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Volume 23, Issue 97, Jim Carnegie, Editor & Publisher
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Wednesday Morning May 17th, 2006
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TV News ®
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 Scripps shutters Shop At Home
Having failed to find a buyer, Scripps is shutting down its unprofitable home shopping channel, Shop At Home. The final sign-off is set for June 22nd and Scripps is looking to sell its five TV stations that carry the mostly-cable network. "This is not the outcome we had hoped for when we acquired Shop At Home nearly four years ago. Despite the best efforts and fine work of many dedicated people, Shop At Home was unable to surmount some fundamental weaknesses that have blocked its path to profitability. I'd like to extend my deepest thanks to all of those who did their best to make this idea work," said Scripps CEO Ken Lowe. Scripps acquired the shopping channel for a total of 285 million in two transactions, acquiring a controlling interest in the network in October 2002 and the remainder, plus the five O&O stations, in April 2004. Scripps says it incurred about 84 million in losses over four years from Shop At Home and will record an after-tax loss of up to 60 million in Q2. Shop At Home has 660 full-time employees who have been given notice that their jobs are ending. They will be getting severance packages and career transition services. After the channel stops programming and closes its Internet sales site on June 22nd, Shop At Home will continue in business until June 30th to fill customer orders.
TVBR observation: With QVC and HSN (which many consumers don't know are both owned by Liberty Media) so dominant in the home shopping cable business, Scripps faced a huge hurdle getting cable carriage and drawing consumers away from its better-known rivals. It had some success with special shows featuring popular personalities from its Scripps Networks channels, but never got close to the break-even point. As for the five Shop At Home O&Os, none are duopolies with any of Scripps' network affiliate stations, so it makes sense to sell them off. Here's the shopping list: WSAH-TV (Ch.43) Bridgeport, CT (New York market), KCNS-TV (Ch. 38) San Francisco, WMFP-TV (Ch. 62) Boston, WOAC-TV (Ch. 67) Cleveland and WRAY-TV (Ch. 30) Raleigh-Durham, NC.
Ion turns the corner
To be sure, revenues were down 11.1% in Q1 to 60.7 million, since Ion Media Networks (formerly Paxson) is no longer buying any original programming. But that also kept expenses way down, so Ion posted operating income of 9.6 million, a huge improvement from a 7.2 million operating loss a year ago. In an SEC filing, the company said it benefited form lower selling, general and administrative expenses and lower program rights amortization, which more than offset the decline in revenues. Programming and broadcast operations in Q1 2006 were 13.5 million, compared to 14.9 million a year earlier. The big savings was in program rights amortization, which dropped to 7.3 million from 16.2 million a year ago. Selling, general and administrative expenses fell to 20 million from 31.8 million, primarily due to the elimination of its previous joint sales agreements in markets nationwide.
 Is a bidding war looming for Univision?
That is exactly what Jerry Perenchio, pictured, was hoping for when he put Univision up for sale. As we reported Monday, the world's richest man, Bill Gates, is part of a bidding group that includes Mexico-based Televisa, which already owns about 11% of Univision and is its main program supplier (5/15/06 TVBR #95). But we also noted a few days earlier that another group might also bid (5/12/06 TVBR #94). The Wall Street Journal reports that the competing bid is firming up, with the group now including Texas Pacific Group, Thomas H. Lee Partners, Madison Dearborn Partners and Providence Equity Partners.
TVBR observation: How do you compete against Bill Gates and Televisa in bidding for Univision? Well, offering more cash is one way - and the bidding is now expected to easily go over 12 billion, perhaps 13 billion. But you also want to try to convince the directors of Univision that your deal will be able to get to closing and do so faster than the other guys. Any deal needs FCC approval, so you emphasize the potential objections to Televisa being foreign owned, even if the deal is structured to keep the foreign stake below US limits. Also, Televisa and Univision have been battling in court over program rights payments, so you want to emphasize whatever bad blood there is because of that. It's not just about the cash, but, in the end, it is still mostly about the cash.
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Two panels kick off Round One of Telecom hearings
Round one of the two-part hearing on the offering from Commerce Committee Chairman Sen. Ted Stevens (R-AK) and Ranking Member Dan Inouye (D-HI) kick off Thursday 5/18/06 at 10AM. The bill, S. 2686, the Communications, Consumers' Choice, and Broadband Deployment Act of 2006, is the Senate version of the Telecom 1996 rewrite, and the first of two hearings will itself be a two-parter. Broadcasters will be present only as extremely interested observers. However, NCTA's Kyle McSlarrow and USTelecom's Walter McCormick will each get to bat twice. Representatives from telcos, local government, satellite and consumers organizations will all be present as well. The first session will cover streamlining of the franchising process. The panel, in addition to McSlarrow and McCormick, will consist of, Mayor Michael A. Guido (U.S. Conference of Mayors), Julia Johnson (Video Access Alliance), and Gene Kimmelman (Consumer's Union). The second part will cover USF. The encore performances of McSlarrow and McCormick will be accompanied by Shirley Bloomfield (The National Telecommunications Cooperative Association), Steve Largent (CTIA-The Wireless Association), Joslyn Read (Satellite Industry Association), and Philip McClelland (Pennsylvania Office of Consumer Advocate).
TVBR observation: One of the big battles will be over the rules of the MVPD road as telcos come into competition with entrenched interests cable and DBS. The mission for broadcasters is to make sure they have first class accommodations on all of them. Since of the four groups, only broadcasters can effectively respond to a local emergency, it is in the best interests US citizens, and therefore of legislators and regulators, to make sure they get it.
 CCVM wants to help nets
duck indecency rap
"These FCC decisions are consistently inconsistent, and illustrate the significant problems with the Commission's enforcement of its own indecency rules." These are the words of Jonathan Rintels, Executive Director of the Center for Creative Voices in Media, who want to help out with the broadcast network challenge of FCC indecency fines in the Second Circuit. Rintels said the rules, "...are vague, arbitrary, insufficiently attuned to the context and quality of the program, and bear no relation to 'contemporary community standards,' as the Commission's own rules require. They substitute the Commissioners' creative and artistic choices for those made by media artists." The group disputes the argument that the rules are necessary to protect children, arguing that the heritage of an intact and functioning First Amendment. "The right to express what some consider offensive speech is the price Americans pay for freedom of political speech and we cannot afford to risk losing that freedom," said Peggy Charren, founder of Action for Children's Television. "It is not in the best interests of America's children to 'protect' them from expression that is itself protected by the First Amendment...unobjectionable and appropriate creative works that are challenging, controversial, original, and important." CCVM has filed a Motion to Intervene in the battle being brought by Fox and CBS v. the FCC.
CW will have only one affiliate in OKC
If you've been keeping track of the affiliate announcements by the new CW and MyNetworkTV networks (although we suspect most of you are letting TVBR keep track for you), you may have noticed that CW has announced two different stations as its affiliate in Oklahoma City. CW officials have informed TVBR that the first announcement, of KAUT-TV (1/25/06 TVBR #17), was an error. The actual CW affiliate in OKC is Sinclair's KOCB (5/3/06 TVBR #87), as announced earlier this month.
TVBR observation: It appears that folks at CBS Corp. involved in the big deal of putting together the CW network with Time Warner and negotiating with Tribune over which CBS-owned UPN stations and which Tribune-owned WB stations would get CW affiliations were out of the loop on the smaller deal to sell KAUT to the New York Times Company. Indeed, that deal had already closed before the KAUT affiliation with CW was announced as part of the CBS-owned stations group, which it no longer was a part of. We would note that the MyNetworkTV affiliation in Oklahoma City is still available. No doubt someone at News Corp./Fox has been talking to someone at the NY Times Company about that.
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| Wall Street Media Business Report TM |
 Rupert's poison pill still under attack
News Corporation CEO Rupert Murdoch may have struck a deal with the angry shareholders who had challenged News Corporation's poison pill extension in court (4/7/06 TVBR #69), but the battle is not over. Now John Malone and Liberty Media, the largest holder of News Corporation stock besides Murdoch, have stepped into the fray. Liberty Media has asked a Delaware court to nix the settlement, saying it could unfairly block attempts to take over News Corporation. Liberty Media had previously indicated it would likely vote against the poison pill when it finally comes up for a vote by shareholders.
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Ad Business Report TM
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Lehman Bros. previews the 2006-2007 upfront
Lehman Bros. Broadcasting division predicts the overall broadcast network upfront market to be flat to slightly up Y/Y in 2006, with CBS well-positioned to compete with ABC and FOX in commanding the highest CPM increases: "We believe CBS's rights to top-rated programming increase its ability to monetize various new media content distribution initiatives involving alternative channels such as wireless technologies, the Internet and video-on-demand. Univision's recent inclusion in the Nielsen Television Index (NTI) should allow the #1 Spanish-language network to book gains in advertising commitments in the low double-digit percentage range."
| Read More... |
Interep releases "Cable Television Advertising/
A Guide for the Radio Marketer"
Interep has released a new research report on cable advertising to help radio sales people better understand and sell competitively against an advertising medium that has been averaging 14% annual growth since 2003. The report points out that while cable television has seen strong audience growth over the past decade, ad revenue growth is outpacing the organic growth of the medium. This growth is more remarkable considering some of the challenges facing cable, including the growing pervasiveness of DVRs, viewing fragmentation, and the increasing popularity of satellite dish services, which do not carry local cable advertisements. The report also outlines the complementary marketing benefits that radio brings to cable television campaigns, including local promotional tie-ins, events, the ability to reach consumers outside of the home and increased reach.
Highlights: Cable advertising's compounded annual growth rate since 2003 is 14%, compared to 6% for total advertising and 2% for radio; While total cable ad growth has increased 28% since 2003, cable viewing has increased 6%; 25% of cable advertising is local; approximately 27% of U.S. households receive "cable networks" via satellite, precluding the viewing of local commercials; The number of satellite subscribers has soared to 26.1 million, doubling since 2000; It is estimated that 18% of homes will have DVRs by Q4 2006; according to a study by TiVo, viewers with DVRs watch recorded programs 75% of the time and skip 60% of commercials.
| See the full report here |
 Dodge, Turner Media Group
launch interactive TV campaign
The Dodge brand and Turner Media Group are giving close to 12 million interactive TV subscribers of DISH Network a convenient way to experience the 2007 Dodge Caliber through an innovative, multi-level, interactive TV advertising campaign that began this month and extends to the end of July. Developed by DISH and TMG and built by interactive TV veteran OpenTV, this comprehensive ITV campaign consists of 30-second spots scheduled to run across dozens of cable nets that link viewers via an on-screen pop-up message, or "trigger," to an interactive web-like environment on their satellite TV. Viewers then simply use their TV remote to do the following: View a gallery of photos of the Caliber; -- View weekly features that focus on a different aspect of the Caliber; Request a Dodge CD filled with games and wallpaper; Locate a dealer with up to nine-digit zip code precision; Click through to TMG's iDrive TV channel to watch an expanded version of a TV spot detailing the versatility and capability of the car; Enter the iAd through a banner ad on the DISH Home portal that coincides with the TV campaign. The ads will run across dozens of cable network channels carried on DISH Network, the world's largest provider of interactive television. The nearly 12 million DISH Network households with interactive-capable receivers will be able to view the enhanced and triggered ads. Chrysler Group, TMG and DISH Network previously collaborated on an ITV campaign in the fall of 2005 for the JEEP brand.
WaMu kicks off Hispanic campaign;
chooses Zubi as Hispanic AOR
Washington Mutual launched a Hispanic advertising campaign to support its new WaMu Free Checking product. The company also announced it has selected Zubi Advertising Services Miami as its new Hispanic ad agency of record. The radio, television, print and out-of-home ads will promote features of the new free Checking product that resonate with Hispanic consumers, such as free outbound wire transfers, free ATM withdrawals, free checks for life, and free low-balance alerts with online banking, among other features.
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| Washington Media Business Report TM |
 Kerry checking media pie portions
The Ranking Member on the Senate Committee on Small Business and Entrepreneurship is John Kerry (D-MA), and he wants to make sure one segment of the small business community is not being forsaken by the federal government when it comes to handing out contracts. That would be minority advertising venues, whether they be print or broadcast. "For nearly six years we've had a policy in place that says the federal government is supposed to be advertising in minority publications and on radio and television stations that reach minority audiences. Are they doing that? Are they aggressively contracting with minority firms?" Kerry asked. "It's time we know how the government measures up in meeting its responsibility to reach out to all sectors of the American economy and in keeping its commitment to minority entrepreneurs." Kerry is requesting a study from the Government Accountability Office (GAO) to determine which agencies have a plan for this, how many contracts were awarded to small/minority ad outlets, the total amount of federal cash spent on advertising along with the small/minority percentage.
TVBR observation: With our tongues planted firmly in our cheeks, we note that we know of at least one minority who wasn't ignored in the promotional contracting process. That would be Armstrong Williams, who was infamously paid to tout No Child Left Behind in articles and during his TV appearances. The legality of that arrangement has been questioned since the relationship between Williams and the Department of Education wasn't disclosed. But we suppose if you're going to award government contracts for advertising, whether aboveboard or under the table, it is important to keep minorities and small businesses in mind. All kidding aside, it would be interesting to see this report, if only to get a full accounting of the government advertising tab and how it is allocated.
Schedule still indecency-free
There is indeed a mark-up scheduled at the Senate Commerce Committee this week, which coincides with last week's hot rumor that Sam Brownback (R-KS) was finally going to get another crack at shedding the light of day on his Broadcast Decency Act. However, the only item to be considered will be S. 2802, the American Innovation and Competitiveness Act of 2006. The announcement sent out by the Committee state, rather pointedly, "No other legislative items or nominations will be considered."
TVBR observation: We know that Committee Chairman Ted Stevens (R-AK) would really like to give his pal Jack Valenti a chance to work the indecency issue from the parental control side, rather than the restriction of speech side. Stevens has said that the only sure result the Brownback bill, which followed the Fred Upton (R-MI) version twice passed by the house, is a trip to the courts. There is already one pitched court battle in progress, over a narrowly-defined issue and under a regime where the per-incident maximum is 32.5K. Either the Senate version, which would up the max to 325K, or the House version, which would take it to 500K and add all sorts of additional punitive bells and whistles, would all but guarantee a major court challenge. Nevertheless, it is amazing that calmer heads seem to be prevailing, seeing that being able to claim that you cleaned up Hollywood would make a marvelous stump speech plank back home in this election year. But it wouldn't do much good, since the breakdown was never Republican v. Democrat. It was everybody v. a handful of free speech hardheads (like us).
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| Cable Business Report TM |
 Liberty Media buys IDT's production house
Alternative telephone company IDT Corporation is getting out of the TV/movie production business, selling IDT Entertainment to Liberty Media for more than 413 million in cash and stock, plus an undisclosed amount of debt assumption. IDT isn't entirely out of media, since another subsidiary owns WMET-AM Washington, DC. What Liberty Media's Starz Entertainment Group is buying is a unit that creates both live action and computer generated animation programming for domestic and international distribution: broadcast/cable TV, movies and home video/DVD. "This transaction furthers our strategy of converting investments into strategic operating businesses that have synergies with our current companies. IDT Entertainment and Starz is a great combination," said Liberty Media CEO Gregory Maffei. "John Malone has been a great mentor and friend. I anticipate great things from our continuing business relationship," said IDT Chairman Howard Jonas, referring to Liberty Media's founder.
TVBR observation: Liberty Media has long been an investor in IDT and its IDT Telecom subsidiary. It looks like this deal will give Liberty Media a way to cash out that investment without taking a tax hit. In addition to the 186 million bucks payment, IDT will receive about 227 million bucks in the form of IDT stock currently held by Liberty Media, plus its 5% stake in IDT Telecom, which is not a publicly traded security. It is well known that John Malone does not like to pay taxes when he does deals.
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| Entertainment Media Business Report TM |
ABC takes aim at Thursdays
ABC is banking on the success of dramatic hit "Grey's Anatomy" to make it a contender on the biggest TV night of all - Thursdays. As the Alphabet net revealed its fall schedule at the upfront yesterday, the decision to move Grey's was the boldest move by the resurgent network. The lineup also includes six new comedies, six new dramas and three new "alternative" shows. "Our success has been driven by great storytelling and memorable characters that audiences have fallen in love with. We set out to develop a diverse group of shows that will continue in that vein and also to grow our audience. We want viewers making appointments with ABC Television every night of the week, " said Stephen McPherson, President, ABC Entertainment, as he unveiled the fall schedule.
| See it here |
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| Internet Media Business Report TM |
 Hershey and eBay launch
''Get It with WrapperCash'' auction
Hershey is turning wrappers into cash as part of the world's sweetest interactive auction - "Get it With WrapperCash," powered by eBay. Hershey's began hosting daily auctions this week where wrappers from specially marked Hershey's candy bars, snack bars and cookies can be used to bid on amazing prizes. Up for auction are 12 Chrysler Crossfire cars, once-in-a-lifetime experiences and more. The bidding began 5/15 with daily auctions held through 10/31. During the first week, Hershey's will auction off a Chrysler Crossfire Roadster and a once in a lifetime experience to go behind the scenes at Hershey's to become a Master Chocolatier.
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| Ratings & Research |
Can Fox hold on to win 18-49?
Fox handily won the 18-49 demo in the most recent week on the continued strength of "American Idol" - but will that be enough to make it repeat as the winner of the key demo when the season is complete? ABC came in 3rd last week, but is tied with Fox season-to-date for the demo, gaining at the expense of Fox, CBS and NBC. Meanwhile, CBS posted another win in Households and really has no competition to win the season. For the most recent week, the Eye net posted a rating of 8.4 and 14 share. NBC and Fox tied at 6.5/11, ABC was at 5.6/9, WB and UPN tied at 2.0/3, Univision 1.7/3, Telemundo 0.5/1, TeleFutura 0.3/1 and i 0.3/0.
| Here are the top 20 shows |
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| Stock Talk |
Worries about inflation continue
Inflation fears kept hold of Wall Street on Tuesday, pushing the Dow Industrials down nine points to 11,420. TV stocks were mixed. Leading the gainers were Entravision, up 2.6%, and CBS, up 2.6% for its Class B and 2.5% for Class A. Scripps fell 1.1% after announcing that it was closing Shop At Home after failing to find a buyer.
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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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5.00
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unch
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LIN TV
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TVL
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8.91
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-0.13
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Belo
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BLC
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17.23
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-0.12
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McGraw-Hill
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MHP
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53.80
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+0.24
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| CBS CI. B |
CBS |
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26.33
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+0.67
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Media General
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MEG
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39.57
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+0.20
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| CBS CI. A |
CBSa |
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26.26
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+0.63
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Meredith
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MDP
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48.18
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-0.18
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Clear Channel
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CCU
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30.73
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+0.67
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News Corp.
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NWS
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20.10
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+0.38
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Disney
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DIS
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30.35
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+0.36
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Nexstar
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NXST
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5.60
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-0.04
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Emmis
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EMMS
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16.07
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-0.03
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NY Times
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NYT
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25.06
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+0.13
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Entravision
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EVC
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8.64
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+0.22
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Ion Media
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ION
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0.88
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+0.01
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Fisher
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FSCI
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42.61
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+0.36
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Saga Commun.
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SGA
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9.45
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+0.28
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Gannett
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GCI
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54.62
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+0.07
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SBS
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SBSA
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5.46
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+0.10
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Gen. Electric
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GE
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34.79
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+0.23
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Scripps
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SSP
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46.48
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-0.52
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Granite
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GBTVK
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0.21
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unch
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Sinclair
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SBGI
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8.11
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+0.18
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Gray
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GTN
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6.97
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-0.01
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Time Warner
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TWX
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17.62
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+0.08
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Gray, C1. A
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GTNa
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7.02
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-0.16
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Tribune
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TRB
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28.56
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-0.08
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Hearst-Argyle
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HTV
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23.10
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+0.15
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Univision
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UVN
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35.86
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+0.17
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Journal Comm.
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JRN
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11.86
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-0.02
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Wash. Post
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WPO
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801.00
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-0.70
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Lincoln Natl.
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LNC
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57.57
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-0.61
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Young
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YBTVA
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3.14
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-0.19
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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
On eBay and TV sales from our Ad Business Report section.
(5/16/06 TVBR #96)
 In a split market, such as my hyphenated (TRI-phenated...) Rochester, MN/Mason City, IA/Austin, MN, it takes more than simple CPP efficiencies to buy Spot TV. In fact, due to the unique nature of the population distribution, economic distribution and ratings distribution, using only a simple, "averaged" CPP will mean extreme INefficiency for many clients. We have adjacent DMA "named cities" that are actually closer to this DMA's economic center, Rochester, than is the Iowa part of this DMA. We have incredible disparity in geographic wealth, and subsequent demand for inventory, making the "in-the-country" stations appear cheaper and more efficient.
However, we continually remind ad agency buyers how you can achieve your agency goals (spending the client's money and collecting your commissions) and totally miss the client's potential audience. How would all of this transfer to an online world of buttons and automatic calculations? In my opinion, I totally understand the staffing and productivity issues, since most agencies, today, seem to have fewer people already doing more. (That's probably why we're still paid at 90-days, even with electronic invoicing where SOMEONE still has to physically approve payments.) It's still a world where, being the professionals we purport ourselves to be, we must work for the client, and not simply for the commission.
David Ferber,
National Sales Manager/
New Media Manager
KTTC~NBC / KWBR~WB18 / FOX47~KXLT Television / CNN Headline News, Rochester, MN
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TV Media Moves
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Brown going to school
Former CNN anchor Aaron Brown will join the Arizona State University faculty for the spring 2007 semester, filling the John J. Rhodes Chair in Public Policy and American Institutions at Barrett Honors College and serving as part of the faculty for the Walter Cronkite School of Journalism and Mass Communication. The Rhodes Chair honors the late Rep. John Rhodes, who represented his Arizona district in the US House for 30 years, including seven as minority leader.
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Below the Fold
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Ad Business Report
Lehman Bros. previews
Predicts overall broadcast network upfront market to be flat...
Cable Business Report
Liberty Media buys IDT's
Production house for more than 413M in cash & stock...
Wall Street Media Business Report
Rupert's poison pill
Still under attack but may have struck a deal with the angry shareholders...
Internet Media Business Report
Hershey and eBay launch
''Get It with WrapperCash'' auction turning wrappers into cash...
Rating & Research
Can Fox hold on
To win 18-49? ABC came in 3rd last week, but tied Fox season-to-date...
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More News Headlines
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Stevens flexes his Knowlegis muscles
Information firm Knowlegis has put in five months worth of research and turned it into a comprehensive database that charts and ranks federal legislators in terms of position, influence and legislative success, and turns it into a Power Score. Knowlegis CEO Brad Fitch explains, "We integrated every available piece of publicly available data to create an assessment of each Member of Congress. We developed criteria and a weighting formula that reflected how members exercise power. This may not be the totality of a member's contribution to his or her constituents, but it can serve as a valuable tool for citizens when they are judging their elected officials." Longevity obviously helps a legislator amass power, and so does being on a Commerce Committee. On the Senate side, Commerce Chair Ted Stevens (R-AK) is #8, nevertheless following recent past chair John McCain (R-AZ), whose front-page prominence across the nation translates into #3 in the Senate. Surprisingly, Ranking Member Daniel Inouye (D-HI), at #33, actually trails self-appointed communications watchdog Byron Dorgan (D-ND), who ranks #29. Former broadcaster Conrad Burns (R-MT) weighs in at #47. On the House side, Chairman Joe Barton (R-TX) is way up there at #6. Fred Upton (R-MI), chair of the relevant subcommittee, is at #132, and up-and-comer Chip Pickering has some traveling to do at #301. On the opposite side of the aisle, Ranking member John Dingell (D-MI) is at #86, and Upton's opposite, Ed Markey (D-MA) is #139.
 Hatch gets four years and change
Richard Hatch, who won the first CBS "Survivor" reality TV show, then worked for a while as a radio personality, has been sentenced to 51 months in federal prison for failing to pay income taxes on the one million bucks prize and other income. The judge who handed down the sentence said he gave Hatch a harsher than expected sentence because he had lied repeatedly throughout the trial.
NYC chooses Cemusa for public toilets
This week a review committee in New York City took a major step in approving Spain's Cemusa Inc. as the vendor to install 20 public toilets, 330 newsstands and 3,300 bus shelters-all chock full of out of home ad inventory. Over the next 20 years the city expects to book 1 billion in revenue from the deal. New York City will receive a 111 million check from Cemusa in about three weeks, Transportation Commissioner Iris Weinshall told Reuters, which added, "The company's sleek modern designs, including newsstands and bus shelters with translucent panels that will not block city views, helped it beat out other outdoor advertisers, including JC Decaux, Clear Channel Outdoor Holdings and Viacom Outdoor, Weinshall said."
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RBR - Radio News
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Moody's turns
negative on Emmis
In the wake of the bid by CEO Jeff Smulyan to buy out public shareholders and take Emmis Communications private (5/9/06 RBR #91), Moody's Investors Service has changed the company's outlook to negative, while affirming its current debt ratings. Moody's said it was concerned that the post-buyout entity could have higher leverage than anticipated by the firm's current ratings. "The ratings continue to reflect Emmis' renewed focus on its attractive radio assets (large market stations, including New York, Los Angeles, and Chicago), balanced by the competition present in these markets and Moody's longer-term concerns that the growth prospects for radio, particularly in large markets, will be challenging as advertising spending is spread across a growing number of mediums (e.g. Internet, satellite radio)," Moody's said.
Moody's affirmed
the following ratings:
Emmis Operating Company:
- Senior Secured Debt - - Ba2
- Senior Subordinated Notes - - B2
Emmis Communications Corporation:
- Cumulative Preferred Stock - - Caa1
- Corporate Family Rating - - Ba3
The outlook is now negative.
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TVBR Radar 2006
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Television News you won't read any where else. TVBR--First, Accurate, and Independently Owned.
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Ray Warren responds on why eBay
Carat Americas President on our report regarding eBay winning the bid to test a new online buying system for buying and selling TV spots. Ray was one of the panelists and committee members of the industry task force that unveiled plans at the ANA Financial Management Conference last week to test the system. "We interviewed four companies over seven months. We let Google come in and two other companies as well. Ultimately we chose eBay for the test. No dollars have been discussed about what it will cost to do it. This line about whether eBay has ever been inside a television station-you don't have to be inside a television station to do this.
TVBR observation: Ray would not mention where the 25 million dollar offer came from. We are not sure if it was eBay or not. If no money has been discussed yet, where and when will the 25 million be spent? Meanwhile, Wal-Mart/Julie Roehm's 1.5 month RFP process for their own system still stands.
05/16/06 TVBR #96
Jeff in showdown with Jeff
on Emmis buyout price
Did the name Noonday Asset Management ring a bell when you heard it was pressing Jeff Smulyan to raise his 15.25 per share bid to buy out the public shareholders of Emmis Communications but you just couldn't quite place it? Try the May issue of RBR/TVBR Solutions Magazine, where Connoisseur Media CEO Jeff Warshaw talks about his new company - and how he has been advising Noonday, a subsidiary of Farallon Capital, since selling his previous radio group.
TVBR observation: It is pretty easy to see why Noonday wants more. It was buying Emmis shares in April at prices ranging from 12.78 to 15.54 per share. We doubt that it was their objective to sell those 15.54 shares for 15.25. Emmis continues to trade above 16 bucks a share, so other folks besides Noonday are betting that Smulyan is going to raise his bid. Are you wondering what other broadcasters Noonday owns big pieces of? Then see
05/16/06 TVBR #96
Univision floodGates:
A marriage made in...Seattle?
Mexican telecommunication giant Televisa is serious about its play for US Hispanic media giant Univision. One of the main things holding it back is its Mexican heritage, which limits it to a 25% stake in US broadcast licenses. However, it has decided to sign up some partners.
RBR observation: Cascade Investment can be translated into two relatively small words that further translate into big bucks. The two words are "Bill" and "Gates." We will leave it to each of you out there in cyberspace to imagine just what might happen when the world's richest man gets a major foothold in the broadcasting business. But just to get things started: Battle lines are being drawn between broadcast, cable, telco and satellite interests. One of the big issues on the table is broadband deployment. More in
05/15/06 RBR #95
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