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Volume 24, Issue 66, Jim Carnegie, Editor & Publisher
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Wednesday Morning April 4th, 2007
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TV News ®
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 EchoStar and Google partner
on automated ad system
Looks like Google has made its first big score in getting its ad system into traditional media: It has entered into a partnership with EchoStar to introduce the an automated system for buying, selling, delivering and measuring television ads on EchoStar Dish Network's 125 national satellite programming networks. DISH has around 13.1 million subscribers. Google will have access to a portion of Dish Network's ad inventory that spans across all channels and dayparts. The agreement is the first of its kind for a national pay-TV provider and Google. This partnership extends Google's current advertising platform to a national TV audience with the aim to deliver more relevant and measurable ads. EchoStar and Google are working together to provide automated online campaign planning, scheduling, delivery and measurement of ads on the Dish Network. We asked Google competitor, SoftWave Media Exchange's COO Bill Figenshu, about the Google-Echostar deal and what it might mean to the electronic ad marketplace in general. Fig said this deal means it's another box. "It's an addressable box placed into the system between the advertiser and the viewer. It sounds like EchoStar is giving up their control to Google. Google is going to be doing their sales. It's closer to what they had in mind for the original concept of radio and television than what they currently have. There's no difference between putting a box in the system before the TV set than putting a box in the system before a radio and television transmitter. For us, we like broadcasters to be in control. Who is in control of the box with advertisers? If it's Google, then that's exactly what we think they're doing on the remnant radio side."
TVBR observation: Google has mentioned they are moving away from the box model for radio. The deal with EchoStar will likely use the existing Dish Network box, which can download new programming from the birds. This may be Google's entree into traditional media. While everything up until now has been piecemeal, remnant inventory, planners and buyers will be able to try the system with larger campaigns using prime inventory. It's still not regular network inventory or access into top TV stations.
Retrans gave TV stocks a boost
Q1 2007 was a lackluster quarter for the overall stock market, with the major indices right around flat for three months of trading. Television stocks, though, generally outperformed the market. In particular, pure play TV companies did well, as investors saw proof that new revenues are coming by way of cash payments for retransmission consent agreements with cable MSOs. Nexstar, which initially led the retrans fight, battled out of penny stock territory and finished Q1 up nearly 107%. Sinclair, which won the most recent high-profile retrans battles, gained over 47%. Also big gainers in Q1 were other pure plays such as LIN (which also made a big sale to de-lever), Young and Gray. The biggest gainer of all, though a penny stock, was Ion Media, up 166% after receiving a buyout bid from NBC Universal and Citadel LP. Of the 35 TV stocks tracked daily by TVBR, 23 were up in Q1 and 12 were down.
| Here are the numbers |
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 TVBR observation: Do the math
It never ceases to amaze us how so many different figures are reported by various media outlets when a big M&A deal is announced. The figure we are seeing most often for the Tribune Company buyout is 8.2 billion. Yes, existing shareholders are to be bought out for 34 bucks a share, which adds up to 8.2 billion - but that is only for the stock. Doesn't the debt count as well? And if the debt doesn't count, isn't Sam Zell buying Tribune for 315 million, since the rest will all be new debt and assumption of old debt? Even the company announcement of the buyout spells out how Citigroup, Merrill Lynch and JP Morgan Chase have committed to provide 11.2 billion in new debt (7 billion in stage one and 4.2 billion in stage two) to pay for the shareholder buyout and refinancing Tribune's bank debt. Yet numerous journalists have read that announcement and still reported that Tribune is being sold for 8.2 billion. Why? Are billions too hard to fathom? Then let us try a simple example. Say I buy a commercial building for one million bucks and take out a 750K mortgage. Then I sell it to you for 500K and assumption of the mortgage. Am I a chump for selling you the building for half what I paid for it? According to most news outlets who have reported the Tribune deal, you got the building for 500K. You know that's not true - the price tag to you was 1.25 million and I made a 250K profit. In fact, the Zell buyout bid for Tribune Company is a bit more than 13.2 billion. The math is not that hard. 8.2 billion for the stock plus about five billion in refinanced or assumed debt. 8.2+5=13.2, then add zeroes and move the decimal point nine spaces to the right.
No criminal charges in water death
After first indicating that no criminal investigation was called for, public outcry forced the Sacramento County District Attorney to launch a full-scale probe into the death of a contestant following an on-air contest at Entercom's KDND-FM Sacramento. Now the DA has concluded that no criminal charges will be filed in connection with the death of Jennifer Strange, 28, who died of water intoxication hours after competing in the contest to see who could drink the most water. "There were no observable indications or symptoms that Jennifer Strange was experiencing a serious medical emergency which would have required station employees to seek or administer medical aid to her," said a statement by District Attorney Jan Scully. Strange's family has a civil suit pending against Entercom and a number of its current and former employees.
Sen. Landrieu booked for Las Vegas
 New Orleans radio and TV stations will get another round of well-deserved praise for their emergency efforts as US Sen. Mary Landrieu (D-LA) addresses the NAB2007 convention in Las Vegas. NAB says Landrieu will be speaking at both the Washington Policy & Politics breakfast and the All-Industry Opening Keynote session, both on Monday, April 16th. "Senator Landrieu has been a tireless advocate for her home state and for Gulf Coast broadcasters in the wake of Hurricanes Katrina and Rita," said NAB President and CEO David Rehr. Landrieu is currently the Chairman of the Disaster Recovery Subcommittee of the Senate Homeland Security and Governmental Affairs Committee.
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| Wall Street Media Business Report TM |
Revenues down, cash flow up
Renamed and reconfigured, Ion Media Networks was heading the right direction in 2006. Net revenues decreased 10% to 228.9 million bucks, but that was expected because the company dramatically reduced its costs, including sales costs, but particularly in terms of programming overhead. As a result, EBITDA shot up 68% to 106.4 million and broadcast cash flow rose 39% to 59.7 million. "We made important progress in 2006, improving cash flow through disciplined cost management, while executing on our strategy to expand our analog and digital content plans. Based on our improving primetime ratings and strategic programming alliances, general advertising offers us an opportunity to continue financial growth in 2007 and beyond," said Ion President and CEO Brandon Burgess.
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Ad Business Report TM
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Fox to run vignettes to keep viewers
tuned in during spot breaks
According to a WSJ story, on Monday, Fox will begin running short animated clips about a taxi driver known as "Oleg" during ad breaks: "The character will offer up odd bits of wisdom and even chat with spoof versions of celebrities like Tom Cruise or Donald Trump. Fox hopes the clips will persuade viewers to keep watching during commercial breaks, rather than changing channels or using a DVR to fast-forward through ads." "It's something that pops up that is unexpected and the viewer says, 'What the hell is that?' It may keep them around for a while longer," Jon Nesvig, Fox Broadcasting's president of sales told the paper. Fox, he added, wants to discover "what can we do to make [commercial breaks] a more interesting experience for our viewers? What can we do to get them to hang around through the commercial breaks?" The clips' premiere comes less than two months before Nielsen Media Research is scheduled to release a new measure of ad viewership expected to show a noticeable drop-off in audience levels between programs and accompanying commercials. While the data won't surprise many people, it gives marketers hard evidence they can use to push for lower prices for commercial tim during the upfront. Fox will look at Nielsen viewership data to see how successful the Oleg pieces and also examine Web traffic on an Oleg Internet site where the vignettes will direct viewers. Oleg is being produced by Ideocracy, an independent New York advertising firm.
TVBR observation: Who knows, maybe it will keep folks tuned in. We think, however, the best way to keep viewers is to lessen the overall clutter. That means less self-promotional tune-in spots for a network's other programs. If this were severely limited and kept more to spots only, folks would likely not go through the effort of changing channels or fast forwarding. Ad retention would increase as well. Most people get fed up after a few minutes of clutter during breaks. If networks would find that line and not cross it, adding even more clutter in the form of vignettes would not be necessary.
 WABC-TV and Verifone announce Taxi-TV network in NYC
WABC-TV New York announced it will provide news content to the city's yellow cabs. The news will be fed over integrated payment and content delivery systems developed and installed by VeriFone Transportation Systems, an alliance of VeriFone Holdings and Taxitronic, the leading supplier of taxicab meters in New York. The new systems deliver the latest technology enhancements mandated by the Taxi and Limousine Commission (TLC) and will be installed in taxis over the course of the next year.
| Read More... |
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| NAB Daytime Planner |
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The following will be attending the NAB.
Call or email to make your
appointment in advance.
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BANKERS
Brian Eick/Dave Meier/John Weller; Gladstone Capital; Bellagio Hotel;
Brian cell 847-612-3002, Dave cell 847-650-1735, John cell 509-496-3254; brian.eick@gladstonecapital.com, dave.meier@gladstonecapital.com, john.weller@gladstonecapital.com
BROKERS
Todd Fowler/David Reeder; American Media Services; Bellagio Hotel; 843-972-2200; tfowler@ams.fm, dreeder@ams.fm
Brian Cobb/ Denis LeClair /Dan Graves/Jack Higgins; Cobb Corp; Bellagio Hotel; 212-812-5020; katiebetz@cobbcorp.com
Andy McClure/Erick Steinberg, The Exline Company, Bellagio Hotel, office 415-479-3484, cell 415-497-3855, Exline@pacbell.net. ericks@esteinberg.com
Frank Boyle; Frank Boyle & Co.;
Bellagio Hotel; 203-969-2020; cell 203-249-7818; fboylebrkr@aol.com
John L. Pierce/ Jamie Rasnick; John Pierce & Company LLC; office 859-647-0101, John cell 859-512-3015; Jamie cell 513-252-1186, Bellagio Hotel; jpierce@johnpierceco.com; jrasnick@johnpierceco.com
Gordon Rice; Gordon Rice Associates;
843-884-3590; Bellagio Hotel; gordon@gordonriceassociates.com
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Dick Kozacko/George Kimble;
Kozacko Media Services; office 607-733-7138; cell 607-738-1219; Bellagio Hotel; rkozacko@stny.rr.com, GeorgeWKimble@aol.com
Media Services Group; Bellagio Hotel; www.mediaservicesgroup.com
Elliot Evers/Greg Widroe/Brian Pryor/Patricia Carberry-Harris;
Media Venture Partners;
415-391-4877; Bellagio Hotel;
pcarberryharris@
mediaventurepartners.com
Brian Byrnes; Paramount Media
Advisors, Inc.; 312-396-4043;
cell 312-933-7559; Bellagio Hotel; bbyrnes@pma@earthlink.net
Glenn Serafin; Serafin Bros., Inc.;
office 813-885-6060; cell 813-494-6875; Aladdin Hotel; gserafin@tampabay.rr.com
Bill Schutz; Schutz & Company; Bellagio Hotel; 757-258-8740, cell 757-880-9251; wbschutz@aol.com
Larry C. Wood; Wood & Company, Inc.; Alexis Park Hotel; Office: 513-528-7373; Cell: 513-225-5100; LCWatCincy@aol.com |
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| Media Business Report TM |
 ZenithOptimedia releases April
advertising expenditure forecasts
ZenithOptimedia Group's April Advertising Expenditure Forecasts for the U.S. was released yesterday as part of its regular quarterly tracking. Overall for 2007, the majority of Zenith's predictions remain unchanged from their previous forecast. However, downward revisions to their 2007 print forecasts, both magazines and newspapers, have resulted in a lower overall estimate compared to their prior report. They now predict growth of 3.4% for 2007, down from their calculation of 4.1% in December due to less ad spending in print media. For consumer magazines, 2006 finished up with more publications folding or reducing their ratebases as more people and revenue traveled to the Internet. Many of these publications also saw losses as a result from residing in over-saturated categories. Magazines will continue the trend of adjusting their ratebases downward to streamline costs. One big variable in tightening the circulation model is the double-digit paper and postage increase that the publishing industry faces in 2007. More publications will follow Time magazine's lead by offering audience guarantees rather than buying off the traditional ratebase model. Newsstand sales continue to be on the decline to start the year. For 2007, 2008 and 2009 they are projecting growth of 4.6%, 5.0% and 5.5%, respectively.
| Read More... |
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| Media Markets & Money TM |
Cohu unit acquires Tandberg Television
Cohu, Inc. (announced that its subsidiary, Broadcast Microwave Services, Inc. (BMS), has purchased Tandberg Television AVS GmbH (AVS) from Tandberg Television for approximately 8.3 million in cash. AVS, located near Frankfurt, Germany, designs, develops, manufactures and sells digital transmitters, receivers and microwave communications systems. BMS produces both analog and digital transmitters, receivers and microwave communications systems. In 2006, AVS sales were approximately 7 million. Said James Donahue, Cohu CEO: "We are excited to add AVS and its talented team to Broadcast Microwave Services, Inc. AVS has developed high definition video transmission products that enhance the current BMS product line. With this purchase, we have expanded our digital microwave communications solutions, especially in HD broadcast television and public safety/law enforcement applications. This acquisition is a logical fit with BMS given the complementary products and sales territories of the combined operation." Cohu is a supplier of test handling, burn-in and thermal solutions used by the global semiconductor industry, microwave communications and closed circuit television equipment.
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| Cable Business Report TM |
Comcast gobbles up Patriot
Comcast announced an agreement to acquire the cable systems owned and operated by Patriot Media & Communications for approximately 483 million bucks. Patriot is a privately-held company owned by cable veteran Steven J. Simmons, Spectrum Equity Investors and Spire Capital that serves approximately 81,000 video subscribers. The deal will give Comcast systems located in central New Jersey, including Princeton and other operations in Somerset, Hunterdon, Morris and Mercer counties, which are contiguous to Comcast systems in Monmouth, Ocean, Trenton and Northwest New Jersey.
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| Entertainment Media Business Report TM |
 Big send-off for Barker
CBS is planning a big retirement party for Bob Barker, as he prepares to conclude 50 years in show biz and 35 hosting "The Price is Right." The daytime TV star will get not just one, but two primetime specials. "After 50 years in show business and 35 years on CBS, we want to give Bob a primetime sendoff befitting of an entertainment icon. Audiences everywhere will enjoy playing one more primetime show with Bob and then celebrating his amazing career and the moments that made his reign on The Price is Right so memorable," said Nina Tassler, President, CBS Entertainment. Barker, who is now 83, announced late last year (11/1/06 TVBR #213) that he would retire in June. The dual specials will be broadcast Wednesday, May 16 and Thursday, May 17 (8:00-9:00 pm, ET/PT) on the CBS Television Network. On Wednesday, May 16, CBS will present "The Price is Right Million Dollar Spectacular," Barker's final appearance in primetime hosting the show he has led since 1972. In this special primetime edition, contestants will have the opportunity to win bigger prizes and the chance to spin the wheel for a million bucks. On Thursday, May 17, "Bob Barker: A Celebration of 50 Years on Television" will include Barker's reminiscences about his 50 year career on television and his 35 years on "The Price Is Right," in addition to highlighting some classic games from the long-running show. Also included will be some of the 15-second tributes that viewers are being invited to upload on YouTube.
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| Internet Media Business Report TM |
Mexico City to be one, giant Wi-Fi hotspot by 2008
AFP reports All of Mexico City will be one free, wireless Internet hotspot by 2008, Mayor Marcelo Ebrard announced Monday. The project "will accelerate the technological development of the city," Ebrard said after signing a contract with the Chinese telecoms and networking giant ZTE. The project began as a hook-up for security cameras around the Mexican capital.
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| Ratings & Research |
 Easy win for Fox and Idol
When "American Idol" is on, just stay out of the way. Fox coasted to another easy win in the sought-after 18-49 demo for the past week, with "American Idol" again the most watched show on television for both nights on which it airs. Second place in the key demo went to CBS, followed by ABC, NBC, Univision, CW, MyNetworkTV, Telemundo, a tie by Ion and TeleFutura and then Azteca America. For Households, the crown went to CBS with a 7.3 rating and 12 share, with Fox at 6.3/11, ABC 5/7/10, NBC 4.9/8, Univision 2.0/3, CW 1.9/3, MyNetworkTV 0.7/1, Ion and Telemundo tied at 0.5/1, TeleFutura 0.3/0 and Azteca America 0.1/0.
| Here are the top 20 shows |
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| Stock Talk |
Housing news boosts stocks
A better than expected monthly report on home resales by the National Association of Realtors put Wall Streeters in a buying mood. The Dow Industrials rose 128 points, or 1%, to 12,510.
TV stocks went along for the ride. Entravision rose 4.2% and Fisher advanced 3.4% as the best performers.
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| Stocks |
Here's how stocks fared on Tuesday
| Company |
Symbol |
Close |
Change |
Company |
Symbol |
Close |
Change |
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Acme
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ACME
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5.76
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+0.08
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LIN TV
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TVL
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15.93
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+0.37
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Belo
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BLC
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18.73
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+0.11
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McGraw-Hill
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MHP
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62.28
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-0.06
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| CBS CI. B |
CBS |
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31.10
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+0.32
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Media General
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MEG
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38.74
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+0.43
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| CBS CI. A |
CBSa |
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31.11
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+0.34
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Meredith
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MDP
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57.95
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+0.03
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Clear Channel
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CCU
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35.54
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+0.34
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News Corp.
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NWS
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25.06
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+0.30
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Disney
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DIS
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34.92
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+0.45
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Nexstar
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NXST
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9.87
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+0.28
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Emmis
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EMMS
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8.94
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+0.09
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NY Times
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NYT
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23.40
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-0.04
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Entravision
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EVC
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9.67
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+0.39
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Ion Media
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ION
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1.30
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-0.01
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Fisher
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FSCI
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49.28
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+1.62
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Saga Commun.
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SGA
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9.97
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+0.17
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Gannett
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GCI
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56.58
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+0.27
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SBS
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SBSA
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3.96
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+0.02
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Gen. Electric
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GE
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35.32
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+0.03
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Scripps
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SSP
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44.95
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+0.15
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Granite
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GBTVK
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0.07
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+0.01
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Sinclair
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SBGI
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16.07
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+0.29
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Gray
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GTN
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10.44
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+0.14
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SWMX
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SWMX
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0.85
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unch
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Gray, C1. A
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GTNa
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10.50
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-0.06
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Time Warner
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TWX
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20.52
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+0.45
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Hearst-Argyle
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HTV
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27.42
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+0.18
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Tribune
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TRB
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32.68
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-0.13
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Journal Comm.
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JRN
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12.96
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-0.04
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Wash. Post
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WPO
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755.35
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-4.65
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Lincoln Natl.
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LNC
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68.45
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+0.70
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Young
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YBTVA
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4.27
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+0.09
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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
Comcast gobbles up Patriot
Has agreement to acquire the systems for approximately 483 million bucks...
Media Business Report
ZenithOptimedia Forecast
Released yesterday as part of its regular quarterly tracking...
Ad Business Report
Fox to run vignettes
To keep viewers tuned in during spot breaks. Running short animated clips about a taxi driver known as "Oleg"...
WABC-TV and Verifone
Taxi-TV network in NYCproviding news content to the city's yellow cabs...
Media Markets & Money
Cohu unit acquires
Tandberg TV for around 8.3m...
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TV Media Moves
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Philly bound
The Fox O&O group has named Michael Renda VP/GM of WTXF-TV (Ch. 29, Fox) Philadelphia. He had been the company's VP/GM at WJW-TV (Ch. 8, Fox) Cleveland.
Evans moves to ESPN
Dr. Tom Evans has been named vice president, digital and cross media measurement at ESPN. In this newly created position, Evans will supervise research strategy for ESPN digital media, including Internet, mobile, digital audio and video. He'll also focus on research programs to support digital media growth including ad sales, brand and content development. In addition, Evans will guide ESPN's efforts to advance cross media research capabilities including the use of new technologies and innovative research methods. Evans will be based in New York and joins ESPN after nine years as VP/research for ABC Radio.
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More News Headlines
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Shooting at CNN Center
A woman died after a shooting inside CNN Center in Atlanta that was witnessed by many people, including CNN employees. Atlanta police are calling it a domestic situation. Witnesses said the gunman dragged the woman around, then shot her. He was then shot by a Turner Security guard.
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RBR - Radio News
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Report blasts
Sirius-XM merger
Analysis by The Carmel Group helped convince the FCC to turn thumbs down on a merger of the two satellite TV companies just a few years back, so it is hardly surprising that NAB hired the firm to analyze the proposed satellite radio merger. Sure enough, the report now out says an XM-Sirius merger would result in "less service, less affordability, less diversity and less choice in content and hardware" - exactly the opposite of what Sirius CEO Mel Karmazin has said on Capitol Hill to try to win approval of the deal. If the history of the FCC-rejected DirecTV-EchoStar merger provides any insight, the element of the latest Carmel Group report that may have the most influence on regulators is the very last page - a so-called "ping-pong" chart. It shows how XM and Sirius compete directly with each other, and with no one else, detailing nine instances where one of the satellite radio companies introduced a new device, service or pricing plan and the other came up with its own offer to counter the move. Such competition will cease to exist if the merger is permitted to take place, the analysis concluded. "With all due respect, this proposed merger should not be approved - under any conditions - by the US government," The Carmel Group stated.
| Read the report |
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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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Pappas dumps Azteca America
Pappas Telecasting announced late yesterday that it has terminated its affiliation agreements with Azteca America in all markets except Los Angeles, where Azteca America operates KAZA-TV under an LMA. The termination does include two of the largest Azteca America outlets, KAHZ-TV Houston and KTNC-TV San Francisco, along with stations in Reno, NV, Omaha, NE and Sioux City, IA, where Pappas says it will stop carrying Azteca America programming on June 30, 2007. Complete details of this issue in TVBR
04/03/07 TVBR #65
Can Sam Zell fix the
newspaper business?
February was a particularly bad month for the US newspaper business. Sam Zell had better hope that is not the start of a trend for an already suffering business to get even worse. The Chicago real estate billionaire thinks he knows how to make money from the so-called "old media" assets currently losing market share to new media. His track record in media, though limited, is good. He made a lot of money for himself and others when he bailed out Jacor Communications and eventually sold it to Clear Channel.
TVBR observation: This deal would be a breeze to get FCC approval without the crossownership situations, but we understand why Zell wants to keep the company together. The CW network is building nicely and the cash flow from Tribune's big TV stations in New York, LA and Chicago should help counter the difficulties as their newspaper brethren go through the gut-wrenching phase of waiting for Internet ad growth to get to the point of counterbalancing print declines. But there is already pressure in Washington for the FCC to set an expiration date for Tribune's controversial crossownership waivers, since they were predicated on the expectation that the rule was on the verge of being eliminated anyway - something that hasn't happened and doesn't appear likely to happen in the foreseeable future. We see a real possibility that Zell will be turned down flat for new waivers. What then? Would the deal crater or would Tribune Television be put up for sale? One previous bidder who wanted only the TV group reportedly offered four billion bucks for them. One final note. Since Tribune is planning to sell the Chicago Cubs, why is it keeping WGN-AM Chicago, its only remaining radio station? The station's close ties to the baseball team appear to be the only business reason to keep it in the company - and that justification is going away. No doubt there are radio groups who would step up and bid aggressively for the legendary Chicago station.
(If you missed Tuesday TVBR click and review)
04/03/07 TVBR #65
Bid for Ion boosted
NBC Universal and Citadel LP have improved their bid to buy out other shareholders of Ion Media Networks, with Citadel investing an additional 100 million and improving the deal for preferred shareholders other than NBCU. Will it be enough? The offer which has been on the table since January (1/19/07 TVBR #13) would pay Ion common shareholders 1.41 per share, which was a substantial premium over the pre-offer trading price. But holders of the two classes of preferred stock other than the class held by NBCU had objected, claiming that they were being shortchanged.
TVBR observation: Another deadline is also approaching. NBCU's option to acquire the control shares still held by Ion founder Bud Paxson (it was previously known as Paxson Communications) will expire on May 7th. NBCU cannot exercise that option without running afoul of FCC ownership limits, but it recently transferred the option to Citadel, which has no such impediment. It is not clear whether or not Citadel will exercise the option if no deal is in place to take Ion private. TVBR understands that if the option is not exercised by the expiration date, Ion itself will buy back the Paxson stake. In either case, Bud will no longer have a financial interest in the company he started.
04/02/07 TVBR #64
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New listing
Web Content Director
TVBR/RBR is looking for an aggressive and progressive Media Website Director. Will be working side by side with all aspects of our editorial, sales, marketing and production staff. TVBR/RBR is moving forward with a Pro-Active Strategy see what is required as we begin our 25th year in the media business. See Radio Careers
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Market your Stations For Sale
