-884-3590; Westin Charlotte; [email protected]
John L. Pierce/ Jamie Rasnick; John Pierce & Company LLC; office 859-647-0101, John cell 859-512-3015; Jamie cell 513-252-1186, Westin Charlotte; [email protected]; [email protected]
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Dick Kozacko/George Kimble;
Kozacko Media Services; office 607-733-7138; cell 607-738-1219; Westin Charlotte; [email protected]; [email protected]
Media Services Group; Westin Charlotte; www.mediaservicesgroup.com
Elliot Evers/Greg Widroe/Brian Pryor/Patricia Carberry-Harris;
Media Venture Partners;
415-391-4877; Hilton Charlotte City Center;
[email protected]
Larry Patrick/Susan Patrick/Greg Guy/Todd Wirth; Patrick Communications; 410-740-0250; Westin Charlotte; [email protected]
Glenn Serafin; Serafin Bros., Inc.;
office 813-885-6060; cell 813-494-6875; Westin Charlotte; [email protected]
Bill Schutz; Schutz & Company; Westin Charlotte; office 757-258-8740, cell 757-880-9251; [email protected]
Zoph Potts; Snowden Associates; Omni Hotel; office 252-940-1680, cell 252-717-3772; [email protected]
CONSULTING ENGINEERS
Richard Mertz, Dan Ryson; Cavell, Mertz & Associates, Inc.; Main Office 703-392-9090; [email protected]
TRAFFIC SYSTEMS
Shane Harris/Susie Hedrick; Marketron Broadcast Solutions; Booth #530; www.marketron.com; 208-788-6800; [email protected]; [email protected]
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| Media Markets & Money TM |
Redwood Empire gets bigger
Gordon Zlot's Redwood Empire Stereocasters already owns and operates KZST-FM and KJZY-FM in the Santa Rosa CA market just north of San Francisco. According to brokerage Media Venture Partners, the stations are about to get a newborn baby sister. KGRP-FM is coming from Ace Radio Corporation. The station just began operation on 106.3 MHz.
Close encounter in Tucson
George W. Kimble's Green Valley Broadcasters now has the deed and the keys to KGVY-AM, serving Tucson from nearby Green Valley AZ. According to brokerage Kozacko Media Services, the price was 1.1M. The seller was Lawrence W. Nelson. Kimble has owned and operated stations for years, mostly in upstate New York.
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| HD RADIO 2007 |
 BE and Jump2Go complete iTunes, HD Radio connection
Completing the iPod and HD Radio connection, Jump2Go and Broadcast Electronics announced a new application for broadcasters that makes it possible for FM listeners to buy iTunes using their HD Radio tuners. The application was developed by Jump2Go and is the latest option available through BE's TRE Message Manager, a suite of studio applications for radio datacasting. The announcement comes just a week after the introduction of the next generation Polk Audio I-Sonic and JBL HD receivers with Apple's iTunes Tagging technology, which enables FM listeners to mark their favorite songs playing on the air and then purchase them later via iTunes. BE's TRE Message Manager with Jump2Go Go Commerce embeds the correct Apple tags and provides the synchronization required for earmarking songs in real-time as they're played over the air.
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| Washington Media Business Report TM |
Burger King gets a round of applause on Capitol Hill
We weren't the only ones to notice Burger King's move to help combat childhood obesity (see related story above). BK joined 11 other food companies in pledging to restrict advertising to preteens, earning the praise of key legislator Ed Markey (D-MA). "Burger King is making a whopper of a commitment to public health by voluntarily setting nutrition standards on advertising directed at children. I commend the Burger King Corporation for joining Kellogg, McDonalds, Coca-Cola, Kraft, General Mills and others, in making such commitments. These commitments are a positive step in our nation's fight against the childhood obesity epidemic," he. On the down side, Markey also called attention to Chuck E. Cheese, Nestle, ConAgra, Dannon, and Yum! Brands. That's because they have yet to come into the fold. He fired off letters to each urging them take the pledge themselves.
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| Ratings & Research |
 One in 5 Internet users
visit a radio website
Nearly 75% of all adults log onto the Internet and nearly 1 in 5 (18%) of online users visit a radio website over the period of a month. A profile of radio website visitors shows that well educated, upper income, white collar workers in addition to younger people tend to be more likely to visit radio websites. These findings come from a recently released telephone study of 118,211 randomly selected adults conducted by The Media Audit between January 2006 and April 2007 in 88 markets across the nation. Four top 10 cities (based on population) San Francisco, Dallas, Chicago and Philadelphia make it into the top 10 for radio websites visitors. In rank order the top 3 cities for radio website visitors are Minneapolis, Seattle and Atlanta. As noted only two of the top 10 strongest markets for Internet penetration, Atlanta and San Francisco make it into the top 10 market for the percent of adults visiting a radio website. This shows there is little correlation between internet penetration and visiting radio websites.
| See the charts here |
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| TVBR TV News |
TV station revenues fell 6.6% in Q2
Hot on the heels of last week's forecast of 9-10% growth for all of 2008, the TVB is reporting that the present year is showing the down pattern of a non-election year. Local TV station revenues for Q2 (national and local spot combined) were down 6.6%. Throw network and syndication into the mix and the Q2 decline was 2.8%. Automotive continued to be a drag on the tally. The #1 ad category was down 10.2% from Q2 a year ago. Telecommunications gained 9.5% and moved into the #2 slot, ahead of Restaurants, down 3.4%. #4 Car & Truck Dealers was up 1.2% and #5 Furniture Stores was down 3.7%.
2nd QUARTER 2007 SUMMARY - LOCAL BROADCAST: Top 100 Markets
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2nd Qtr 2007
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2nd Qtr 2006
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% Change
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Local Broadcast TV
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3,848,603,400
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4,119,829,000
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-6.6
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Syndicated TV
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1,010,913,100
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1,060,510,600
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-4.7
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Network TV
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6,599,439,400
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6,612,768,500
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-0.2
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Total Broadcast TV
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11,458,955,900
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11,793,108,100
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-2.8
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FIRST HALF 2007 SUMMARY - LOCAL BROADCAST: Top 100 Markets
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First Half 2007
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First Half 2006
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% Change
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Local Broadcast TV
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7,887,344,700
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8,283,418,100
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-4.8
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Syndicated TV
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1,997,671,000
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2,109,131,400
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-5.3
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Network TV
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13,323,264,300
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13,805,426,700
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-3.5
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Total Broadcast TV
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23,208,280,000
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24,197,976,200
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-4.1
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Copyright 2006, 2007. TNS Media Intelligence
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| Transactions |
3.1M WTHB-AM/WFXA-FM, WAKB-FM, WTHB-FM & WAEG-FM Augusta GA (Augusta, Wrens, Waynesboro, Evans GA) from Radio One of Augusta LLC (Catherine L. Hughes, Alfred C. Liggins et al) to Perry Broadcasting of Augusta Inc. (Russell M. Perry). 155K escrow, balance in cash at closing. Existing superduopoly. [File date 8/27/07.]
650K KTFC-FM Sioux City IA & KTFG-FM Sioux Rapids IA from Midwest Bible Radio LLC (Arnie Cole, Bryon Swanson) to Community Broadcasting Inc. (Richard P. Bott, Charles M. Watkins, Sherley E. Bott). 5K deposit, balance in cash at closing. Stations are in different markets. LMA 9/1/07. Buyer will apply to change stations to noncommercial licenses. Contract calls for buyer to remain in a Christian format for at least five years. [File date 8/27/07.]
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| Stock Talk |
Caution on Wall Street
Stock prices ended Wednesday's session just about where they began. Traders remained cautions, trying to figure out what the Fed will do next week. Cut rates? And if so, how much? The Dow Industrials slipped 17 points for the day to 13,292.
Radio stocks were slightly higher. The Radio Index gained 0.107, or less that 0.1%, to 122.761. Radio One had the best day, with its Class D up 6.6% and Class A 6%.
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| Radio Stocks |
Here's how stocks fared on Wednesday
| Company |
Symbol |
Close |
Change |
Company |
Symbol |
Close |
Change |
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Arbitron
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ARB
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46.50
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-0.22
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Google
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GOOG
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522.65
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+1.32
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Beasley
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BBGI
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7.02
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unch
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Hearst-Argyle
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HTV
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25.55
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+0.04
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| CBS CI. B |
CBS |
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30.25
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-0.54
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Journal Comm.
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JRN
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9.92
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-0.08
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| CBS CI. A |
CBSa |
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30.25
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-0.55
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Lincoln Natl.
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LNC
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61.26
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+0.46
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| Citadel |
CDL |
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4.20 |
+0.05 |
Radio One, Cl. A
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ROIA
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3.87
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+0.22
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Clear Channel
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CCU
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37.70
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unch
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Radio One, Cl. D
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ROIAK
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3.90
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+0.24
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Cox Radio
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CXR
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13.66
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+0.14
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Regent
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RGCI
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2.58
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+0.09
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Cumulus
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CMLS
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10.64
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-0.22
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Saga Commun.
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SGA
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7.30
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+0.19
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Debut Bcg.
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DBTB
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1.02
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-0.01
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Salem Comm.
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SALM
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8.92
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-0.31
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Disney
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DIS
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33.72
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+0.23
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Sirius Sat. Radio
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SIRI
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3.42
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+0.11
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Emmis
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EMMS
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6.01
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-0.07
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Spanish Bcg.
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SBSA
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2.57
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-0.08
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Entercom
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ETM
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19.89
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+0.01
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SWMX
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SMWX
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0.05
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-0.01
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Entravision
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EVC
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9.14
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-0.07
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Westwood One
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WON
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2.56
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unch
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Fisher
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FSCI
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47.04
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-0.23
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XM Sat. Radio
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XMSR
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14.21
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+0.59
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Bounceback
|
 We want to
hear from you.
This is your column, so send your comments and
a photo to [email protected]
 The real reason that radio and other media is in decline is that each medium is too focused on selling its own attributes, and needs to expend most of its energy building the advertisers' sales, giving them directly traceable, accountable results. Radio will only grow when it walks that talk - and here's the financial proof that it can be done...
Separate and apart from my own Christian radio station ownership initiatives, I filled in on a four week medical leave for a salesperson at a station ranked 5th out of 7, and wrote 10K in business a week on a rate card that averaged less than 10 bucks - most of it incremental business - with new and existing clients. It was from a standing start, I wasn't from anywhere near the city, the list hadn't been serviced consistently, and it was in the middle of clients' summer holidays. No big show, just me, working as a sales rep.
What made the difference is the very specific and systematic approach I used. All I did was meet with prospects and clients and showed them how to develop the marketing systems, strategies, ad and sales tools that they could put to use the very next day to increase sales and profits - regardless as to where they advertised. The reciprocal action was that clients signed on for more radio advertising than ever before.
As we sow, we reap.
Kind regards,
Andy McNabb
McNabb Broadcasting/Andy McNabb & Company
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Below the Fold
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Ad Business Report
Network Radio Upfront
NBegotiating season is just beginning, RBR/SmartMedia is providing a weekly progress update...
Media Markets & Money
Redwood Empire gets bigger
Stations are about to get a newborn...
Close encounter in Tucson
Has the deed and the keys to KGVY-AM...
TVBR - TV News
TV station revenues
Fell 6.6% in Q2 we have the stats...
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Stations for Sale
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NewEng Collegetown FM
Highly profitable AC station w. Red Sox rights, owned tower, only signal in market. Asking 8.5x trailing BCF: 950K. Inquiries 781-848-4201 or
e-mail: [email protected]
WEB: radiostationsforsale.net
 Market your Stations For Sale
in our daily epapers.
Contact
June Barnes
[email protected]
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Radio Media Moves
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 Moving up in Roanoke
Dave Carwile has been promoted to Vice President and Market Manager for the Clear Channel Radio Cluster in Roanoke-Lynchburg, VA, where he had been Director of Sales. He succeeds Tex Meyer, who has been named VP and Market Manager of the Clear Channel cluster in Greensboro, NC.
Philly bound
Rob Calvert has been named as the new morning show producer and on air talent at Greatere Media's WMGK-FM Philadelphia, beginning October 1st. He was previously morning producer and sidekick at WOCL-FM Orlando. Calvert replaces Brian Carothers, who left to host his own morning show at WKLS-FM Atlanta.
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More News Headlines
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An up month
for NYT Co.
Just barely, though. The New York Times Company reports that August revenues from continuing operations rose 0.6% to 218.5 million. Double digit gains in Internet revenues saved the month, with ad revenues for the New York Times Media Group (New York Times, WQXR-FM NYC and related websites) up only 0.2%. Ad revenues were down 9% for the New England Media Group (anchored by the Boston Globe) and 11.9% for the Regional Media Group (16 regional newspapers). Internet ad revenues for the entire News Media Group gained 28.2%, while the About Group (led by About.com), which is all web-based, saw growth of 27.4% to 7.2 million. For the News Media Group, national advertising was the bright spot, up 8.8% to 55.1 million. Retail declined 5.5% to 29.5 million and classified plunged 20% to 32.9 million.
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RBR Radar 2007
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Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.
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US ad spend dropped
0.3% in first half of 2007
Total ad expenditures in the first half of 2007 slipped by 0.3% to 72.59 billion versus the same period in 2006, according to TNS Media Intelligence. Television was hardly alone in taking a hit, while online ad spending continued to grab share. Internet display advertising maintained its growth leadership position.
RBR observation: Complete analysis with chart for you to print out is in this special page report.
09/12/07 RBR #178
XM/Sirius tout a la carte offerings
Here's a shocker. Merger-hungry satellite services XM and Sirius conducted a poll on a la carte menu offerings and darned if the results weren't favorable. Various pluralities agreed that certain packages the pair contemplate offering if the merger goes through would be "good for consumers." However, NAB was interested in the questions that weren't asked. NAB EVP Dennis Wharton said, "Here's what XM and Sirius conveniently did not ask poll participants: Do you like monopolies? Does competition restrain a monopolist's price-gouging?
RBR observation: Yep there is more on the a la carte findings and NAB's reply in RBR.
09/12/07 RBR #178
Cumulus spells out buyout financing
Cumulus Media has filed a preliminary proxy with the SEC for its coming shareholder vote on a proposed going-private transaction, which would have Merrill Lynch Global Private Equity (MLGPE) and the Dickey family buy out all public shareholders for 11.75 per share. According to the filing, the Dickeys will reinvest 5,106,383 shares of common stock, worth 60 million at the buyout price, and MLGPE will commit 286 million in cash, for a total equity commitment of 346 million. (More details in RBR)
09/11/07 RBR #177
Will radio gain from TV's windfall?
The television industry is getting ready for a big year in 2008. With heavy election spending on the horizon, the TVB, the counterpart to the Radio Advertising Bureau, predicts that TV station spot revenues (local and national combined) will jump 9-10% next year. But then, that windfall will be followed by a 2-4% decline in 2009, a non-election year. Note: TVB estimates - derived from a consensus of Wall Street and financial analysts, station representative firms, and independent TVB research - represent national averages. Individual firms and stations may produce varied results based on a number of factors, including market size, region of the country, and affiliation. View the complete stats as your pacing forward.
RBR observation: What remains to be seen is how much of a ripple effect the big gains for TV may have on radio. The cable television industry is already mounting an effort to get a bigger share of that giant political advertising pie, making the pitch that its networks are a more targeted way for candidates to reach specific audiences. Radio is always a player in political advertising, though less so than TV. But radio can also benefit in election years by picking up non-political ad flights as traditional advertisers are squeezed off of TV as the campaign ads grab lots of inventory.
09/10/07 RBR #176
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