U.S. broadcast station mergers and acquisitions volume reached a total of $2.64 billion in Q1, as tracked by Kagan. The media research group within S&P Global Market Intelligence notes, however, that 94.4% of this volume is attributable to one deal. It involves the nation's biggest Hispanic media company.
The latest verbal eruption tied to an increasingly hostile battle between TEGNA and shareholder Standard General, controlled by Soo Kim, involves the amount of shares Standard General actually owns. TEGNA on Thursday said Standard General's stock ownership position has gone down. On Friday, Standard General vehemently disagreed.
Spanish-language media has perhaps an outsized role in bringing Latinos crucial information regarding the spread of the novel coronavirus. At the same time, it must offer safeguards to its staff – in particular those who have chosen to work in their normal locales. SBS has worked hard to protect its viewers and employees.
Late Wednesday, TEGNA fired a missile designed to fully put an end to Standard General's quest for a greater say-so of the company's day-to-day actions. According to the broadcast TV company, Standard General's actual holdings in TEGNA are less than what it says they are — thanks to a stock sale it quietly just disclosed.
Entercom stock tumbled by nearly 18% from Tuesday's close. The dip to a fresh 11-year low is likely not in reaction to Entercom's decision to go with a virtual annual shareholders' meeting, but instead to an SEC filing detailing a big "Creation of a Direct Financial Obligation."
A big war of words going on between TEGNA and an activist shareholder demanding seats on the company's Board of Directors further escalated on Tuesday. Both parties issued competing "resources" for those holding the company's stock. It sets the stage for what could be a contentious and future-defining annual shareholders' meeting, still on for April 30.
A new podcast covering trends in the media and broadcasting industries has been launched by a broadcast media tech company. It will be released once a month, and the first two episodes are now live on iTunes, Spotify and all other podcasting platforms.
At sundown, the month of March will finally end. And, with it, will come the end of employment to more journalists and radio industry personnel. The newest wave of workforce reduction and furloughs impacted Townsquare Media and iHeartMedia. It's nothing compared to what newspaper publisher Gannett and the Tampa Bay Times are coping with.
On March 20, big TEGNA shareholder Soohyung Kim Standard General demanded that the broadcast TV company say something publicly about no less than three unsolicited bids that as of Sunday were still reportedly active. On Sunday, TEGNA's CEO and board chairman each decided it was time to acknowledge the trio of offers. Standard General responded late Sunday.
In the unprecedented situation created by the coronavirus outbreak and the economic downturn, MAGNA is revising its media owners net advertising revenue forecasts for 2020 and 2021. While digital ad sales will be more resilient, total linear ad sales will dip by double digits. That said, a V-Shaped rebound is on the way.
Wall Street investors have been "incredibly swift" to punish the merger of Viacom and CBS Corp., notes esteemed financial analyst Michael Nathanson of MoffettNathanson. Free cash flow is a problem, he notes. What does MoffettNathanson urge? It points to the adage to “never let a good crisis go to waste” and re-think both the company’s asset base and OTT strategy.
Noting the company's "transformative" 2019, which included emerging from bankruptcy, Bob Pittman declared during iHeartMedia's Q4 earnings call held one month ago, "We're looking forward to an even more successful 2020." Now, Pittman and iHeart have effectively retracted that statement, thanks to the coronavirus pandemic. The company has also drawn millions of dollars from its credit line.
National Amusements, Inc., has largely directed the fortunes and future of what is now ViacomCBS. It is Shari Redstone who wanted Bob Bakish to lead the recombined companies, not a CBS Corp. C-Suiter. It is her that a block of any reunification of CBS and Viacom under former CEO Les Moonves never occurred. Now, however, NAI is "losing some of its ability to borrow money."
The radio industry sure could use an injection of fresh, positive statistics right now touting its strength in tough times, right? Look no further than the data released Wednesday from Nielsen. Some 83% of American adults queried by the audience research company say they are spending the same or more time with radio as a result of the COVID-19 outbreak.
On Tuesday, April 28, the FCC's Office of Economics and Analytics (OEA), in conjunction with the Media Bureau, were scheduled to begin an auction of construction permits for FM radio stations. That's now been scratched due to COVID-19 pandemic concerns.