Moody's rates EchoStar notes, lowers outlook
Moody's Investors Service has assigned at Ba3 rating two a new issue of one billion dollars in 6 5/8% senior unsecured notes issued by EchoStar's wholly-owned subsidiary, EchoStar DBS Corp., the same as the one billion in 10 3/8% notes that it is replacing. But at the same time, Moody's lowered its credit outlook for the satellite TV company to "stable" from "positive." | More... |

Philadelphia Indy changes hands
The ink is dry and the keys are exchanged at WGTW-TV in Philadephia, according to broker Kalil & Co. The independent Channel 48 station, which coincidentally commaneded a 48M dollar pricetag, went from Brunson Communications to Trinity Christian Center of Santa Ana, headed by Paul F. Crouch.

Traffic Directors Salary Survey
launched online
The Traffic Directors Guild of America have launched their 4th TDGA Salary Survey in preparation for the 2004-2005 Annual Report. Data collection begins this week with a targeted release of all categories planned for January 1, 2005. This year, the trade association is using an online easy to use "point 'n click" response format. (http://www.pddesigns.com/tdga/tdgasurvey.html) "As with our three previous Reports, all individual responses are completely confidential and links between respondent and their information are severed once entry has been submitted to our secure collection point," said Larry Keene, CEO of the TDGA. The results of the report are available to TDGA Members and those non-members who actually participate and submit a completed survey. This year, the survey will include combined and individual categories by market size, commercial and non-commercial, radio and television stations, plus breakouts for Station Traffic personnel, Corporate level, Network and Cable network Traffic positions. The Report will also show data for Traffic personnel handling individual, combo or multiple numbers of logs. Working with BIAfn, this year TDGA will be able to have Stations that serve several different markets have their data reflected in each market served, increasing the Reports reliability across each market size.

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Two more glum views on radio
Following RAB's report that August radio revenues were down 1%, two more Wall Street analysts are out with negative assessments of the outlook for radio. Both James Marsh at S.G. Cowen & Co. and Gordon Hodge at Thomas Weisel Partners have lowered their estimates for Q3 and Q4 - - and say 2005 is looking iffy as well.

TVBR observation: Do you think it is bad now? Wait until after this election. December RBR & TVBR Solutions Magazine goes in-depth with the advertising bureau chiefs for their forecast as the RBR / TVBR editors are gathering the necessary forward pacing data both radio and television need to get into 2005. Get ready to rumble. | More... |

Complimentary Report
One on One
PHD's Patrick McNew
The man who controls
the Chrysler Group auto bucks

Quarterly Deals:
4.1 Billion spent on broadcast properties since the thaw
RBR/TVBR Observation:
Where is action? We got it.

Less is More
CCU's already meaning less with syndicators and nets.

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Funds find broadcasting
to be a good hedge
Wall Street discovered radio and TV lending as a way to make a good return in this sideways stock market. One broker tells us the hedge funds are moving into broadcasting in a big way, but another notes that it's rather expensive money.
TVBR observation: Like so many things in life, it all depends on what your needs are. If you have lots of equity, qualify for bank rate financing and only need to borrow 5-6 times cash flow for an acquisition, you won't be looking at this option. But many young companies have to stretch another turn or two to make an acquisition possible - - so this is something else to investigate. 10/04/04 TVBR #193

August revenue figures
disappoint - again!
We all knew it was going to be another disappointing month for radio revenues, but now we have the official numbers from the RAB. Total revenues were down 1%, with local flat and national spot off 5%. Spinmeisters dug down to find a silver lining in this dark cloud in markets 31 through 100, showing local increase of 8%.
RBR observation: Flat ain't growth folks! That silver lining in markets 31 through 100 means local is working hard. Don't know what categories and this is where forward pacing would help all in the business. Radio is local and not packed stacked and racked. Now all will wait for the string of conference calls to come with their bad news and Wall Street will pick at radios bones. We have said this before and will say it again, "Stop sucking up to Wall St. They are moving on anyway. Take your big time cash flow and go private. Radio is no longer capable of the growth they want anyway. We were better without them. A few are rich, most are not." 10/04/04 RBR #193

Moonves admits fallout
from "Memogate"
CBS News has been in third place for the past few years and it's going to be hard to fix that until this issue gets resolved. What is up next in Moonves sleeve like Hispanic market place. Is working to get up to speed on radio now that Infinity Broadcasting is part of his portfolio. He says the company is going to spend more money on its radio stations and cross-promote them with its TV and outdoor platforms. But he's also looking to sell some stations in its smaller markets.
TVBR observation: Top line management is need now and if selling radio is in the cards sell to the ones that will make them work. Even help with financing. Les, do you really need markets like West Palm Beach or Tampa?
10/01/04 TVBR #192

Will there be a ratings merger?
Back when Arbitron was spun-off from Ceridian there was widespread speculation that VNU, which owns Nielsen Media Research, would swoop in to buy the radio ratings company just as soon as a one-year tax penalty deadline passed. That milestone was passed long ago and nothing happened. The pot was stirred again when VNU sold its directories business for 2.5 billion dollars, saying to wanted to focus on its core businesses. So, is such a merger likely to ever happen?
TVBR observation: Merger happen ah maybe when it is fare and equitable towboth sides of the deal and to shareholders. Comes down to money. 10/01/04 TVBR #192

Clear Channel warns of
tough times ahead
it's no secret that the radio ad market remains sluggish so CFO Randall Mays had a rather sober outlook. Mays believes that business will be essentially flat. The fourth quarter is going to be a challenging environment. RBR observation: Mr. Mays, More challenging? Bet your sweet bippie it will be. Remember this great quote: "The snake that strikes at the feet of the hunter is naught but a pain in the grass."
10/01/04 RBR #192