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Volume 24, Issue 138, Jim Carnegie, Editor & Publisher
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Tuesday Morning July 17th, 2007
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TV News ®
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 NBC re-works fall schedule
With Ben Silverman and Marc Graboff now in charge as Co-Chairmen, NBC Entertainment and Universal Media Studios, NBC has re-jiggered its fall lineup. The network is moving the new comedic spy thriller "Chuck" to Mondays (8-9 p.m. ET) - followed by switching the Monday version of "Deal or No Deal" to Fridays (8-9 p.m. ET), and shifting "Friday Night Lights" to an earlier new time of 9-10 p.m. (ET) and "Las Vegas" to 10-11 p.m. (ET). In addition, NBC will expand "The Biggest Loser" to 90 minutes on Tuesdays (8-9:30 p.m. ET) and will have a special two-hour premiere on Tuesday, September 11. Summer's newest hit, "The Singing Bee" (which premiered earlier this month), will have its Fall premiere on Tuesday, September 25 (9:30-10 p.m. ET). NBC's premiere week, beginning September 24th, will also feature one-hour episodes each of "My Name Is Earl" (8-9 p.m. ET) and "The Office" (9-10 p.m. ET) on Thursday, September 27 and a two-hour episode premiere of "Las Vegas" on Friday, September 28 (9-11 p.m. ET). "Coupled with the dynamo of 'Sunday Night Football,' we will have a very potent fall lineup and these schedule adjustments will only make us stronger," declared Graboff.
| See the new lineup |
Is private equity inconsistent with public interest?
A pair of powerful US Reps are concerned about private equity companies, saying the term "suggests a financial management style focused on cutting costs, increasing revenues and the ultimate resale of the enterprise," which may conflict with the public interest obligations of FCC licensees. On the other hand, they note, such enterprises are somewhat insulated from Wall Street pressure to boost stock prices, which could be a plus. They want to know how the ins and outs of such companies when cutting deals on the FCC's turf. The two reps are Energy & Commerce Committee heavy-hitters John Dingell (D-MI) and Ed Markey (D-MA). They've asked FCC Chairman a series of questions on this topic, in large part due to the pending plan to take Clear Channel Communications off the stock charts. They want to know if the FCC has any compiled stats on such ownership groups, their impact on localism, their impact on consumer protection, and their impact on media ownership rules, particularly when it comes to attribution. They wonder if private equity participation in FCC areas should result in tweaking "debt-plus-equity" attribution rules. They are curious as to whether the FCC has trouble with financial and managerial transparency when dealing with such companies, what issues he thinks the FCC should be concerned about and what plans the FCC has regarding a study of this matter. They stated their concerns, saying, "These historical styles may not be consistent with many of the core public interest and localism values that Congress has assigned to local media outlets and may implicitly undermine the Commission's media ownership rules.
 Patinkin exits "Criminal Minds"
Rumors had been swirling since lead actor Mandy Patinkin failed to show up for filming of the next season of "Criminal Minds." Now CBS and the producers have confirmed that Patinkin will not be back for the new season. They say money was not the issue and Patinkin issued a statement citing "creative differences" as his reason for leaving. The show is a production of ABC Studios and CBS Paramount Network Television. The series, which debuted in 2005, revolves around an elite team of FBI profilers who analyze the country's most twisted criminal minds, anticipating their next moves before they strike again. Patinkin's character, Senior Supervisory Special Agent Jason Gideon, is the head of the unit, but the show is essentially an ensemble cast, so it will be possible to replace him without disrupting the flow too much.
| Read the statements issued yesterday |
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Q2 fundraising results are in
The new results are in on the Federal Election Commission presidential fundraising map, and it shows a trajectory clearly favoring the Democratic candidates. At the end of March, the combined Democratic total was 32.2M ahead of the Republican pack; the edge has now swelled to 56.2M. There are a lot of stories in the individual numbers. For instance, former Senator Mike Gravel (D-AK) has doubled his income since the beginning of the year. The fact that leaves him where he was, 19th out of 19 with 200K total, puts him in the category of a statistical anomaly. However, others were able to double their income (or better), and in these cases we're talking some real money. Barack Obama (D-IL) went from 25.7 to 58.6M, nearly catching up with leader Hillary Clinton. On the second tier, Bill Richardson (D-NM) went from 6.2M to 13.2M and on the lower tier Dennis Kucinich (D-OH) went from 0.4M to 1.1M. On the Republican side, Mitt Romney (R-MA) and Rudy Giuliani just missed doubling their take, and numerous lower tier candidates did manage to double up and then some. The big winner was Ron Paul (R-TX), who ran his total by a factor of five, from 0.6M to 3M. Jim Gilmore (R-VA), who is on the bottom of the Republican chart with 0.4M, just withdrew from the race. Several Republican possibles remain unannounced, most notably Fred Thompson (R-TN), whose announcement is generally considered to be a matter of time only.
| Results for individual candidates |
A legal eagle's eye view of EAS
The FCC has come out with a new report and order, plus a further notice of proposed rulemaking, on the Emergency Alert System. Here with us today is attorney Peter Gutmann of Womble Carlyle Sandridge & Rice PLLC to break it all down for us. As usual, the opinions expressed here are just that - opinions - and should not be used for barber shop arguments, wagering or actual litigation. Peter?
| WCS&R EAS report |
 Bancroft on a mission
to derail Murdoch
The Wall Street Journal says Christopher Bancroft, who is a director of Dow Jones & Co., is trying to find financial backing to buy up super-voting shares from his sale-minded relatives and block any sale of the WSJ parent company to Rupert Murdoch's News Corporation. But, much as WSJ staffers may cheer such a move, the story admits that Bancroft isn't likely to succeed. Christopher Bancroft's wing of the family owns about a third of the super-voting shares that have 10 times the voting power of the common shares traded on the NYSE. So, he would need to raise quite a bit of capital to buy out enough of his cousins who want to cash out - and it appears he only has a few days left to put it together. So, he has been courting hedge funds, private equity funds and other potential investors. The WSJ says people close to the board of directors don't give him much chance of securing the backing he needs.
TVBR observation: Hedge funds and private equity funds are out for profits, so we can only imagine their reaction to Bancroft's pitch. So, you want to buy shares from your cousins at 60 bucks a share to block the sale and make the trading price fall back to around 36 bucks, where it was before the bid by Murdoch became public. And then you want to keep operating Dow Jones the same way it has been for the past few decades. Now, could you explain again where the upside for us is in this plan?
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| Wall Street Media Business Report TM |
Small draw for Ion tender
Only 25.3% of the 14.25% preferred shares and 10.6% of the 9.75% preferred shares were tendered for the exchange offer at Ion Media Networks, so the "minority exchange consideration" will apply. However, Ion has also given preferred holders another chance to change their minds, with the exchange deadline extended to midnight on Friday, July 27th. Ion won a round in court last week allowing it to complete the exchange offer (7/12/07 TVBR #135). Preferred shareholders who had gone to the Delaware Chancery Court to arguer that the exchange offer was unfair and coercive have now filed to appeal the court's refusal to block Ion's offer. Since less than 50% of each issue was tendered, here is what the preferred shareholders who tendered for the exchange will receive: For each tendered share of 14 1/4% Preferred Stock, the holder will receive 7,500 bucks principal amount of 11% Series A Mandatorily Convertible Senior Subordinated Notes due 2013 (the "Series A Notes") and 500 initial liquidation preference of 12% Series B Mandatorily Convertible Preferred Stock (the "Series B Convertible Preferred Stock"), which will rank junior to any unexchanged Senior Preferred Stock; and for each tendered share of 9 3/4% Preferred Stock, the holder will receive 4,500 principal amount of Series A Notes and 500 initial liquidation preference of Series B Convertible Preferred Stock. Withdrawal rights will continue to apply during the exchange offer extension, so holders who do not wish to receive the Minority Exchange Consideration may withdraw their previously tendered shares and revoke their consents.
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Ad Business Report TM
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TiVo's StopWatch to provide monthly
rankings of top spots
TiVo has unveiled for the first time the industry's first Top Commercial Rankings reports. Using TiVo's StopWatch service's ability to track consumer viewing behavior on a second-by-second basis, in both Live and Timeshifted viewing context, TiVo will release these reports monthly. Categories tracked in these reports on a monthly basis include Top Total Viewing Commercials compared with Total Viewing of Top Programs; Timeshifted Commercials compared with Timeshifted Programs; and, Least Fast-forwarded Brand Campaigns. TiVo will also track other categories including performance advertising on DVRs in key ad categories. StopWatch data is derived from a daily, aggregate, anonymous, random sample of 20,000 TiVo units. The service includes data for: Total Viewing, Live Viewing, Timeshifted Viewing (less than 1 hour, 1-6 hours, 6-24 hours, 24-48 hours, 2-7 day, and 7-14 day delay), Program Ratings, Commercial Ratings and a Commercial Viewership Index.
 Dunkin' debuts new celeb campaign
Dunkin' Donuts has debuted the latest spots in the America Runs on Dunkin' campaign, featuring television ads directed by screenwriter, director, producer and actor Zach Braff. Two spots within the campaign debuted today, featuring supermodel Naomi Campbell and Kiss guitarist Ace Frehley in support of Dunkin' Donuts Iced Tea and Iced Latte summer beverages, respectively. Created by Hill Holiday of Boston, Massachusetts, the new multi-million dollar campaign consists of national, regional and local television placements and will run through the end of the year. Dunkin' Donuts' new light-hearted campaign uses the celebrities as "foils" to illuminate how Dunkin' Donuts understands and celebrates the everyday folks who make America run. In the spots, Campbell and Frehley are showcased attempting to do everyday tasks, juxtaposed with non-celebrity folks who upstage the celebrities and do a better job completing the tasks due to their unpretentious, down-to-earth attitude and a little help from Dunkin' Donuts products. Other celeb spots will debut later in the year.
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| Media Business Report TM |
Verizon up, despite Vodaphone denial
Is Verizon, which is busy rolling out its FiOS competitor to cable and cutting content deals for it and wireless phones with lots of media companies, a takeover target? Verizon's stock jumped 11% in pre-market trading yesterday after a Financial Times blog reported that Vodaphone was preparing a 160 billion bucks takeover bid - and it still closed up about 2% after UK-based Vodaphone denied that any such thing is in the works. Vodaphone already holds a large stake in Verizon Wireless, so it was not such a stretch for investors to believe that it might want to make a play for its partner in that venture.
IPG launches mobile marketing agency
Interpublic has formed Ansible, a dedicated mobile marketing agency, in a joint venture with Velti, a leading mobile technology provider. Ansible will be a stand-alone unit that will partner with agencies throughout the holding company and be a part of Interpublic's recently created Futures Marketing Group. Ansible will be led by Vladimir Edelman as CEO. A mobile marketing veteran, Mr. Edelman joins the company from Soapbox Mobile, where he was CEO. Larry Harris, formerly EVP/director of integrated marketing for Draftfcb, will join Ansible as president. Harris most recently led the Interpublic/Facebook.com collaborative team. Prior to Draftfcb, Harris founded and ran FCBi Digital, where he led online strategies and creative development for a broad array of clients, including AT&T, HP, Merck, MetLife, JPMorganChase and Qwest. Based in NYC, Ansible will be a provider of mobile marketing solutions to Interpublic agencies and clients. The company will operate in North America, Europe and Asia and will utilize Velti's proprietary services and mobile marketing technology in all markets.
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| Washington Media Business Report TM |
 FEC admonishes political campaign
Steven Porter, who ran for Congress in 2004, was attempting to unseat Phil English (R-PA) in Pennsylvania's 3rd District. And it turns out he cheated. His campaign was using radio, and one ad ran a total of 127 times. And although the candidate voiced a message at the end of the ad identifying himself and endorsing the message, it was missing one piece of information. The campaign neglected to mention that the ad was paid for by a committee called Porter for Congress. You may be relieved to learn that this low electoral blow did not provide an edge for the Porter campaign, which lost to English by a convincing 60.1%-39.9% margin. It did bring him before the FEC however, where the powers that be decided a simple admonishment was punishment enough for the wayward candidate and his committee.
TVBR observation: The rules are the rules, but we believe the important part of such a disclaimer is that of the actual candidate. But the financial disclosure can be important, too. For example, if the ad had been paid for by the Student Body of Potomac View Elementary School, we'd want to know about it because our daughter was elected treasurer of that student body (with an eye on a higher office next school year) and to the best of our knowledge her primary duty was keeping an track of the student popcorn fund. Since in this case the ad's funding was routinely handled by the campaign's own committee, there is little need for concern as long as its own financial dealings have been accurately reported. We feel an admonishment was an appropriate FEC response, and we are pleased that once again no apparent attempt was made to hold the radio stations themselves liable for policing the airwaves when it comes to political advertising.
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| Cable Business Report TM |
 Girard sets retirement
Judy Girard announced plans to retire by the end of this year from her post as President of HGTV, capping a career of more than 25 years in television. Scripps Networks says it has begun the search for a new boss for its largest cable network. "I have had an amazing time in television, and feel extremely fortunate to have spent the last 10 years at Scripps Networks running two of the best lifestyle networks in cable. Now I am looking forward to spending more time with my husband and enjoying some of the lifestyle pursuits our networks have helped popularize," said Girard. She joined Scripps in 1998, first as General Manager, then President of Food network. Girard moved to HGTV as President in 2005 and quickly went to work broadening the audience of the network, attracting new, younger viewers to the existing base of loyal fans. "With HGTV fully distributed, the challenge for Judy and the brand team has been to further strengthen the relationship between the brand and the viewer. She has done that, capitalizing on the strong engagement HGTV enjoys with consumers while also expanding the definition of the brand to include real estate, living green and really all things that relate to home - no matter how you define it. As a result, HGTV has had solid, year-to-year ratings growth month after month," said Scripps Networks President John Lansing. Prior to her Scripps years, Girard held top programming positions with Americast (a joint venture of Disney and several telecom companies) and the Lifetime network.
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| Entertainment Media Business Report TM |
Trump back...with a twist
"The Apprentice" will be back for another season after all. NBC announced a renewal deal with Donald Trump. This time, though, the contestants will be celebrities competing for money that will go to charities. In announcing the new deal, Ben Silverman, Co-Chairman, NBC Entertainment and Universal Media Studios, called the planned mid-season series the "highest-profile competition" yet for The Apprentice. "It's always good to be in business with Mark Burnett and Donald Trump. I am so excited to offer viewers what promises to be the most explosive version of The Apprentice that anyone has seen," Silverman declared. Along with their dad, Ivanka and Donald Trump Jr. will return for several episodes as boardroom advisers. The participating celebrities will be announced at a later date for the series' 7th season. The Apprentice is produced by Mark Burnett Productions in association with Trump Productions LLC. Mark Burnett and Donald J. Trump are executive producers.
 NBC signs series deal
with Norman Lear
NBC has signed a series deal with legendary, Emmy Award-winning television producer Norman Lear ("All in the Family") to join Reveille, Act III Productions, and Universal Media Studios in producing a one-hour dramedy focused on a mother who reenters the work force and is pitted against her late husband's ruthless partner in a money-charged battle of the sexes on Wall Street. The announcement was made by Ben Silverman, Co-Chairman, NBC Entertainment and Universal Media Studios. "Norman Lear is an idol of mine and bringing his voice back to network television is the fulfillment of a personal dream," said Silverman. "The series will push the envelope by tackling gender issues through comedy, character and emotion." Nina Colman is the writer and creator of the project and will serve as an executive producer along side Norman Lear's Act III productions, in association with Reveille and the newly named Universal Media Studios (formerly NBC Universal Television Studio). Lara Bergthold will serve as executive producer on behalf of Act III Productions. In addition, Todd Cohen, VP, Domestic Scripted Television, will oversee on behalf of Reveille.
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| Internet Media Business Report TM |
Bravo launches TVBigShot online game
Bravo's www.TelevisionWithoutPity.com has introduced www.TVBigshot.com, an online season-long game that allows users to play 'network executive' by creating their own fantasy network lineups and awarding the individual with the most points a 100,000 grand prize. TVBigshot - born out of Bravo Digital's successful Fall Season DeathWatch, which also returns this year - will launch this September in conjunction with the new fall television season. The game will allow players to create, name and program their own fantasy television networks using both new fall shows and returning series from the five broadcast networks (NBC, ABC, CBS, FOX and CW). Anyone can play and it's free. Starting with a budget of 300 million virtual dollars, each player must purchase shows for their daily primetime lineup. The user-created networks will earn points based on the success of their chosen rosters and will compete against each other for the top spot. At the end of the 2007-08 season, the player whose network has accumulated the most points - based on actual ratings for the programs, ratings growth, and "buzz" measured by press coverage and awards garnered - will win the 100,000 grand prize. TVBigshot will offer special monthly showdowns throughout the television season for secondary prizes, allowing new players to join in the competition at any time. TelevisionWithoutPity.com became Bravo's other broadband properties include www.BravoTV.com and the TRIO suite of channels: www.BrilliantButCancelled.com, www.OUTzoneTV.com and www.getTRIO.com.
McGraw-Hill chooses CityVoter
 for online local guides
McGraw-Hill Broadcasting has selected CityVoter to build, manage and maintain local online guides for three of its ABC stations: KMGH-TV Denver (thedenverchannel.com), WRTV Indianapolis (theindychannel.com) and KGTV San Diego (10news.com). McGraw-Hill Broadcasting and CityVoter will kick off their three-year partnership with the launch of the Denver metro guide and best-of contest on 7/30. Indianapolis and San Diego will follow, with all three guides expected to go live by the end of September.
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| Stock Talk |
Blue chips rise alone
More M&A activity, including an IHOP buyout of Applebees and a debunked rumor about Verizon, pushed the Dow Industrials to another record close, very close to the 14K mark. The Dow rose 44 points, or 0.3%, to 13,951. But the broader market did not participate in the rally, with the S&P 500 and Nasdaq Composite both down slightly.
TV stocks were also left behind. Tribune fell 3% as a staff memo leaked saying that the LA Times had one of its worst quarters ever. Journal Communications was down 2.6%.
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| Stocks |
Here's how stocks fared on Monday
| Company |
Symbol |
Close |
Change |
Company |
Symbol |
Close |
Change |
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Acme
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ACME
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4.45
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+0.06
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Lincoln Natl.
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LNC
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69.47
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-0.30
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Belo
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BLC
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20.86
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-0.28
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LIN TV
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TVL
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18.94
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-0.04
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| CBS CI. B |
CBS |
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34.87
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+0.32
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McGraw-Hill
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MHP
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64.64
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+1.07
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| CBS CI. A |
CBSa |
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34.88
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+0.32
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Media General
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MEG
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34.13
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-0.48
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Clear Channel
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CCU
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37.81
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-0.02
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Meredith
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MDP
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61.80
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+0.27
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Disney
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DIS
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34.47
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+0.10
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News Corp.
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NWS
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23.63
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unch
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Emmis
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EMMS
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8.83
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unch
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Nexstar
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NXST
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13.12
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-0.01
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Entravision
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EVC
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10.95
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-0.13
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Ion Media
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ION
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1.39
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unch
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| Equity Media |
EMDA |
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4.30 |
-0.02 |
Saga Commun.
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SGA
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9.01
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+0.11
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Fisher
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FSCI
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50.80
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-0.49
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SBS
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SBSA
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4.14
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-0.03
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Gannett
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GCI
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54.95
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-0.44
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Scripps
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SSP
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47.00
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+0.05
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Gen. Electric
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GE
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40.12
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+0.62
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Sinclair
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SBGI
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14.76
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+0.04
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| Google |
GOOG |
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552.99
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+0.83
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SWMX
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SWMX
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0.20
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+0.01
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Gray
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GTN
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9.10
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-0.20
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Time Warner
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TWX
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20.93
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+0.07
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Gray, C1. A
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GTNa
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9.15
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unch
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Tribune
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TRB
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29.65
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-0.93
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Hearst-Argyle
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HTV
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23.50
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-0.32
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Wash. Post
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WPO
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793.45
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-6.55
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Journal Comm.
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JRN
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13.16
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-0.35
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Young
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YBTVA
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3.22
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-0.10
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Bounceback
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 We want to
hear from you.
This is your column, so send your comments and
a photo to tvnews@rbr.com
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Below the Fold
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Cable Business Report
Girard sets retirement
Judy Girard announced plans to retire from her post as President of HGTV...
Ad Business Report
TiVo's StopWatch
To provide monthly rankings of top spots...
Entertainment Media
Business Report
Trump back...with a twist
Hold on to Your Hair
The Apprentice will be back for another season after all...
Internet Media Business Report
Bravo launches
TVBigShot online game
Allows users to play 'network executive' by creating their own fantasy network...
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Stations for Sale
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 Market your Stations For Sale
in our daily epapers.
Contact
June Barnes
jbarnes@rbr.com
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TV Media Moves
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 Chazen moves up
MY Entertainment Company and Carat Entertainment have promoted Sara Chazen to Senior Vice President, Head of Development and Production. In her new role, Chazen will continue to create and produce all scripted and alternative concepts for network and cable television. Chazen joined the New York-headquartered MY Entertainment Company in 2006 as head of development and production and currently executive produces two original series - "Stolichnaya presents BE REAL" on Logo and "Tease" on Oxygen. She has developed and created network pilots for Court TV, E! and The N.
Money man in Memphis
Local TV LLC's WREG-TV (Ch. 3, CBS) Memphis has hired Randy Culbertson as its Controller. He was previously Controller and business Manager at LIN's WANE-TV (Ch. 15, CBS) Ft. Wayne, IN.
FBN gets VP/Ad Sales
John McCann has been named Vice President, Advertising Sales for Fox Business Network (FBN). In his new role, McCann will oversee all advertising sales efforts for FBN, which is set to debut 10/15, while also continuing to manage sales in Washington for Fox News. McCann joined Fox News in 2001 as an Account Manager, where he was instrumental in helping to increase advertising sales at the network. Prior to Fox, he served as a Senior Account Executive at CNBC.
Working weekends
Daniel Miller has been named "Weekend Daybreak" anchor for WISH-TV (Ch. 8, CBS) "24-Hour News 8" Indianapolis. Miller joined WISH-TV in June 2005 as a general assignment reporter. In 2006, he was recognized by the Indiana Broadcasters Association for Breaking News Coverage during severe weather.
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More News Headlines
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Krall leaving Avid
Avid Technology announced that President & CEO David Krall will exit at the end of this month, with board member and former chairman Nancy Hawthorne taking over as interim CEO of the digital media tech company while the board looks for a permanent successor. Krall joined Digidesign, a division of Avid, in 1995 and became COO of that division in 1998. The following year, Krall was named President of Avid, and in April 2000 he was promoted to CEO.
Renewals for Springer
NBC Universal Domestic Television Distribution announced that Tribune and Sinclair have both extended their commitments to "The Jerry Springer Show" through fall 2010. Springer, who is currently hosting this summer's biggest hit series, "America's Got Talent" on NBC, is headed into his 17th season at the helm of the syndicated series that carries his name. The renewal deals call for the Tribune and Sinclair broadcast stations in markets covering nearly half the country to continue broadcasting "The Jerry Springer Show" for the next three seasons in national syndication. For the upcoming 2007-2008 TV season, "The Jerry Springer Show" is already renewed in more than 96% of the U.S. Tribune stations carrying "Jerry" include WPIX-TV New York, KTLA-TV Los Angeles, WPHL-TV Philadelphia, KDAF-TV Dallas, WDCW-TV Washington D.C. and KHCW-TV Houston. Sinclair stations include, WPGH-TV Pittsburgh, WTTE-TV Columbus and WSTR-TV Cincinnati.
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SmartMedia Magazine
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Coming in September
FALL NAB ISSUE
SPECIAL DISTRIBUTION:
NAB RADIO SHOW
Radio Roundtable:
Radio execs find solutions.
Media Markets and Money:
What's attractive to equity capital these days?
Ad Biz:
Gennele Niblack, Katz Political President
Political Advertising:
Gregg Skall: "The FCC rules on political ads-Network exception issue"; Greg Pinello, GMMB.
Engineering & Technology:
Conditional Access for HD Radio
New Media:
Money-making opportunities for on-demand web video
For advertising
information, contact:
June Barnes
jbarnes@rbr.com 803-731-5951;
Jim Carnegie
jcarnegie@rbr.com 813-909-2916 or
Carl Marcucci
cmarcucci@rbr.com 703-492-8191.
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TVBR Radar 2007
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Television News you won't read any where else. TVBR--First, Accurate, and Independently Owned.
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Indecency/violence bill
headed for markup
The attempt by Sam Brownback (R-KS) to attach measures to an FCC funding bill which would restore the FCC's right to punish fleeting expletives and open a new FCC line of attack against violent programming was defeated. But it was in large part a procedural matter, since Dan Inouye's (D-HI) Commerce Committee claims jurisdiction.
TVBR observation: Although we couldn't look at S. 1780, we dug up a copy of its abandoned big brother, S. 616, which also addressed the issue of violent programming. It directed the FCC to come up with rules of the road for curbing violence. Of course, a key to this would be defining the crime, something S. 616 makes no attempt to do. When the FCC turned in its less-than-landmark study this spring, it also ducked that particular issue and suggested that Congress come up with a definition. (There is more to read in TVBR)
07/16/07 TVBR #137
Warshaw in; Goodman out
Jeff Warshaw will replace Dean Goodman as CEO of the new company backed by American Security Capital Partners (ASCP) to buy 187 stations from Clear Channel for 452.1 million dollars - the single largest package of the Clear Channel Radio divestitures in medium and smaller markets. Relations between Goodman - former President of Ion Media Networks and its predecessor, Paxson Communications - and his equity backer had been deteriorating for a couple of months as ASCP delayed approving the management team that Goodman had chosen and resisted buying TV stations as well.
RBR observation: Don't shed too many tears for Dean Goodman. He got five million bucks when he left Ion and millions more when Citadel Capital took Ion private and bought out all of the public shareholders, including Dean. Now he gets a few million more from ASCP to walk away. With his own cash and that of the investors he had brought to the table (including Eddie Fritts, Larry Patrick and Carl Hirsch), Dean will be able to build a substantial radio and TV company without having to answer to a private equity partner. More in RBR.
07/16/07 RBR #137
Frustration sets in for Murdoch
Dow Jones & Co. stock fell last Thursday after AP reported that Rupert Murdoch was frustrated with Bancroft family negotiators changing their minds during negotiations over a sale of the company.
TVBR observation: Some members of the Bancroft family have been pressing for all possible options other than a sale to News Corporation to be explored, as has the union representing some Dow Jones employees. So far the only names that have surfaced publicly as being interested are Burkle, a supermarket billionaire, and Greenspan, an Internet multi-millionaire. That they met together with Dow Jones representatives on Tuesday indicates that they are interested in working together. Even so, there's no indication that they plan a full buyout to match the Murdoch offer - but, rather, a partial buyout at 60 bucks a share and a financial restructuring. That is not likely to satisfy Dow Jones shareholders who want to sell all of their shares at the premium price of 60 bucks.
07/13/07 TVBR #136
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