Dial Global announced Paul Caine (pictured) will become its CEO and a member of the board, effective 4/5. The appointment coincides with the resignation of DG CEO Spencer Brown and President Ken Williams, also to be effective 4/5. Both will work with Caine to facilitate a smooth transition and will also remain shareholders of the Company. Caine is currently EVP, Chief Revenue Officer and Group President at Time Inc. He led the development of digital formats for some of Time’s media brands.
Part of Caine’s focus will be on activating live event sponsorships in person as well as online. Within the audio medium, Dial Global maintains exclusive rights to distribute for broadcast such prominent live events as the Grammys, the NFL primetime games (including the Playoffs and Super Bowl), and the NCAA Men’s Basketball Tournament.
“This is the perfect opportunity to build on the work I’ve done for the last 23 years with some of the most beloved media brands,” said Caine, who ran Time Inc.’s Style & Entertainment Group (PEOPLE, InStyle, Entertainment Weekly, ESSENCE, People en Español and People StyleWatch) before becoming Chief Revenue Officer and Group President of the company’s Advertising Group.
Says DG in a release: “Caine joins to create a new opportunity for Dial Global to expand the marketing and monetization of audio, starting with the Company’s lineup of premier sports, entertainment and news content that includes the NFL primetime games (including the Playoffs and Super Bowl), the NCAA Men’s Basketball Tournament, CBS Radio News, NBC News Radio, the NBC Sports Radio Network, and the Grammys. As mobile platforms continue to multiply the occasions for listening, the demand for premium digital audio content is growing fast. This represents a substantial, undeveloped opportunity for content providers, distribution partners and marketers alike.”
“Dial Global will propel the growth of audio as the essential medium for the mobile experience,” Caine added. “We have premium content, top-tier distribution, and prestigious live event assets. Our opportunity is to expand these experiences for consumers, broaden our repertoire of content partners, and integrate our on-air, digital and live event offerings to create compelling engagement for advertisers.”
“The audio medium is ripe for expansion across the ever-increasing number of platforms that consumers use,” said DG Chairman Neal Schore. “Paul has the vision and experience to build audio assets into high engagement opportunities that connect marketers with consumers everywhere and on every listening platform.”
“On behalf of Dial Global’s Board of Directors, I want to thank Spencer and Ken for their significant contributions to the business,” said Schore. “They have built a powerful platform that has delivered meaningful value over the years to Dial Global’s advertisers, radio stations and content partners.”
RBR-TVBR observation: Obviously, with the recent debt restructuring, where DG met its 2/28 debt covenant and fended off bankruptcy, the debt holders have decided to bring in an outsider to run things, their way. The move is similar to when Gores brought in Tom Beusse to run Westwood One. They brought him in to sell 360 degrees. Remember, DG is a content company.