TVBR's Daily Morning Epaper

Volume 21, Issue 227, Jim Carnegie, Editor & Publisher

Friday Morning November 19th, 2004

TV News®

NBC Universal in
mega-pact with Nielsen
NBC Universal President of Research and Media Development Alan Wurtzel clinked champagne glasses with Nielsen Media Research President and CEO Susan Whiting after they signed an unprecedented contract for Nielsen to provide audience measurement data to the full range of NBC Universal's national and local TV businesses - - including the NBC Television Network, NBC Enterprises/NBC Universal Domestic Television, Telemundo, the cable networks Bravo, CNBC, MSNBC, USA Network, and SciFi, the 13 NBC-owned-and-operated television stations, and the 11 Telemundo television stations.

TVBR observation: You may have seen a Reuters story billing this agreement as a big endorsement for Local People Meters, but, in fact, NBC had been a consistent supporter of the LPM roll-out in the top 10 markets. It is important, though, for Nielsen because NBC is supporting a lot more than LPM. It's also putting its money behind the huge expansion of the National People Meter sample that was announced last year and NBC Universal has committed to encoding for the Active/Passive meters that Nielsen plans to introduce next year. Those updated meters will measure time-shifted DVR viewing as well as live viewing - - and while Nielsen can identify most programs through digital signatures, the new meters are more accurate when encoding is used. | More... |

Reporter convicted of contempt
In a trial before a federal judge that lasted less than an hour, WJAR-TV (Ch. 10, NBC) Providence, RI investigative reporter Jim Taricani was found guilty of contempt of court for refusing to tell a special federal prosecutor who gave him an undercover FBI videotape of a top aide to then-Mayor Buddy Cianci taking a bribe. Taricani faces sentencing on December 9th for up to six months in prison. "While I am willing to go to jail, I think it is wrong for journalists to face this type of threat simply for doing their jobs," Taricani told fellow reporters after hearing the guilty verdict. But despite health problems - - he is a heart transplant recipient - - he won't bend and is preparing to go to jail. | More... |

Sirius news:
Karmazin is new CEO
Did Sirius Satellite Radio get even more than the "King of all Media" when it signed its half-billion-buck contract with Howard Stern? In a move that caught Wall Street and radio by surprise, Sirius announced late yesterday that it had also signed former Viacom President and COO Mel Karmazin (pictured in 1978) as its CEO. Karmazin had long been Stern's promoter and protector at Infinity and Viacom and his departure early this year set the stage for Stern to make his exit.

TVBR observation: Karmazin- nicknamed the 'Zen Master' can now go back to that souvenir year 1978 when the number 1 song was Night Fever by The Bee Gees, drive a VW Bus, grow that long hair again with a perm to boot. In reality, this should speed up Howard's early termination of his Infinity contract and debut on Sirius. What remains to be seen is whether the team of Mel and Howard can work their magic again in satellite as they did in terrestrial radio. Joe Clayton took a company whose product launch was behind schedule and whose finances were in a mess and got it back on track. But he was a telecom guy. Now Mel is taking over to focus on what he knows - - how to build audiences and revenues. But he faces quite a challenge. Not only is Sirius still playing catch-up to XM, but the jury is still out on whether the satellite radio business will ever produce a dime of profit at either company. By the way Mel, feel free to call our Executive Editor, Jack Messmer, if you ever want to listen to his theory of why the churn rate for both satellite radio companies will have to be at least twice what's built into their business plans. | More... |

Publisher Observation
Stern all smiles with Letterman
Last night as the ‘King of All Media’ was the opening act for David Letterman, I was expecting the F word, Stern’s normal radio act and anti-everything thinking this is going to be good but even I got surprised. Nope it didn’t happen. Letterman was a not funny interviewer but a knowledgeable one on Clear Channel, Stern’s Fines, and of course comparing Stern to Oprah’s content. Oprah can do and Stern can’t but if he does he gets fined. In short - a great commercial for Sirius Satellite Radio with Stern being the official spokesperson telling Letterman’s vast audience to spend 40 cents a day not just to get his show, which Sterns states his entire staff is going with him, but to listen to great quality of content, music and programming you won’t and will never great from radio we know today. No surprise that Clear Channel, FCC Commissioner Michael Powell, and Fun were the prime reasons for the move to Sirius. Stern was Serious, touch funny, but the audience was listening to what he had to say especially when asked if Stern would do a stunt like ‘Sex at St. Patrick’s’ and the answer was NO.’ Mel Karmazin to CEO of Sirius never mentioned and like I said it was a serious and great commercial for Stern’s move and it was serious. The $150 Sirius Boom Box is his commercial. By the way, a paid Sirius Christmas commercial ran first then Letterman brought out Stern. I have it on video and you got to see it to believe.

More on the yin and yang of indecency
The "Desperate" attempt by ABC to generate some publicity for its hit TV show on MNF has generated a lot of talk, not the least of which is coming from FCC Chairman Michael Powell, whose agency is looking into it. Today, we offer competing viewpoints from Tom Winter, Executive Director of Parents Television Council and Dallas Mavericks owner Mark Cuban. | More... |

Pappas appealing FCC's political time decision
Pappas Telecasting made 325K dollars worth of airtime available to county-level GOP political committees in California in the latter stages of the 2004 election cycle. Under pressure, it then committed 125K to similar Democratic organizations. Finally, the FCC ruled that it would have to make an equal amount of time available to the Democrats (11/2/04 TVBR Daily Epaper #214). Pappas had claimed all along that it had research the legality of the GOP gesture thoroughly, and that it was obligated only to make an equal amount of airtime available to Democratic candidates as was used by Republicans. Attorneys we spoke with, expecting that a regulatory ruling would not be swift enough to beat the arrival of Election Day, said the Dems could use the time and sue for rebates later. However, the ruling was swift enough and, to the surprise of many, went against Pappas. So Pappas is challenging the ruling. It has, in fact, requested and received extra time to prepare its challenge due to scheduling conflicts distracting its counsel, and to allow said counsel to properly enjoy Thanksgiving with their families. It has until 12/17/04 to present its application for review to the Commission.

Where are multiples these days? Still high - - Part 6
The early days of radio consolidation focused on big markets and then moved down. So much buying in large markets is already done, so the attention has shifted. "There's definitely an opportunity in the large unrated and smaller rated markets," said broker Todd Fowler of American Media Services. "You've got to look at a lot of opportunities - - there are opportunities out there. If you're looking to build a broadcast portfolio with that kind of flavor to it, you can do that. If you're looking to build a group, the inventory is there - - you've just got to be patient and turn over a lot of leaves. If you're looking to exit, I still think that in this environment, you can still command a solid price. Even in small markets there's still an opportunity to get out at a strong price," he added. "We're actually spending more time thinking about stick values, since that's how things are trading," noted Elliot Evers of Media Venture Partners. He calculated that KRTS-FM Houston, which Radio One bought for $73.5 million, sold for $24 per covered person. So, in today's market, he sees the range for a Top 10 market stick at $20-25 per person. This article appears in its entirety in the November issue of RBR Solutions magazine. To subscribe to the all new January debut issue of Radio and Television Business Report - The Real Business Magazine, see below to receive it - - or call April McLynn here to get your free copy: 703-492-8191.

Conference Calls Q3 2004

Improving ABC Television helps boost Disney quarter
Media Networks revenues were up 10% to 2.9 billion in the final quarter of the fiscal year at The Walt Disney Company, which gave operating income for the division a big jump of 50% to 448 million. Improved ad sales at ABC Television were cited as one reason for the growth, along with stronger performance at ESPN. Overall for the quarter, revenues were up 8% to 7.5 billion and operating income rose 8% to 899 million. In his conference call with Wall Street analysts, CEO Michael Eisner declared that the company's performance was clearly improving, but he said he was not yet satisfied. Looking at the current fiscal first quarter, CFO Tom Staggs said TV is pacing up in the single digits, but that radio is softer, pacing down in the single digits.

Adbiz©

Congress to kill ad fast-forwarding?
Maybe just in time, yesterday TiVo introduced a new function that would put a billboard/logo featuring advertiser product information on a viewer's TV screen as they fast-forwarded through advertisers' commercials (11/18 TVBR Daily Epaper #226). Congress is now considering a law that could one day make it illegal to fast-forward through the commercials at all. The provision, says the NY Post, is buried in an controversial copyright bill meant to keep people from downloading movies and music from the Internet - - and is suddenly stirring up trouble on its own: "The proposal started with the Hollywood lobby trying to prevent DVD makers from including technology that would allow people to skip through the promotional material that comes with movies at the beginning and end of DVD films. But now lawmakers are realizing that the bill is written so loosely that it could make criminals out of viewers sitting at home who use a remote control to fast-forward past commercials. (The bill specifically allows people to fast-forward through parts of a movie if it is too gory or sexually explicit - - a right people already have, of course.)" "We are extremely concerned about the chilling effect that certain segments of this bill could have on future as well existing technology - - such as DVRs," said Jeff Joseph, a spokesman for the Consumer Electronics Association. Sen. John McCain (R-AZ) is also trying to block the bill, warning of the "implication that certain basic practices that consumers have enjoyed for years - - like fast-forwarding through advertisements - - constitute criminal copyright infringement." Beltway insiders say that McCain and the bill's sponsors, Sen. Orrin Hatch (R-UT) and Sen. Arlen Specter (R-PA), are currently trying to "talk through" the trouble spots in the legislation, but Congress might try to push through the bill during the lame-duck session that began this week."

Gary Bassell named CEO of WPP's Bravo Group
He'll replace Daisy Exposito as chairman-CEO there, starting in January. He was most recently resident of La Comunidad, Miami, a fast-growing Hispanic agency. Bassell will be based in New York and report to Ann Fudge, chairman-CEO of Young & Rubicam Brands. Exposito quit Bravo 11/12 after 23 years.

Yahoo's Overture extends Microsoft ad deal
The latest installment in its battle with Google for search engine listing dollars: Yahoo's Overture Services announced the extension of its sponsored search distribution relationship with Microsoft's MSN sites in the US and internationally through 6/06. The previous agreement ran through June 2005. "Overture has been a strategic partner of MSN since 2001, and we look forward to continuing our productive relationship," said Yusuf Mehdi, Corporate VP for the MSN Information Services & Merchant Platform division at Microsoft. "We are pleased that our collaboration has helped grow the online ad industry and benefited consumers and advertisers in the process." Overture's global distribution network includes major web portals, ISPs and other heavily trafficked destination sites. Overture's search listings are generated by the company's advertisers who bid for placement on keywords relevant to their business.

Media Markets & MoneyTM

Price revealed in Jefferson City
Documentation for the deal announced earlier this week which will send a central Missouri CBS affiliate from Mel Wheeler Inc. to Barrington Broadcasting has arrived at the FCC. The contract pegs the value of the station at 38M dollars. The station is Channel 13 KRCG-TV (11/16/04 TVBR Daily Epaper #224), which hails from the Jefferson City portion of the Columbia-Jefferson City market on. It has DTV facilities on Channel 12. The deal has been in the works since summertime, when Barrington put up 25K upon signing of a letter of intent. That took place 7/21/04. In addition to that, what is ultimately a cash transaction includes a 1.9M escrow deposit.

140M GAC sale closes
Jones Media Networks is out of the cable TV network business - - with 140 million in its company coffers. The sale of Great American Country to E.W. Scripps Co. has closed (10/13/04 TVBR Daily Epaper #200), adding the country music/lifestyle channel to Scripps Networks. With that pile of cash in hand, Jones announced plans to redeem all 100 million bucks worth of its 11.75% senior secured notes due 2005. The redemption date is set for December 17th, with accrued interest since July 1st bringing the total payment to 1,054.18 for each thousand of face value.

Scripps Trust sells 5M shares
The Edward W. Scripps Trust has cashed out some of its position in the E.W. Scripps Company, but not as much as it had earlier signaled. The Trust says Morgan Stanley sold five million shares on its behalf at 48.50 each, for a total of 242.5 million. The Trust had originally filed with the SEC to sell up to 12 million shares (8/11/04 TVBR Daily Epaper #156), but it has now cancelled the remainder after selling five million Class A Common Shares. The Trust now owns approximately 31% of the company's 126 million publicly traded Class A Common Shares and 87.3% of its 36.7 million Common Voting Shares.

2005: Year of Local Muscle

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Washington Beat

Adelstein looks locked in through 2008
The biggest hurdle Democratic FCC Commissioner Jonathan Adelstein had to clear in getting his first full term was getting his name out of the White House and before the Senate. Now that that has happened, it looks like smooth sailing as he makes his way through Congress. Certainly, no new hurdles were erected by the Senate Commerce Committee, where he enjoys widespread bipartisan support. Nor is the lame duck Congress expected to hinder his nomination. Although he has often been at odds with Republicans, particularly on issues of broadcast ownership concentration and media cross-ownership, he is also a champion of rural communications service, a strong selling point with the many Republicans representing largely rural states. On top of that is the Senate tradition of giving each party a great amount of leeway in appointments to agency seats where each party is given a certain presence. The failure of the White House to put his name forward for renomination before this was seen as a breech of etiquette, even by Republicans such as Trent Lott (R-MS). Most observers think that Adelstein's resume, which prominently features his primary sponsor, outgoing minority leader Tom Daschle (D-SD), made him a political weapon which the Bush administration decided to utilize regardless of SOP.

FM auction goes to Round 44
Things definitely seem to be slowing down for the gavel bangers at FCC Auction No. 37, featuring an up-for-grabs stock of 288 FM CPs. Total standing bids amount to about 180.7M dollars, somewhat below the high water mark, and 20 CPs are unclaimed at the moment. College Creek Broadcasting (39 high bids, 34.264M dollars) and Bigglesworth Broadcasting (10 high bids, 24.268M dollars) are still #1 and #2 respectively, and the latter has more than 10M dollars more on the table than #3 Radioactive LLC. Cumulus is in 4th. The Pacific Junction IA CP remains the top single stick at 6.765M (Bigglesworth). Kemp Communications has put down 6.483M for a CP in Mesquite NV, and College Creek has invested 5.708M in Yarnell AZ stick.

Programming

ESPN Deportes signs for Dominican Baseball
Mexican Winter and Summer League Baseball is already part of the lineup of ESPN's Spanish-language cable channel, ESPN Deportes, and now it has added the Dominican Baseball League as well. The multi-year agreement gives ESPN Deportes exclusive rights in the US and Puerto Rico to the entire schedule of regular season games, plus playoffs and the championship series. The network has also signed pitching legend Juan Marichal, the only Dominican-born player in the Baseball Hall of Fame, as commentator for the telecasts.

CAIR calls for Imus, MSNBC apology;
files FCC complaint
The Washington-based Council on American-Islamic Relations (CAIR) called for an apology from MSNBC over comments on its "Imus in the Morning" show that referred to Palestinians as "filthy animals" and suggested that they all be killed. CAIR also filed a complaint with the FCC, including mentioning Don Imus is also syndicated over the radio by Westwood One. CAIR also urged that Imus be reprimanded for failing to challenge his colleagues' [we're not sure which one] remarks. CAIR quoted a transcript of Imus' 11/12 program in which he and his on-air colleagues engaged in the following discussion about live coverage of Palestinian President Yasser Arafat's funeral:

IMUS: They're (the Palestinians) eating dirt and that fat pig wife of his is living in Paris.
COLLEAGUE: They're all brainwashed, though. That's what it is. And they're stupid, to begin with, but they're brainwashed now. Stinking animals. They ought to drop the bomb right there, kill 'em all right now.
IMUS: Well, the problem is we have (reporter) Andrea (Mitchell) there; we don't want anything to happen to her.
COLLEAGUE: Oh, she's got to get out. Andrea, get out and then drop the Bomb and kill everybody...Look at this. Animals. Animals!

In a letter to MSNBC President Neal Shapiro, CAIR stated: "We are firm defenders of the First Amendment, but these hate-filled and racist remarks can only serve to legitimize anti-Muslim and anti-Arab bigotry in our society and could lead to further discrimination against members of the Islamic and Arab-American communities."

TVBR Ratings

Desperation prevails again
Once again, ABC's "Desperate Housewives" is tops with TiVo viewers, keeping reality favorite "The Apprentice 2" from NBC in second place. ABC's other new hit, "Lost," moved up to number three with users of the TiVo digital video recorders. | More... |

TVBR Stats

Broadcast vs. cable: Week eight
In the eighth week of the broadcast season, which ended Sunday, November 14, broadcast delivered 95 of the top 100 primetime programs, according to a TVB analysis of Nielsen Media Research figures based on household ratings. "CSI" on CBS took first place, with an 18.22 HH rating; ad-supported cable's highest ranking program was ESPN's coverage of the Bills-Patriots game, which delivered a 5.06 HH rating and came in at No. 57. | More... |

Stock Talk

Broadcast stocks miss modest advance
Favorable news on the jobs front gave a small boost to the stock market on Thursday, but broadcasters somehow missed out. The Dow Industrials rose 23 points, or 0.2%, to end at 10,573.

Most TV stocks, however, were in the red for the day. None were down much, though, with Journal off 2.9%, and the Washington Post Co. and Young Broadcasting down 1.9%. Paxson, a penny stock, surged 11.6%.

Stocks

**Here's how stocks fared on Thursday**
Company	Symbol	Close		Change	Company	Symbol	Close		Change
Acme	ACME		6.03	+0.03	McGraw-Hill	MHP		87.14	+1.16
Belo	BLC		24.77	+0.27	Media General	MEG		59.94	+0.51
Clear Channel	CCU		34.81	+0.26	Meredith	MDP		53.13	+0.61
Disney	DIS		26.37	+0.19	News Corp.	NWS		18.43	-0.18
Emmis	EMMS		19.23	-0.02	Nexstar	NXST		8.13	-0.15
Entravision	EVC		8.28	-0.07	NY Times	NYT		41.42	+0.27
Fisher	FSCI		47.78	-0.72	Paxson	PAX		1.35	+0.14
Fox	FOX		29.99	-0.05	Saga Commun.	SGA		18.20	+0.07
Gannett	GCI		80.65	-0.45	Scripps	SSP		48.45	+0.15
Gen. Electric	GE		36.83	+0.48	Sinclair	SBGI		6.73	+0.03
Granite	GBTVK		0.41	+0.01	Time Warner	TWX		17.51	+0.17
Gray	GTN		13.88	+0.06	Tribune	TRB		43.65	-0.24
Gray, C1. A	GTNa		12.99	+0.23	Univision	UVN		30.36	-0.01
Hearst-Argyle	HTV		25.65	-0.15	Viacom, Cl. A	VIA		36.55	-0.15
Jeff-Pilot	JP		49.66	-0.20	Viacom, Cl. B	VIAb		35.45	-0.39
Journal Comm.	JRN		17.22	-0.52	Wash. Post	WPO		966.00	-18.98
Liberty Corp	LC		42.79	-0.28	Young	YBTVA		11.13	-0.22
LIN TV	TVL		18.08	-0.28	-	-	-	-	-

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Bounceback

Send Us Your Opinions We want to
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This is your column, so send your comments to tvnews@rbr.com

More from our readers on indecency...

Why is the bare back in the ABC promo receiving so much attention? On Thursday night they aired a movie that used the F word so many times you could become immune, GD, and c*******er. I guess that is okay since they ran a disclaimer and had a WWI vet talk about it before the movie. If that same vet came on and said the troops need to see Sheridan's back for morale and ABC ran a disclaimer, then would this even be talked about? I would love to run a disclaimer on my radio show telling listeners for the next 30 seconds we are going to use some graphic language. The FCC better take a close examination of their policies and start ruling with some consistency or our industry could get really jacked up.

I don't understand how a bare back is so wrong but the language and graphic nature of Private Ryan is acceptable. Disclaimers, I assume, will be the way to say what you want when you want. That seems to be the message from the FCC.

Trace Michaels

October Digital
Solutions Magazine

Who Will Sit on the Throne?
The election -What is in it
for Broacasters?

One On One
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The man that over sees spot
for Chrysler Group.

Engineered For Profit
'05 budgets and capital expenditures, our close up look at who's planning to buy what next year.

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TVBR Radar 2004

Television News you won't read any where else. TVBR--First, Accurate, and Independently Owned.

Lame duck session ducks indecency
It looks like the title of Sam Brownback's "Decency Enforcement Act of 2004" is going to have to get a new ending. It is not expected to be put forward until the next Congress is seated next year. TVBR observation: Once this duck starts to quack again better have that insurance coverage from that duck or goose? What's that insurance again? Af what?
11/18/04 TVBR #226

Where are multiples these days? Still high - - Part 5
Every station owner who's even thinking about selling wants to know where multiples are these days. But brokers tell us that's not usually the key consideration for buyers in today's market. "I don't believe in multiples a whole lot anyway, at least as a pre-determiner of price,"
TVBR observation: Sometimes it comes down to want vs need. If you own it what do you need to get a sale done? 11/18/04 TVBR #226

FCC FM auction seems
to be losing steam
As of this writing, FCC Auction No. 37 is in Round 39, and the total of all standing bids has actually gone down 239K dollars to 184.595M and change. IN fact, only 275 of the 288 stations up for grabs even have a high bidder at the moment. 13 are listed as FCC-owned.
11/18/04 RBR #226

Blogger uncovers molehill under Fox's mountainous fine
BuzzMachine, by blogger Jeff Jarvis, is reporting the basis for the recent 1.2 million indecency hit suffered by Fox Network for its airing of "Married by America" back in April 2003. Using the Freedom of Information Act, Jarvis asked "...to see all of the 159 complaints the FCC cited in its complaint against Fox." Jarvis found out first that there were in fact only 90 complaints, and that thanks to photocopying and email copying technology, the number of US citizens who actually took the time to express themselves originally on the topic was far less than that.
TVBR observation: End result - "Millions of people watched the show. Three wrote letters of complaint." 11/17/04 TVBR #225

Where are multiples these days?
Still high - - Part 4
There really hasn't been a major deal based on cash flow in a large market since Citadel's purchase of a four-station Memphis cluster from Barnstable for $100 million very early this year. "That multiple was probably 20 times. We haven't seen a deal yet that reflects the downward trend in multiples for the publicly traded stocks. TVBR observation: We have heard and seen more guidance from radio companies this year and the phrase 'If wall street doesn't like us we will buy back our stock.' Those who got rich - great. Those have not - Go Private. TV - Next. 11/17/04 TVBR #225

Where are multiples these days? Still high - - Part 3
With almost no deal flow in the top markets, it's hard to say what multiples are for cash flowing stations in really large markets - - except that they're high. Most big radio transactions lately have been for sticks, with the buyers having plans that aren't dependent on cash-flow multiples. 11/16/04 TVBR #224

CEA petitions FCC for
faster digital tuner mandate
In a filing with the FCC last week, the Consumer Electronics Association and the Consumer Electronics Retailers Coalition urged the FCC to accelerate the digital television (DTV) tuner mandate timetable. Pointing to the unintended consequences of the 50% requirement, CEA and CERC requested that the 100% deadline for DTV tuners in television screen sizes 25" to 36" be accelerated to 3/1/06, thereby speeding the consumer migration to DTV.
TVBR observation: This is good news, because for years we've been reporting many of the DTV sales numbers issued by CEA weren't really true DTV sets. Most of the sales were digital monitors that had no DTV tuner built in. People would bring the sets home and find they needed to spend even more on a separate DTV tuner set top box. This filing could help accelerate the closing of that gap.
11/16/04 TVBR #224

More fun with
radio markets: Part III
"Will grant of this application result in the applicant or any party to this application having a cognizable interest in more than one commercial or noncommercial full-power radio station located in (i.e., having its community of license within) or 'home' to the same metropolitan area (Metro), as defined by Arbitron and reported by BIA?" Thus begins the multiple ownership worksheet for radio on FCC Forms 301, 314 and 315. RBR observation: Our exploration of the new radio market definition regime is not a witch hunt. We are not trying to identify any villains - - not at Arbitron, not at BIA, not at the FCC, not on Capitol Hill, not among station group owners. What we're trying to do is figure out how the new rules are going to play out in real life, after the catalytic multiple ownership filing for a Burlington AM station. Now if you are a fan of Reality programming - this is reality.
11/16/04 RBR #224

AFA going after Ryan airing
Donald Wildmon's American Family Association is apparently going to put the Veterans Day ABC TV Network airing of "Saving Private Ryan" to the indecency test. Although many affiliates decided to duck the issue by preempting the uncut presentation of the movie, most aired it as scheduled.
TVBR observation: First war is hell and you can't tell a real story without Reality. God we hear it on other shows for the exception on F. And that comes close. 2005 is the year Local has to muscle up with programming content and focus on what the viewer logical sense is. Just look at the trash that is on local TV and you wonder why we hear the flushing sound. If you don't want to view it then don't turn it on.
11/15/04 TVBR #223

McCain wants to take
softness out of 527s
Claiming that the McCain-Feingold Shays-Meehan Bipartisan Campaign Reform Act was largely a success in 2004. However, there was one glaring loophole, large enough for 527 organizations to drive the proverbial truck through, which he will attempt to close. TVBR observation: Glaring loophole our vertical smile.
11/15/04 TVBR #223

Where are multiples these days?
Still high - - Part 2
After consulting with a number of brokers, we can tell you this with assurance - - the market for radio and TV stations is not softening. "The really good quality stations are getting more than 10 times cash flow, and in some cases if the market is a really good market it will get a number with no cash flow," said Ron Kempff of Kempff Communications, who agreed that multiples really haven't changed in five years. "It's still a 10 times cash flow market."
TVBR observation: Still comes down to Want vs Need to sell. Greed or Logic. 11/15/04 TVBR #223

Burlington Part II: New rules more whacked than we thought
RBR has argued against the new market definitions for radio since they were first publicly pondered. Contours are real and measurable. Markets, as defined by Arbitron and BIA, are fluid, invented - - often by the station owners - - and often quite arbitrary. The new definition, which is supposed to clamp down on excessive ownership concentration and promote localism, incredibly, may in fact do the opposite.
RBR observation: If you have an interest in the rules of the road for radio ownership, we strongly advise that you RBR through this maze daily. Your stations, ywour future and your problem. RBR stand by our radio business. 11/15/04 RBR #223

TVBR Observation: Hello Houston you now have a TX size PPM problem
Big time as Fran Kennish, Chairman, AAAA Media Research Committee, Senior Partner, Director of Media Research, Strategic Planning, Mediaedge:cia has fired off a message to all radio in the market and especially the hold out groups of Infinity, Cox and Radio One or anyone that are not participating in the Aribtron PPM trial. Bottom line radio people: The advertisers want the test and the hold outs are making radio look like obstructionists to progress and better ratings. In three words to the radio business with PPM and Houston hold outs - Suck It Up - and! get on board no matter what the results. Can't fix it if you don't know what is broken. Kennish email tells the whole story. Ps: This is not just a radio issue it is also a TV - PM issue called People Meter. 11/12/04 TVBR #222

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