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Volume 24, Issue 155, Jim Carnegie, Editor & Publisher
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Thursday Morning August 9th, 2007
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TV News ®
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 Will USA pull out of 2008 Olympics?
How do you fill a 3,600 hour programming hole? NBC may be looking at just that situation, as well as scrambling to make up associated revenue, if a resolution submitted by eight Republican members of the House of Representatives becomes official US policy. The legislators are considering a boycott of the 2008 Olympics, scheduled to be held in China, as a protest against "human rights abuses." According to AFP, the measure is sponsored by Dana Rohrbacher (R-CA), pictured, and lists Ileana Ros-Lehtinen (R-FL) as a co-sponsor. Her support is critical, since she is Ranking Member of the House Committee on Foreign Affairs, where the issue is expected to be brought up for debate in September. And the measure may have legs - AFP said it is likely to pick up support on the other side of the aisle. NBC just announced that it is air to cover a record-breaking amount of footage from the event, which is to run from 8/4-24/08, although much of the 3.6K hours of coverage will be streamed online.
TVBR observation: The Olympics team up with elections to bestow on the television industry to two year roller-coaster revenue cycle, although the Olympics is a direct boon to only one network, the event helps numerous owner/operator companies, and causes business spill-over that benefits many other media outlets as displaced advertisers look away from (in this case) NBC to market their wares. NBC will no doubt want to suggest that lawmakers find some other way to express their objections to Chinese policies.
PTC not happy about cable fare recycled on MNT
News Corporation's MyNetworkTV recently aired two episodes of a show originally seen on basic cable's FX. Parents Television Council says that MNT at least edited out some profanity and changed the rating, but left objectionable program elements intact. According to PTC, the program "Damages" was shown on FX with a rating of TV-MA. The first episode had descriptors warning of sexual and language content, and the second added violent content to that list. When the programs resurfaced later on MNT, PTC said it was rated TV-14 with sexual, language and violent content descriptors. Originally seen at 10PM Eastern/Pacific on cable, one episode aired at 8PM and the other at 9PM on broadcast. Referring to Fox exec Peter Liguori's recent testimony before Congress to the effect that it takes protecting children in the audience seriously, PTC's Tim Winter said, "But if News Corp. intended to demonstrate any responsibility to its viewers, there wouldn't be such a glaring and egregious discrepancy between the ratings for the FX and MyNetworkTV broadcasts when the content, other than language, was virtually unchanged." The broadcast versions replaced a concert on the MNT schedule, leading PTC to speculate that advertisers may have been caught off guard. If so, Winter suggested they get their cash refunded.
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Nexstar struts its stuff
If dealing with potential buyers of his company distracted Perry Sook in any way from operations, it certainly didn't show in the Q2 results that Nexstar Broadcasting Group posted. Revenues were up 6.5% to 68.7 million, or 1.8% on a same station basis. In his quarterly conference call, CEO Sook said Nexstar's outperformance of the TV industry should continue in Q3 and Q4. For Q3 the company is predicting that revenues will be up 0.6-2.2%. Pacings are up in the mid single digits for local, but "flattish" for national. Sook didn't say a lot about the recent decision to take Nexstar off the auction block, except to note that he was more concerned about potential buyers' ability to get financing in the current credit clamp-down for large deals than about pricing. "We are financial animals," Sook declared, stating his intention to get value for his stockholders in any situation, so now it is back to focusing on operations and growth until the markets improve. Just what will Nexstar do in the interim? CFO Matt Devine said the company will consider "smart, accretive acquisitions," reconsider some divestitures of non-strategic stations (which had been put on hold while the entire company was up for sale) and continue to operate the portfolio and grow the business
 Reality show
picks network journalist
Univision Networks has a new reporter/producer/editor in its newsroom working alongside its staff of experienced journalists for Univision, TeleFutura and Galavisión. Franklin Leal Lozano was chosen live on the Galavisión cable network in the finale of the reality series "Misión: Reportar" (Mission: Report). He was selected based on viewer votes and the judgment of a panel of Univision Networks reporters. A panel of judges, including Humberto Delgado, Professor of television production at Florida International University in Miami, evaluated and eliminated contestants throughout the competition. In addition, a variety of reporters and producers from Univision, TeleFutura and Galavisión served as guest judges each week offering their expert advice. Galavisión partnered with Burger King, Colgate-Palmolive Company, Ford Motor Company, Sprint and Visa as the show's integrated sponsors. The partnerships included organic product placement. In addition to an exclusive nine-month contract with the Univision Networks, Leal will receive the use of a Sprint mobile phone for a year and a laptop computer.
Murdoch to sell off Ottaway Newspapers,
invest in rest of Dow Jones
Our prediction was dead on (7/19/07 TVBR #140). Rupert Murdoch said in yesterday's News Corporation quarterly conference call that he intends to sell off Ottaway Newspapers, the local newspaper chain, but will keep the rest of Dow Jones once the acquisition closes. He plans to invest in growing the Dow Jones assets and, without giving specifics, said he hopes to expand internationally and do more non-business news to make The Wall Street Journal a stronger competitor to The New York Times. Will News Corporation be able to make use of the WSJ for its Fox Business Channel, launching in October, despite its long-term contract with CNBC, owned by GE's NBC Universal? Murdoch told analysts that the contract covers only business news and appearances by WSJ reporters. "There are a lot of other things that we can do to associate ourselves," he said. Murdoch said, however, that News Corporation is not in negotiations to buy out the CNBC contract.
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| Wall Street Media Business Report TM |
Double digit quarter for News Corporation
News Corporation closed out its fiscal year in fine form, with fiscal Q4 (April-June) posting net income from continuing operations of 1.2 billion bucks, up 18%. Revenues rose 9% to 7.4 billion. The cable network business was a powerhouse, with operating income up 46% to 284 million, with credit for the gain given to Fox News Channel (up 41%), the Regional Sports Networks, FX and the Fox International Channels. Television operating income fell 18 million for the quarter to 385 million, with the Fox network up, but the Fox O&O stations down - and, of course, a loss from MyNetworkTV. In the company's conference call, COO Peter Chernin said that the losses by MyNetworkTV over the past year "were not tolerable losses," but he noted that the new network's loss decreased by 50% in Q4 after a change in programming. Looking to fiscal 2008, now underway, News Corporation CFO David DeVoe projected that operating income growth will be in the low teens. That does not include any impact from the Dow Jones acquisition.
 Retrans translating
into big bucks for Nexstar
You've heard a lot in recent years about developing new revenue streams for television companies. Well, those streams are real - and growing. Nexstar CEO Perry Sook reported that retransmission consent revenues in Q2 were up 31% from a year ago and new media revenues shot up 244%. Combined, they accounted for over five million bucks, or 7.4% of Nexstar's net revenues for the quarter. That's part of why Nexstar was able to post a year-over-year revenue gain, despite the lack of political revenues and a 2.5% decline in auto advertising, although Sook noted that ad buys by local dealers were up. Having led the charge for retransmission consent payments from MSOs, Nexstar is now set to begin round two. CFO Matt Devine said 47% of the company's retrans revenues are up for renegotiation in 2008 and 33% in 2009. He is predicting "very nice news" for investors, since retrans payments are now an accepted practice. Nexstar's net revenues were up 6.5% in Q2 to 68.7 million, or 1.8% on a same station basis. Gross local and national ad revenues rose 5.1%. Broadcast cash flow increased 5% to 26.8 million.
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Ad Business Report TM
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21 broadcast groups, rep firms "buy in" to TVB's ePort
The TVB announced 21 television broadcast groups and two Rep firms have committed to date to TVB ePort, an eBusiness platform that will enable a new wave of open-standard electronic transactions between advertisers, agencies, broadcasters and station reps.
| Read More... |
Starwood Hotels, Travel Channel
strike multi-year partnership
Starwood Hotels & Resorts and the Travel Channel struck a two-year strategic marketing partnership that will make the channel available in all Westin, Sheraton, Four Points by Sheraton and W Hotels in the US. As part of this joint venture The Travel Channel will help develop content for two in-room networks that will provide guests with programming created specifically for Starwood Hotels & Resorts. The first channel to debut will be "Travel Channel on the Road" featuring themed content developed exclusively for Starwood guests, sneak peeks and access to special programming from the Travel Channel. Programs will be hosted by notable television personalities like Anthony Bourdain and Samantha Brown. Starwood's existing in-room Starwood Preferred Guest (SPG-TV) channel will also reflect the new collaboration with exciting travel news including insider destination features assembled by the Travel Channel. Both channels will begin rolling out in the U.S. at Westin, Sheraton, Four Points by Sheraton and W Hotels in September.
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| Media Business Report TM |
Journal completes newspaper sales
Journal Communications has 28.5 million in its corporate coffers after completing the last of three sales of clusters of community newspapers that were announced in June (6/20/07 TVBR #120). The sale of papers in New England was the last to be completed, following sales in Ohio and Louisiana. Under the New England agreement, Hersam Acorn Community Publishing LLC acquired the assets of Journal Community Publishing Group's Connecticut and Vermont clusters - consisting of 11 community papers, two printing facilities (in Trumbull, CT and Bennington, VT) and five shopper products. The Connecticut operations do business under the names "Hometown Publications" and "Trumbull Printing." By selling the three clusters in New England, Ohio and Louisiana, Journal Communications said the company will be able to turn its focus to deepening its media offerings in its important Wisconsin and Florida markets.
Peter Pan Peanut Butter returns
 Peter Pan Peanut Butter will be on store shelves beginning in August, supported by increased distribution and strong consumer demand, plus a 100% satisfaction guarantee. This, after salmonella was found in some of the jars a few weeks ago, forcing the brand from the shelves temporarily As of 8/7, the top 30 Peter Pan grocery retailers plan to return this consumer favorite to their shelves. In fact, three of the top five Peter Pan retailers in the nation have increased distribution of the returning Peter Pan Peanut Butter items, ensuring consumers will be able to find it on store shelves nationwide.
| Read More... |
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| Washington Media Business Report TM |
Union gets behind artists
The Broadcasters' Caucus of the American Federation of Television and Radio Artists (AFTRA) has lined up with recording artists who want performance fees whenever their work is spun on a broadcast outlet. The members, which include announcers, DJs, hosts and journalists, said they "...vigorously support their fellow members who are recording artists and singers in the effort to extend a public performance right in sound recordings. Recording artists, singers and musicians deserve to be fairly compensated when the sound recordings they create are broadcast over the air on terrestrial radio."
TVBR observation: It's always nice to score points talking about deserving artists, while conveniently forgetting to mention corporate executives in the recording industry who stand to benefit from what the radio industry is calling a performance tax. Of course, sending money to record execs will mean that there will be that much less money to spend on announcers, DJs, hosts and journalists.
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| Entertainment Media Business Report TM |
 Kelly Clarkson and Avril Lavinge to perform on "Teen Choice 2007"
Two-time Grammy Award winner Kelly Clarkson and punk-pop dynamo Avril Lavigne are set to perform on "Teen Choice 2007" Sunday, August 26th (8:00-10:00 pm ET live/PT tape-delayed) on Fox. Clarkson will perform the emotionally charged single "Never Again" and Lavigne will sing her infectious hit "Girlfriend." As previously announced, Hilary Duff and Nick Cannon will co-host the ninth annual special, where the coolest stars will receive coveted Teen Choice Surfboard awards. Both Clarkson and Lavinge are nominated to take home Surfboards. Celebrities scheduled to appear at Teen Choice 2007 include Jessica Alba, America Ferrera, Megan Fox, Emmy Rossum, Lauren Conrad, Miley Cyrus, Anna Paquin, Eve, Dane Cook, Jared Padalecki, Taylor Kitsch, Ryan Reynolds, Zac Efron, Dwayne "The Rock" Johnson, Rob & Big, and musicians Bow Wow, Ashlee Simpson, The Jonas Brothers, Omarion and Sum 41. Teen Choice 2007 is executive-produced by Bob Bain and Mike Burg. Paul Flattery serves as producer. Greg Sills serves as supervising producer.
"Power of 10" launches online component
Viewers will be able to test their knowledge of how America thinks from the comfort of their own homes by logging onto cbs.com/powerof10 and answering poll questions similar to those from Power of 10. Like the primetime game show on CBS, online players must accurately predict the American public's response to intriguing poll questions, and those who are successful may qualify to be considered as a contestant on the primetime show. Players will be asked 10 questions where they must choose a specific percentage as their answer for each question. Depending on the difference between the correct answer and the answer given, players will be awarded the difference between the numbers in points. For example, if the player guesses 67% as an answer, and the correct answer is 70%, they will be given three points. The goal is to finish with the lowest number of points. Each online game will have a six hour window. Therefore, game play will be open from 5:59 PM to 11:59 PM (PT) and 8:59 PM to 2:59 AM (ET) once a week on 8/8, 8/15 and 8/22. Players will be notified via email of their score within 24 hours of the game's end. Players will also be notified if their score qualifies them for a potential appearance on the primetime game show. Each game can be played only one time, however, viewers can return the following week to play the next game on the scheduled Wednesday release date.
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| Internet Media Business Report TM |
Scripps Networks acquires Incando
Scripps Networks has bought Incando Corporation, its second new media purchase in less than a month. Incando is known for its personal media sharing service Pickle.com and the user-generated content management platform Powered by Pickle. Incando's Web2.0 technology enables speedy uploads of photos and videos from computers, mobile phones or digital cameras to any Web site and will enhance the user-centric, social media and personalization functionality around Scripps Networks' lifestyle content.
 Hearst to acquire Kaboodle
Hearst Corporation will acquire Kaboodle, a leading social shopping community where consumers discover, recommend and share products. Kaboodle (www.kaboodle.com), which will become a wholly-owned subsidiary of Hearst, will be managed by both Hearst Interactive Media and Hearst Magazines Digital Media unit. With this acquisition, Hearst will gain one of the leading sites specializing in social shopping, a combination of online shopping and social networking. Kaboodle's social shopping community is changing the landscape of online shopping by connecting people with similar taste, and tying together the entire shopping process, from product discovery to purchase. Kaboodle launched its public beta in 2006 and already has more than 2 million unique monthly visitors. "Kaboodle is a rapidly growing business in a distinctive and fascinating space," said Kenneth Bronfin, president, Hearst Interactive Media. "We are delighted to become a significant player in the social shopping space and believe that Kaboodle will bring to social shopping what MySpace has brought to social media. This acquisition will enable Kaboodle to further expand its content and service offerings while also significantly increasing its advertiser base. In two short years, Manish and his team have created a very attractive business."
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| Ratings & Research |
Judy reigns supreme
Chalk up another week's victory for "Judge Judy" in syndicated television. Will "Wheel of Fortune" move back to #1 next month when viewership levels rise for the debut of the fall TV season? For now, Judge Judy is top of the heap in the weekly ratings provided by the Syndicated Network Television Association (SNTA), based on data from Nielsen Media Research.
| View the Chart |
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| RBR Radio News |
Clear Channel sale to Devine craters;
11 markets back in play
Chris Devine's Blue Point Media, one of the first big buyers announced in the Clear Channel Radio divestitures of small and medium market clusters, will not be a buyer after all. Clear Channel told its managers at the 11 markets involved yesterday that the 45.7 million bucks sale of 35 stations, mostly in the west, to Blue Point will not be going to closing and the stations are back on the market. An internal memo to managers of the 11 clusters says Clear Channel intends to move promptly to identify a new buyer, and, as such, the managers can expect to get requests for updated market data. Here are the Clear Channel clusters formerly going to Blue Point.
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Market name & CCU market number
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Arbitron Rank
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Duluth, MN - Market 424
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204
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Billings, MT - Market 403
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260
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Cheyenne, WY - Market 240
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290
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| Casper, WY - Market 239 |
297
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| Bozeman, MT - Market 404 |
NR
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| Burlington, IA - Market 197 |
NR
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| Laramie, WY - Market 420 |
NR
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| Missoula, MT - Market 405 |
NR
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| Pocatello, ID - Market 204 |
NR
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| Shelby, MT - Market 406 |
NR
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| Twin Falls, ID - Market 206 |
NR
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Source: Clear Channel Communications SEC filings, FCC filings and announcements
RBR observation: There had been rumors for some time that this deal was in trouble. Devine and partner Bruce Buzil (who was not a part of Blue Point) had put some of their other radio companies - Millcreek Broadcasting, 3 Point Media - Delta, 3 Point Media - Franklin and 3 Point Media - Utah - into Chapter 11 bankruptcy reorganization a few months ago. That didn't inspire confidence and Devine apparently lost his original financing for the Clear Channel deal. There were attempts to find a new lender, but, alas, now the deal is dead.
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| Stock Talk |
Wall Street on the rise
Investors cheered strong earnings news from Cisco and pushed stock prices higher. The Dow Industrials rose 154 points, or 1.1%, to 13,658, and other broad indices were up as well.
TV stocks joined the advance. Gray Television surged, with its common up 17.2% and Class A up 11.4%. There was no news about the company. LIN Television, which reports earnings today, rose 11.8%.
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| Stocks |
Here's how stocks fared on Wednesday
| Company |
Symbol |
Close |
Change |
Company |
Symbol |
Close |
Change |
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Acme
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ACME
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3.97
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+0.03
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Lincoln Natl.
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LNC
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61.33
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+0.82
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Belo
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BLC
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17.38
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+0.01
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LIN TV
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TVL
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12.75
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+1.35
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| CBS CI. B |
CBS |
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31.96
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-0.15
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McGraw-Hill
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MHP
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56.08
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-1.19
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| CBS CI. A |
CBSa |
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31.85
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-0.24
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Media General
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MEG
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29.82
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+1.65
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Clear Channel
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CCU
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36.82
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+0.03
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Meredith
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MDP
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51.08
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-2.82
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Disney
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DIS
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34.29
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-0.26
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News Corp.
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NWS
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22.80
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+0.46
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Emmis
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EMMS
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5.70
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+0.25
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Nexstar
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NXST
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8.36
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+0.10
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Entravision
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EVC
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8.40
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-0.06
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Ion Media
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ION
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1.40
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unch
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| Equity Media |
EMDA |
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3.60 |
-0.05 |
Saga Commun.
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SGA
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6.65
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-0.10
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Fisher
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FSCI
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49.00
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-0.73
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SBS
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SBSA
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2.97
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unch
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Gannett
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GCI
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47.98
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-1.30
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Scripps
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SSP
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39.99
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-0.14
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Gen. Electric
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GE
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40.46
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+0.98
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Sinclair
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SBGI
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12.60
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+0.24
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| Google |
GOOG |
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525.78
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+9.76
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SWMX
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SWMX
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0.08
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+0.01
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Gray
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GTN
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8.84
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+1.30
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Time Warner
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TWX
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18.98
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+0.37
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Gray, C1. A
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GTNa
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8.40
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+0.86
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Tribune
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TRB
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27.07
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+0.23
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Hearst-Argyle
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HTV
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20.58
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+0.78
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Wash. Post
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WPO
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839.00
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+43.50
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Journal Comm.
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JRN
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10.41
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+0.61
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Young
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YBTVA
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2.63
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+0.34
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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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Ad Business Report
TVB's ePort
Gets 21 broadcast groups, rep firms "buy in" to the technology...
Entertainment Media
Business Report
Kelly Clarkson and Avril Lavinge
to perform on Teen Choice 07...
Internet Media Business Report
Scripps Networks acquires Incando
2nd new media purchase in less than a month...
Hearst to acquire Kaboodle
Leading social shopping community where consumers discover, recommend and share products...
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Stations for Sale
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The Exline Company
LPTVs - Central and Coastal CA
Call Andy McClure or Erick Steinberg
(415) 479-3484
Exline@pacbell.net
 Market your Stations For Sale
in our daily epapers.
Contact
June Barnes
jbarnes@rbr.com
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More News Headlines
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August showers may come your way
Torrential rains in New York City yesterday morning sent the crew of CBS News' "The Early Show" scrambling when water began leaking into the show's set, control room and newsroom in the GM Building at 59th Street and 5th Avenue. Anchors Harry Smith and Hannah Storm, Sr. Executive Producer Michael Bass and other talent and staff jumped into taxis and cars to head west, arriving at the CBS Broadcast Center just 20 minutes before air time. Some improvising was required, but the show got on the air. As Steve Friedman, Vice President, Morning Broadcasts, CBS News, quipped, "Did you ever think you'd see a fashion show on the set of the CBS Evening News?"
ABC rated
gay-friendliest
The Gay & Lesbian Alliance Against Defamation (GLAAD) has issued its first ever network ratings on their portrayal of gay, lesbian and transgender individuals, based on programs aired between 6/1/06 and 5/31/07. The criteria included quantity, quality and diversity of the representations. No network received a rating of "excellent," but ABC pulled a "good" with gays represented in 15% of its prime time schedule. Three networks were rated fair: CW (12%), CBS (9%) and NBC, at the low end of "fair" with 7%. Fox, with 6%, was rated "failing."
Apollo Group
to buy online ad
network Aptimus
Apollo Group, best known for owning the for-profit University of Phoenix, will acquire online ad network Aptimus for 6.25 per share in an all-cash transaction valued at 48 million. Said Aptimus CEO Rob Wrubel about the deal, "This is a significant opportunity to deliver our business vision to one of the most important education companies in the market, improving their ability to reach new students." Aptimus will continue to provide its services to Internet publishers and advertising customers in other industries. Similarly, Apollo will continue to work with AOL, its subsidiary Advertising.com, as well as with other digital media affiliates and publishers.
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SmartMedia Magazine
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Coming in September
FALL NAB ISSUE
SPECIAL DISTRIBUTION:
NAB RADIO SHOW
Media Markets and Money:
What's attractive to equity capital these days?
Ad Biz:
Gennele Niblack, Katz Political President
Legal Ease:
Gregg Skall:
"The FCC rules on political ads-Network exception issue".
New Media:
Gary Arlen: YouTube, Joost and the emerging Fox-NBC website are just the start of big bandwidth video via the Internet.
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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Further dereg unlikely under Democratic administration
Netroots bloggers met with Democratic presidential candidates in Chicago over the weekend at the YearlyKos Convention, and one of the things that came up was media consolidation. Big media hasn't been high on the radar of the Bush administration, but that may change if Democrats regain control of the White House. Chris Dodd (D-CT) went first, and was fresh off a brief appearance on Fox News Channel where he got into a shouting match with Bill O'Reilly over the DailyKos website which was closely connected to the convention.
TVBR observation: We suspect the other Democratic candidates would have said much the same thing (and perhaps so would some of the Republicans). It's been very difficult for the FCC to move forward on further ownership dereg, with Michael Powell's 6/2/03 ownership rulemaking still bogged down. While the hurdles are high for any politician who would attempt to put the genie back in the bottle and reverse caps set under the 1996 Telecom Act, a Democratic administration will almost certainly put a stop to any further deregulation. There's been some self-motivated backtracking on consolidation going on within the media anyway, obviously led by the Clear Channel sell-off. Many other groups have been paring their portfolios as well. So it may not be that big a deal that further regulatory relief on ownership caps may not be forthcoming. But there are still many pushing for cross-ownership relief and the ability to build TV duopolies in smaller markets due to economic hardship. Will Kevin Martin try to sneak anything through before November 2008? Stay tuned.
08/08/07 TVBR #154
How much is credit tightening?
The Federal Reserve's policy makers announce their latest move - or lack of movement - on rates. Despite the recent roiling of the credit markets, the Wall Street consensus is that Chairman Ben Bernanke and his fellow Fed members won't change rates. And, unless there are more drastic changes in the economy, they are viewed as likely to stay the course for many, many months to come. But while tightening credit has pulled Nexstar off the auction block - and possibly LIN Television as well - it appears there is still financing available for most radio and TV deals...at least for now.
TVBR observation: Not today, maybe not next month, but if credit gets tighter and threatens to slow down the economy, Bernanke and the Fed will need to lower rates and keep economic growth from flat-lining. If he stays too focused on inflation, to the exclusion of all other economic factors, he runs the very real risk of repeating the foolish policies of his predecessor who ran the US into an unnecessary recession back at the start of this decade. (Complete details in TVBR)
08/07/07 TVBR #153
Nexstar no longer in sales talks
Citing "difficult conditions in the financing markets" Nexstar announced that it has decided to suspend discussions with potential buyers of the company. CEO Perry Sook tells TVBR that a "hiatus" is an accurate description and it is likely that sale talks will resume when the markets improve.
TVBR observation: The rumblings in the financing markets have become louder in recent weeks. Tribune allayed fears when it declared that all of the financing is committed for its buyout. And KKR drew headlines in the financial press for holding its bankers feet to the fire for financing commitments they'd made to its deal to buy Dollar General. But for deals not yet done, terms are tightening and financing is becoming harder to get.
08/06/07 TVBR #152
Not Bull No Longer Bear
Slew of upgrades from BofA analyst Jonathan Jacoby isn't a bull, but at least he's no longer a bear when it comes to radio stocks. Stock prices have fallen to what Jacoby says reflects his slow growth long-term view, so he's upgraded Citadel, Cox Radio and Entercom from "sell" to "neutral." Jacoby had downgraded the trio to sell back in November, when the Wall Street consensus was that 2007 radio revenue growth would be in the 2-3% range. "We argued that persistent audience erosion would cap average top-line growth at approximately 1% over next five years and at less than 2% over the next ten years. Seven months into '07, it is evident that radio's best hope is for flat revenue this year. And investors seem to have responded to the continued malaise by revaluing the sector, which now reflects our tempered long-term view," Jacoby said in his update to clients.
08/06/07 RBR #152
A legal eagle eye's view
of DTV outreach
Congress has instructed the FCC to educate the people about the upcoming transition to digital television, to forestall a massive case of blank screens after analog switches are set to the off position for good on 2/17/09. In fact, John Dingell (D-MI) and Ed Markey (D-MA) would like the FCC to throw its weight around to the extent it is legally entitled. Review the entire report in TVBR special section.
08/06/07 TVBR #152
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