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Volume 24, Issue 1, Jim Carnegie, Editor & Publisher
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Wednesday Morning January 3rd, 2007
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Radio News ®
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 Coming in 2007:
New bosses at Clear Channel
At first glance, the corporate office in San Antonio won't be changing much when Clear Channel Communications is taken private early this year (as early as government approvals can be obtained), but below the surface much is changing. Mark Mays will still be CEO and Randall Mays will be CFO, with the two sharing the title of President. Their father, company co-founder Lowry Mays, receives the title Chairman Emeritus, but no actual vote on the board. Instead, the private equity firms backing the buyout will be firmly in control. Thomas H. Lee Partners and Bain Capital will each have four seats, while Mark and Randall Mays fill the remaining two seats on the 10-seat board. So, the Mays family will no longer have de facto control, as they did when Clear Channel was a public company without a majority shareholder. Competitors and brokers have been salivating at the station inventory put on the market in connection with going private - some 500 or so radio stations and the entire CC Television group.
RBR observation: Lowry and his family will walk away with over a billion bucks from the buyout, but Mark and Randall are going to be faced with a new reality of working for people who don't share their last name. They and Clear Channel Radio CEO John Hogan will have to hit the performance marks set by their new bosses or risk being sent packing. Since the Mays brothers had previously agreed to dramatically reduce their golden parachutes, they obviously believe they are up to the new task, but now they have to prove themselves. We know who will be running the company in 2007, but will they still be there in 2008 or 2009?
Coming to a government entity near you...
Here's a recap: All three branches of government left unfinished communications business on the table as Old Man 2006 tottered off the playing field and the Cherub on 2007 took over. The executive branch, represented by the FCC, is in the midst of its 2006-2007 review of the media ownership rules that began way back in 2002-2003. A handful of rules, including the switch to an Arbitron-BIA market/geographical approach to determining radio markets (where Arbitron is present) and a new rule making JSAs attributable for cap compliance purposes made it through judicial review, but most of the rest of the package did not. Official FCC public forums have been held in Los Angeles and Nashville, with four more to go. This project seems likely to drag on throughout the year. Across the Mall on Capitol Hill, the legislative branch attempted to pass legislation granting a national franchise policy to telcos looking to compete with cable which ultimately were hung up over the issue of network neutrality. Look for Democrats to challenge an FCC attempt to do the same thing. The Democrats are itching to bring oversight back to the forefront in the form of hearings, and will likely have more topics of interest than time to accommodate them. While cable/telco will likely be at the forefront of the agenda, it's unclear what other topics will hit the agenda. Television broadcasters would like to see a mandate for multicast must-carry, something cable interests have been fighting tooth and nail. On the judicial front, the Second Circuit in New York has heard oral arguments for two indecency cases, one involving two Billboard Awards broadcasts on Fox, and the other over the CBS Janet Jackson Super Bowl fiasco. We may see rulings by early springtime, and they will, to say the least, be of extreme interest.
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A Nielsen stock in 2007?
That would be a pretty good bet as the VNU puzzle is being put back together. New VNU CEO David Calhoun has begun reconfiguring the company to create a payoff for its new private equity owners. As predicted by RBR/TVBR, one was a move to increase the influence and importance of the head of the main profit center, Nielsen Media Research. Susan Whiting is still the top dog for the TV ratings operation, but she is now Executive Vice President of the entire company and her title at Nielsen Media Research is Chairman, up from President. At the same time, VNU announced that it had found a buyer for its European business-to-business magazines, mostly computer titles, in 3i, a European venture capital and private equity company. And VNU confirmed that it is looking to reduce its worldwide payroll by about 4,000 people, or 10% of its workforce. That is not an across-the-board reduction, so the US publications/trade shows division and ACNielsen will face deeper cuts than the cash cow, Nielsen Media Research.
RBR observation: What's next? Job one for Calhoun, recruited from the upper echelons of GE, is to improve profitability and prepare VNU for an IPO. Look for a reincorporation in the US from The Netherlands, a name change to something emphasizing the Nielsen brand name and an IPO filing. All of that could well happen this year.
 FEC fines set new standard
The Federal Election Commission assessed over 6.2M worth of fines in 2006 for violations of campaign regulations, an amount is says is more than double the previous single-year total. That would mean that one fine, a 3.8M whopper levied on Federal Home Loan Mortgage Corporation (Freddie Mac), is by itself greater than the total for any one year. "The Commission has demonstrated a renewed commitment to vigorous enforcement this year" said 2006 FEC Chairman Michael Toner. "Our performance this year sends a strong message that while we will do our best to encourage voluntary compliance, we will also seek significant civil penalties when we uncover serious violations of federal election laws." Of greater interest to broadcasters, however, was the 630K dropped on a trio of 527 organizations. This category of non-profit benefited from an unclosed loophole that allowed them to use unrestricted donations for certain types of advertising. The three 527s were nailed for behaving like an undeclared political action committee during the 2004 election season. One of them, MoveOn.org, already moved to small donations during the 2006 midterms.
RBR observation: Although on the face of it, closing the 527 loophole would seem to lower the amount of cash associated with campaigning, it seems that the cash always finds its way into the system one way or another. Our guess is that political spending will continue to grow regardless of what the FEC does.
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Computer enthusiast journal looks at decency
Webzine ars technica seems to have noticed the new possibility open to broadcasters forced to operate under programming restrictions that apply only to them and not to competitors. It noted the recent decision to take a "director's cut" of an NBC Saturday Night Live skit and post it on YouTube. It also noticed the FCC getting twisted into knots by judges at the Second Circuit as it tried to explain and defend its indecency policies. Noting that a positive result for the FCC on this count is certainly at the very least in doubt, ars technica notes that the networks will still have checks on there programming, writing "...it won't quite be the Wild West - the networks will still be accountable to their public. Groups like the Parents Television Council...will shift their focus from the FCC to the networks that will be on the receiving end of email and letter campaigns, boycotts, and punditry whenever they show material that some consider objectionable." It thinks the FCC has three choices. One is to give up and devote its energies elsewhere, two is to start regulating broadcasting competitors, and three is to stick to broadcast-only decency regulation while the networks themselves increasingly turn to the internet for spillover material. It thinks the third course is most likely.
RBR observation: You'd think broadcast programming was a ceaseless barrage of orgiastic and excretory excess, to hear some accounts. It just isn't true. The vast majority of airtime is completely decent by almost any measure. And even though broadcasters are free to stretch the limits starting at 10PM, most do not. This simply is not the major issue that many want to make it. That said RBR believes that the single most effective thing a watchdog can do to register its disapproval of a given program is to damage its income by pressuring advertisers to pull out or by getting a large number of people to refuse to buy an advertiser's goods or services. PTC tries to do this already, and it is a far better tactic than blasting the FCC with copycat click-and-send emails. Combined with very basic, clear, bright line indecency rules of the road (if such a thing is possible) and diligent application of effective blocking technology by programmers, there should be little reason to continue making a mountain out of this molehill.
 Tax planning at Univision
With Univision set to be taken private in 2007 by Haim Saban and his private equity backers, some top executives of the company were making some prudent tax maneuvers as 2006 drew to a close. President Ray Rodriguez exercised options for 515,000 shares at prices ranging from 15.69 to 28.55 each, then sold most of them (all but 100K) immediately for market prices of 35.36-35.45. CFO Andrew Hobson exercised options for 400,000 shares at 15.69-17.06 and sold most of them (keeping over 97K) for 35.35-35.38). Both will be pocketing lots more cash when the entire company is sold for 36.25 per share, but each will also have to send Uncle Sam a hefty check for capital gains.
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| Wall Street Media Business Report TM |
DG FastChannel stuffs its own stocking
Rather than wait to see what Santa might bring, DG FastChannel went shopping for itself and struck a deal December 22nd to buy an 11.4% stake in Point.360 from three Midwood Capital entities. The price was 3.25 per share for a total of just over 3.6 million. Both companies are publicly traded. In fact, you could have bought shares in Point.360 for about half that price a few weeks earlier. DG FastChannel indicated in an SEC filing that it does not plan to be just a passive investor in Point.360, but rather that it may hold active discussions with officials of Point.360 about such things as strategic alternatives and a recapitalization or sale of the company. DG FastChannel said it may also buy additional shares of Point.360 and even seek control of its board of directors. Point.360 calls itself "an integrated media management services company." It provides film, video, and audio post production; archival; duplication; and distribution services to customers operating in the entertainment and advertising industries. That fits pretty well with DG FastChannel's primary business lines of distributing advertising to radio, TV, cable, print and online outlets, along with digital management tools for archiving and such.
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| Executive Comment |
 Was It Worth It?
An investment group that planned on bidding for Clear Channel was concerned whether the price was worth it, citing stories in the WSJ and other media about their revenue growth in 2006 attributed to their Less is More campaign. Their question was a good one: How much more growth is expected as the company reduces the amount of time devoted to commercials, substituting 60 second commercials in favor of 30s, 10s and 5s? The Lund Consultants were asked to evaluate what has happened to CC's radio revenues and ratings since instituting Less is More in late 2004.
Units vs. Minutes. Most broadcasters were skeptical about the concept when it was revealed two years ago. The concept of reducing 60s in favor of shorter commercials would mean less time devoted to spots in an hour, thus more music. But many professionals joined the naysayer camp since listeners counted commercial units not length. A six unit stop set with 30s is perceived to be the same as 6 60s, and running a 10 second spot between two songs must have an adverse affect on TSL.
| Read More on Lund's Assessment |
The Very Best,
John Lund
The Lund Consultants to Broadcast Management, Inc., and Lund Media Research
Burlingame, CA
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Ad Business Report TM
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Trends to watch for in 2007
JWT, the largest advertising agency in the US and the fourth-largest in the world, is marking the New Year with a list of 70 "in" products, services and trends that will help to define 2007. "Trends are illustrated by the products and services that exemplify them," says leading trendspotter Marian Salzman, EVP, chief marketing officer of JWT Worldwide and co-author (with Ira Matathia) of the new book Next Now, a travelogue into the near future. "By examining what resonates with consumers, we can identify the larger patterns that will shape our lives in the years to come," she said. "As globalization continues to make our world seem smaller, localization will come to a head in 2007. We'll put great emphasis on sourcing everything from food to textiles. Decadent and excessive consumption will fall to the wayside as we stress quality, minimal environmental impact and support of local producers," said Ann Mack, director of trendspotting at JWT. Without further ado, here is your guide to trends in 2007.
| The List |
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| Media Markets & Money TM |
Powell soups up Sioux City cluster
Mary Quass's NRG Media is spinning out of Sioux City IA, enabling Powell Broadcasting Company to enjoy a major growth spurt in the market. According to Kalil & Co., which handled brokerage chores, Powell is getting KKYY-FM and KZSR-FM for 4.2M. Powell already owns KKMA-FM, KSUX-FM, KLEM-AM & KSCJ-AM in the market. Powell is headed by Nanette Noland.
RBR observation: Powell's biggest competitor will be....who knows? Clear Channel is there now, but Sioux City is one of the markets on its spin-off shelf. Stay tuned.
Cumulus absorbs a chunk of CCU
Clear Channel is spinning a pair of Michigan double duopolies to Cumulus Media in a like-kind exchange for only one station, WRQK-FM Canton OH. That will give CCU a three-FM cluster in the home of the NFL Hall of Fame, along with WKDD-FM & WJFR-FM. Cumulus picks up WTKA-AM, WLBY-AM, WWWW-FM & WQKL-FM in Ann Arbor and WBCK-AM, WBFN-AM, WKFR-FM & WRCC-FM in Battle Creek. RBR estimates the value of the two Michigan market clusters to be in the 26M range. The FCC application stipulates that no cash consideration is included in the transaction. The contract does stipulate that Cumulus will not seek any technical upgrades at WWWW-FM that will in any way impact any Clear Channel properties. The no-upgrade agreement is good for five years, but terminates immediately if Clear Channel sells any potentially-impacted stations to a third party. But wait, there's still a bit more business tied to this transaction. WBFN-AM in Battle Creek will not be going along for the ride with Cumulus. It's being donated to non-commercial Family Life Broadcasting System, headed by Randy L. Carlson.
Close encounter in Abilene
Greg Guy of Patrick Communications reports a done deal. Educational Media Foundation has completed its 450K acquisition of KAGT-FM in Abilene TX. The seller is Gospel Radio Network, headed by Tim Walker. The facility is in the reserved band at 90.5 MHz.
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| Washington Media Business Report TM |
 Compromise moves
Telco merger forward
The Federal Communications Commission finally approved the 85M AT&T acquisition of BellSouth after AT&T agreed to conditions in return for the two Democratic votes they had hitherto been unable to win, ending a standing 2-2 8th floor deadlock. When FCC Commissioner Robert McDowell decided to turn down the opportunity to vote on the transaction, it apparently exhausted that last "Hail Mary" pass in the playbook of Kevin Martin to get the DOJ-approved merger approved by his own agency. The goal-line stand from Democrats Michael Copps and Jonathan Adelstein has resulted in certain agreements in exchange for allowing the transaction to move forward. AT&T said that it "...commits that it will maintain a neutral network and neutral routing in its wireline brand Internet access service." It will offer no deal to any service, even if it is co-owned, that "privileges, degrades or prioritizes any packet transmitted over AT&T/BellSouth's wireline broadband Internet access service..." It also committed to offer affordable digital service on a standalone basis.
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| Internet Media Business Report TM |
Is pay-per-post a wave of the future?
Web Pro News says that a group of selected bloggers has been receiving special holiday gifts from PR firm Edelman, apparently on behalf of Microsoft and AMD. The gift is a no-strings-attached high end laptop computer loaded with Windows Vista. At least one blogger disclosed how the process worked. He received an email from Edelman that the gift was coming, and it did. There was no request for favorable blog mentions, for payment of any kind or a request for return of the laptop for any reason. Still, many feel that the gift is an unethical attempt to generate positive buzz on the Internet for the Vista launch, basically an updated payola scheme called pay-per-post by one blogger. Another noted that the plan may actually generate negative buzz from bloggers in the software review universe who were left out of the bonanza. It joins a number of methods, such as corporate-generated efforts disguised as grassroots blogs, in the armory of unethical computer buzz techniques.
RBR observation: Regardless of what Eliot Spitzer thinks, payola seems to be virtually extinct in the radio business. The independent promoters will soon be joining those tyrannosaurus bones at your local natural history museum. Maybe a growing e-payola problem will finally get the watchdogs off broadcasters' backs.
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| Monday Morning Makers & Shakers |
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Transactions: 11/13/06-11/17/06
The on-again off-again autumn trading pattern reverted back to the off setting. Actually, it's pretty much been off, but every other week it seems that a one nine-digit transaction has been filed to create the illusion of rampant trading activity. This week, the Inner City Philly spin-off of WHAT beat out Armada sailing into McCook NE and vicinity for top dollar honors.
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Total
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Total Deals
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11
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AMs
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7
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FMs
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12
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TVs
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0
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| Value |
10.756M
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| Complete Charts |
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Radio Transactions of the Week
Marconi gets what's WHAT
| More... |
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TV Transactions of the Week
Nothing going on here
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| Transactions |
360K KPNY-FM Alliance NE from Halstead Communications Inc. (Laura Norman) to Mission Nebraska Inc. (Ron Brown, Stanley A. Parker, David Chally, Mike Hoefler, Patrick McNair, David O'Doherty). 18K escrow, balance in cash at closing. LMA until closing. Call letters have been deleted by FCC. [File date 12/7/06.]
200K WWOW-AM Conneaut OH from Developing Radio LLC (Lawrence Weiss) to Cause Plus Marketing LLC (John Marra Jr.). 10K escrow, balance in cash at closing. [File date 12/7/06.]
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| Stock Talk |
Soft end to strong year
Trading was subdued Friday, ending a generally good year for Wall Street, having seen the Dow Industrials push to a record close above 12,500 shortly before the end of 2006. For the final day of trading, the blue chip barometer was down 39 points, or 0.3%, to 12,463.
But while the Dow was up 16.3% for 2006, the Radio Index lost 13.5% in a year when "old media" stocks were out of favor. It closed Friday at 156.906, down 1.467, or 0.9% for the day. Westwood One dropped 3.3% as the day's worst performer.
2007 trading begins today, following an extremely rare four-day closure of the nation's stock exchanges. After closing as usual for Saturday and Sunday, the markets were closed Monday in observance of New Year's Day and then Tuesday as well, the official national day of mourning for the death of former President Gerald Ford.
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| Radio Stocks |
Here's how stocks fared on Tuesday
| Company |
Symbol |
Close |
Change |
Company |
Symbol |
Close |
Change |
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Arbitron
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ARB
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43.44
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-1.04
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Journal Comm.
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JRN
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12.61
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-0.05
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Beasley
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BBGI
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9.57
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+0.11
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Lincoln Natl.
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LNC
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66.40
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-0.06
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| CBS CI. B |
CBS |
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31.18
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-0.32
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Radio One, Cl. A
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ROIA
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6.75
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+0.04
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| CBS CI. A |
CBSa |
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31.22
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-0.35
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Radio One, Cl. D
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ROIAK
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6.74
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+0.06
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| Citadel |
CDL |
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9.96 |
+0.02 |
Regent
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RGCI
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2.83
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-0.02
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Clear Channel
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CCU
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35.54
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-0.02
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Saga Commun.
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SGA
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9.61
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-0.21
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Cox Radio
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CXR
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16.30
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-0.18
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Salem Comm.
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SALM
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11.95
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-0.19
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Cumulus
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CMLS
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10.39
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-0.11
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Sirius Sat. Radio
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SIRI
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3.54
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-0.01
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Disney
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DIS
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34.27
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-0.25
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Spanish Bcg.
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SBSA
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4.11
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-0.02
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Emmis
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EMMS
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8.24
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+0.01
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SWMX
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SMWX
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2.10
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+0.10
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| Entercom |
ETM
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28.18
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-0.33
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Univision
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UVN
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35.42
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-0.03
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Entravision
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EVC
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8.22
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-0.12
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Westwood One
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WON
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7.06
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-0.24
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Fisher
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FSCI
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44.21
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-0.68
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XM Sat. Radio
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XMSR
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14.45
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-0.07
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Hearst-Argyle
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HTV
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25.50
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-0.26
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-
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-
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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 [email protected]
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Below the Fold
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Executive Comment
By The Lund Consultants
Evaluated what happened to CC's radio revenues & ratings since instituting Less is More in late 2004...
Ad Business Report
Trends to watch for in 2007
A travelogue into the near future and the list is vast...
Media Markets & Money
Powell soups up
Sioux City cluster NRG Media is spinning out...
Cumulus absorbs
A chunk of CCU, Spinning a pair of Michigan double duopolies...
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Stations for Sale
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HAWAII - The Big Island
Profitable 3-stn group
Buy 2xFM 1xAM @ 8xbcf
[email protected]
(352) 746-7121
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in our daily epapers.
Contact June Barnes
[email protected]
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Radio Media Moves
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Talking sports
in Florida
Genesis Communications announced that Brady Ackerman has been added as co-host of The Terry Bowden Show, which airs on its ESPN Radio affiliates, WHOO-AM Orlando and WIXC-AM Melbourne, FL.
Feuer heads west
Three years and nine months after being named Market Manager for Clear Channel in Jacksonville, FL (3/26/03 RBR #60), veteran broadcaster Norm Feuer is heading back to the West Coast. Stay tuned for word of his new job with another group owner.
Hip Hoppin' in Oregon
Eric Grown has been named Program Director of KDPM-FM Eugene, OR, which has launched a new Rhythmic CHR format as "94.9 Jamz" under owner Diamond Peak Media.
Duo debut in Phoenix
As Bonneville's KTAR Phoenix split its AM and FM operations on New Year's Day, the new All Sports AM debuted with Doug Franz and Ron Wolfley co-hosting in morning drive as "The Doug and Wolf Show." Franz is a veteran Talk host, most recently at KCSP-AM Kansas City. Wolfley is a former NFL player, whose 10-year career included seven seasons with the Cardinals, spanning the move from St. Louis to Phoenix. He is color analyst for the Arizona Cardinals play-by-play broadcasts.
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More News Headlines
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Gibbons utilize
a varied playlist
It is important when programming music to make sure that the balance between types of songs is such that it provides contrasting styles to keep listener interest at a high level. Love songs are great, but too many of them in a row and your audience will be pushing buttons looking for some excitement, some angst, or a simple dance beat. We not learn from the Associated Press that gibbons residing in Thailand use song in their daily routine (we have personally heard the gibbons in action at the local zoo, and they would have an excellent future in the biz if they can only find the right agent and a patient record company with a pantry well-stocked with bananas). Much of the gibbon music, like that of humans, involves the hunt a mate or the proclamation that a matrimonial bond has been formed. But scientists have discovered they also use a different style of song as a warning when certain predators are in the vicinity.
RBR observation: Nevertheless, human nature being what it is, it's probably only a matter of time before some watchprimate group complains to the FCC that no matter where you go in the rain forest, you hear the same set of gibbon songs, which are obviously being force-fed to local gibbons from song-guru sitting in an ivory tower in some far-off corporate headquarters. And so it goes.
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RBR Radar 2006
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Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.
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Entercom settles with
Spitzer for 4.25 million
As he prepares to move on from being Attorney General of New York to being sworn in next month as Governor, Eliot Spitzer has wrapped up his case against Entercom Communications for what Spitzer claimed were violations of the FCC's sponsor identification rules, although he incorrectly referred to it as "payola." Without admitting any violations, Entercom agreed to adopt some corporate reforms for its dealing with record labels, such as having a corporate compliance officer to monitor promotion practices. The company also agreed to make a 3.5 million contribution to non-profit music programs in the State of New York, to be funneled through the Rockefeller Philanthropy Advisors, and the pay to state 750K for the costs of its investigation.
RBR observation: Four and a quarter million is a long way from the 20 million plus that we understand Spitzer had initially demanded from the company, so we understand why Entercom elected to settle the lawsuit. Nevertheless, it is disappointing that this blowhard gets any further publicity for his misguided attacks on the radio and record industries and his gross misreading of the law. Let us hope he is a better governor than lawyer, or the people of New York are in for a lot of trouble. The settlement with Entercom is most notable for what Spitzer did not achieve. For more details and observation see RBR
12/28/06 RBR #250
Agencies may boycott
PPM boycotters
Arbitron is just weeks away from going live with PPM ratings in Philadelphia, but a reliable source in the market tells RBR that neither Clear Channel nor Radio One stations are encoding. That's 37.5% of the market's billings. We also heard, but couldn't confirm, that Carat told Arbitron they are not going to buy any stations that are not encoded. If there were several agencies doing that, it would put enormous pressure on the radio companies to encode. The deadline for PPM encoding is Jan 11 in the market.
RBR observation: Why are CC and Radio One inflicting wounds on their own industry? The reasons for Clear Channel's not encoding: Now that they're going private, they don't need to bow to Wall Street pressure, so they can afford to gamble for a year (the deal will still be executed at the same price, no matter what), further posturing against Arbitron for lower rates and/or hoping Media Audit gets the RFP recommendation. Radio One is just following in their footsteps because of its close relationship to CC and its own battles with Arbitron over rates.
12/27/06 RBR #249
Moody's concerned
about "The Beat"
The good news for Radio One is that Moody's Investors Service has affirmed its debt ratings. However, the ratings agency also expressed concerns about its LA station, KKBT-FM "The Beat." So, while stating that it had affirmed Radio One's corporate family rating (Ba3), Moody's also changed its outlook for the company's ratings to "stable" from "positive," saying it was making that move "following a period of prolonged weakness" at the LA station.
RBR observation: Radioe One CEO Al Liggins has been frustrated for some time now by the problems in LA, where the Hispanic influence is so strong that many young blacks have been lured away from KKBT to Spanglish and even Spanish stations playing hip-hop, rap (both languages) and Reggaeton. A switch from Urban to Urban AC was supposed to set the stage to rebuild "The Beat" with a lower cost structure aimed at an older black audience. Already, though, putting the syndicated "Tom Joyner Morning Show" on in morning drive didn't work out and no replacement has been named for the most important part of the broadcast day. Some Wall Street analysts have suggested that Radio One should sell the LA station and concentrate its efforts elsewhere. For more RBR Insight see this issue
12/22/06 RBR #248
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