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Volume 22, Issue 103, Jim Carnegie, Editor & Publisher

Wednesday Morning May 25th, 2005

Radio News®

Guild: Cumulus loss not crippling blow
Business will continue as usual at Interep, despite losing Cumulus as a client (5/24/05 RBR #102), Interep CEO Ralph Guild tells RBR. "While we didn't want to lose a client, it is not a crippling blow by any stretch of the imagination," Guild said. He said Interep will continue to operate as before "and replace the billing." Although Interep has operated a boutique rep as Cumulus Radio Sales, Guild says it had no employees who were exclusively repping the Cumulus stations, so no staffers will lose their jobs or have to be reassigned.

RBR observation: Recalling the legal battle that ensued after Citadel fired Interep and jumped to Katz, we wondered whether this parting will be more amicable. Guild insists that is the case - - that Cumulus has indicated that it plans to honor the terms of its contract with Interep, which still has several years to run. So, look for Interep to receive contract termination payments. We're still waiting for confirmation from Cumulus CEO Lew Dickey - - and word on what he expects to get from Katz that Interep couldn't, or wouldn't deliver. Our expectation in a word 'Future' and in many cases a major difference in age brings a major difference in business philosophy or just the old saying of philosophical differences. It will be interesting to see the business plan Allen & Co. come up with for Interep that will take them into the increasing total media competitive arena before the close of this year as it will not be business as usual in 2006.

Sirius calls off bond offering
Sirius Satellite Radio had been planning to sell 250 million in new 10-year senior unsecured notes (3/23/05 RBR #58), but now it's called off the sale, saying market conditions aren't right. The satellite radio company says it may go back to Wall Street with a bond sale if conditions improve. For now, Moody's Investor's Service has withdrawn its ratings related to the proposed offering.

RBR observation: This won't create any cash crunch for Sirius. It had been planning to use the proceeds to pay back 63.1 million of existing bonds with high rates and stash away the rest for "general corporate purposes." Of course, rates have been rising, so the market now is less attractive than when Sirius filled for the bond sale in March. The company has insisted that it already has enough cash in its coffers to get it to the cash flow break even point in 2007. We at RBR remain skeptical that any satellite radio company will ever reach the cash flow break even point, but we'll eat crow if it ever happens.

NAB fighting possible
Congressional "snow job"
The draft DTV House bill making the rounds on Capitol Hill, and scheduled for a hearing Thursday, does not include provisions for households expected to be unequipped to receive digital signals. The NAB is sounding the bugles in response. "Don't give over 20 million American homes a snow job" is the message in an ad which appeared on Capitol Hill daily reads Roll Call and The Hill. The bill is expected to make 12/31/08 the final day for the analog/digital side-by-side arrangement currently in use by over-the-air television broadcasters, shifting the next day to digital-only broadcast. That move is expected to leave blank screens in the homes of millions of viewers who do not subscribe to MVPD services like cable or satellite and who have not upgraded to digital receivers. Many, including Democratic committee members, favor including a plan to subsidize the purchase of digital-to-analog downconverting equipment to these often low-income households, with funding coming from the proceeds of the auction of newly-freed beachfront spectrum - - such a plank was included in the so-called Ferree Plan floated by the FCC's former Media Bureau chief last year and endorsed by former FCC Chairman Michael Powell. However, the Bush administration signaled its opposition to such a plan late last year.

RBR observation: Another important issue will be the continued sale of analog receivers. In at least one RBR household, we have no immediate plans to acquire a digital set - - at the same time, we're in the know, and will under no circumstances EVER by an analog set again. It's simply a matter of when to pull the trigger on DTV, which for us will probably as the deadline nears and prices come down. They should put a screen-size warning on every analog set in every store: "I'm going to be utterly worthless in three years and seven months," with monthly updates required.

Politician finds Maher to be incorrect
A joke told by comedian Bill Maher on his HBO program "Real Time" has been called borderline treason by a member of Congress. Rep. Spencer Bachus (R-AL) took issue with Maher's remark that Army recruitment was in trouble and that "We've done picked all the low-lying Lynndie England fruit..." According to Newsday.com, Bachus said, "I think it borders on treason. In treason, one definition is to undermine the effort or national security of our country." Bachus said he doesn't want Maher put on trial, but he does want him off the air.

RBR observation: Why is it so eternally tempting to protect freedom by attacking one of the most important of our freedoms? Mr. Maher's comments are not even remotely in the same neighborhood as turning over the schematics for West Point to the British, as Benedict Arnold did - - and there are any number of sayings, policies, and undertakings which could be deemed "treasonous" by some Americans. According to numerous recent polls, millions of Americans believe we should not be in Iraq right now. Do you agree or not? That's up to you. But opponents of the war are not guilty of treason for expressing their opposition, whether the expression is broadcast or not.

Some real ad nauseum
According to AdAge.com, energy company BP has joined Morgan-Stanley in instituting a policy in which any magazine advertising they may have booked is to be pulled if the magazine contains any editorial the company feels is negative or otherwise objectionable. The article quotes TNS Media Intelligence data, pegging BP's 2004 US ad expenditures at 95.5M - - 23M on cable, 18.6M in magazines, 17M on spot TV, and combined newspaper just over 3M. It dredges up an issue which first came to light when Chrysler instituted a similar policy back in 1997. That episode resulted in a story being pulled from Esquire, but an outcry in response motivated Chrysler to abandon the policy before the year was out. The BP directive asks that publishers notify both their sales and editorial staffs about the policy.

RBR observation: Editorial department here. We note this because this type of thing is just as applicable to radio and TV advertising. We dearly love our sales staff, especially on payday, but it is absolutely critical that we have an arms-length relationship when it comes to content. Without editorial integrity, there would be no point in reading us, nor would there be any point in advertising with us. Our sales staff has yet to be granted editorial privileges, just as our editorial staff has no say in what ads are sold, what they say or what they look like. Advertisers, if you want to control editorial in the magazines you advertise in, we suggest you do what Clear Channel did: Buy one.

Leno testifies in Jackson trial
Jay Leno may skewer Michael Jackson with jokes on NBC's "Tonight Show," but he provided Jackson's defense with ammunition yesterday in the entertainer's child molestation trial. Unlike CNN's Larry King, whom the judge excused without allowing the jury to hear his testimony, Leno was on the stand for about a half hour, telling of his own telephone encounters with the mother of the boy who has accused Jackson, and the boy himself. Leno testified that he was suspicious of the mother, whose son was a cancer patient in 2000, when she told Leno that he was her son's hero. "I'm not Bat Man. It seemed a little unusual," Leno said of the claim that the young boy was a big fan of a middle aged comedian whose show airs late at night. Leno, who regularly makes calls to sick children, said he believed he also spoke to the boy by phone in his hospital room - - and said the child's side of the conversation sounded coached. Although his testimony is seen as helping the defense portray the accuser and his mother as trying to exploit Jackson for money, Leno also testified that the mother never asked him for money.

Adbiz©

Mandel on the upfront
Indeed, the 2005-2006 upfront isn't starting off with a rush or panic, as in recent years. Media agencies, so far, are taking a slower, more methodical approach this time around, as Jon Mandel, Chairman/MediaCom US and Chief Global Buying Officer MediaCom Worldwide, will attest: "We're just getting ready to deal with it. We've got to do all the estimates on all of the programs, etc."

Are you kicking any tires yet?
"We've kicked the tires all year, so we sort of know where they're at. There's still a lot of work to do."

So you're not rushing into anything, it's a softer market as most are saying?
"There's that, and also, if you're going to do the job right, you take the time to do the estimates properly; you take the time to watch every single pilot; you take the time to talk to the producers about where the shows are going. You don't just go and buy based on two-minute clips. People that do that aren't doing a good media job. They're just buyers. The reason why clients get crazy at the business is because they feel that people don't give it the proper thought. And you can talk strategy all you want, but when you go and do conceptual deals without having watched the shows and matched the shows, the audience and the brand you're advertising, then you're doing a disservice to your client and you're doing a disservice to the industry."

Anything you've seen so far that stands out and is exciting you?
"Yes, but different things excite me for different brands."

Tomorrow: Andy Donchin, Carat Americas Director of Broadcast Buying

No stampede this year...yet
With the recent news that OMD has already struck a deal with ABC/Disney this early in the upfront (5/23 TVBR #101), one would have thought the usual upfront stampede might begin. Not so, from everyone we've talked to so far. "Networks like to create a sense of urgency, a stampede and the panic buying at inflated prices that accompany this stampede. Obviously that's not currently happening, it is much more slow and deliberate," says Ira Berger, pictured, Director of Broadcast, The Richards Group. Jon Nesvig, President, Sales, Fox Broadcasting, agrees-networks have been known to stir up urgency (ever heard Les Moonves or Mel Karmazin speak around this time of year?), but indeed, the early bird often gets the worm. "People are moving on their own time tables. Nobody's ever been hurt by going early on Fox," he tells RBR/TVBR. Most are telling us this whole market is going to be minimal increases-on the high side, 5%--a reasonably priced market. "We're in negotiations now, but no one's tipping their hand," a buyer told us off the record. "It's kind of a poker game, everybody is playing it close to the vest. And you've got someone floating rumors that Omnicom did something-that gets everyone else thinking, 'what are they getting that I'm not or might not?' If you're sitting there and you're thinking your competition is getting a better deal, you think, 'Oh wow, I better get in there and do something.' I think a lot of people are kicking tires and talking. Everybody wants to do a deal and get the best deal, but you don't want to go do the first deal and find out later deals got done at a better rate."

OMD tests "fast-forward" ads
OMD will reportedly begin testing a new type of media buy that will deliver a message even when TV viewers are fast-forwarding through spots on TiVo or DVRs. The plans were detailed this week by David DeSocio, OMD Director of Strategic Marketing at the CAB's local ad sales conference. The new fast-forward ad message would allow OMD clients to involve the consumer, similar to some of the techniques TiVo is developing including audio ad messages, superimposed billboard messages, or spots in picture-in-picture screens while viewers fast-forward through spot breaks.

PTC not happy
about Paris Hilton ad
A website touting Paris Hilton's racy TV spot for burger chain Carl's Jr. crashed for four hours as Internet surfers raced to see the 30-second spot, which features the hotel heiress washing a Rolls Royce and chomping on Carl's Jr.'s Spicy BBQ Burger in a stringy black swimsuit. Carl's Jr., at the same time as the TV ads aired beginning last Thursday, launched a special website (http://www.spicyparis.com) featuring a special 60-second version of the ad. A day later, the site crashed and was down for about four hours, the company said. Hilton's Carl's Jr. ad, created by Mendelsohn Zien Advertising LA, will also be used to promote CKE's Hardee's hamburger chain. It will hit airwaves in markets in mid-June, Reuters reported. Meanwhile, the scantily clad Hilton frolicking with a water hose is too hot for the Parents Television Council. "This commercial is basically soft-core porn," said Melissa Caldwell, research director for PTC. "It's inappropriate for television." The LA Times reported the group plans to mobilize its 1 million members to protest and is considering asking the FCC to declare the ad indecent.

Media Markets & MoneyTM

Stone to acq Ptak pack
Middle Georgia Communications is sending its mid-Georgia combo, WKGQ-AM Milledgeville and WMGZ-FM Eatonville, to Paul Stone's Southern Stone Broadcasting in exchange for 1.1M in cold, hard cash. Stone already has WDDK-FM Greensboro in the vicinity. The trio are in unrated territory to the northeast of Macon and east to southeast of Atlanta. Stone has interests in numerous radio stations in unrated portions of Georgia, as well as the Athens area, a market which will soon be getting the attention of the Eastlan ratings company. Stone also has an interest in WTXL-TV, an ABC affiliate in Tallahassee FL.

Big City cashing out small change
Big City Radio sold its last radio stations two years ago, but it's just now finally wrapping up its business affairs. After satisfying its creditors and paying all of its bills, the company now has 2,750,682.25 in its covers to distribute to its shareholders. That works out to 19 cents per share, which will be paid out June 3rd to shareholders of record on May 24th (yesterday). Big City had previously paid out 14.32 per share in February 2004 after shutting down operations in late 2003.

Washington Beat

Churn continues in anticonsolidation community
The meetings continue - - Bill Moyers appeared in one House of Representatives office building yesterday, at an event sponsored by Maurice Hinchey's Future of American Media Caucus (FAM). Another House office building was the venue for a forum called "Media Bias and the Future of Freedom of the Press". It featured, among other, Air America's Al Franken and Randi Rhodes, David Brock from Media Matters for America, and Eric Alterman from the Center for American Progress. Today, FCC Commissioner will be speaking at a luncheon sponsored by the Media Institute's Communications Forum. The session, called "Fresh is Not as Fresh as Frozen: A Response to the Commercialization of American Media." Adelstein is expected to focus his remarks on a new anti-payola initiative.

RBR observation: Why is it we usually see left-of-center groups holding events such as these? Because the Republicans control Washington. When pro-consolidation events are held, they're called things like Commerce Committee hearing, FCC open meeting or trade group convention.

Programming

ABC News Radio, Consumer Reports
pact for programming
ABC News Radio, and Consumer Reports announced the first program in a new series of jointly produced broadcasts featuring tips and information drawn from the expert resources of Consumer Reports. The first one-hour program, "ABC News Radio Consumer Reports Summer Guide 2005," will debut exclusively on ABC News Radio affiliates nationwide beginning tomorrow for broadcast over the Memorial Day holiday weekend. The initial program will feature research on a broad range of products as well as advice to help listeners get the most out of the upcoming summer months. Topics will include money-saving tips for family road trips, the best products for outdoor living, and suggestions on ways to stay cool. "We are very excited to be partnering with Consumer Reports for this series of special programs, and we look forward to developing additional broadcasts in the months ahead," said Steve Jones, ABC News Radio VP/GM. "This is a wonderful opportunity to provide our affiliates with informative, topical and timely programming for their local audience."

CC Radio Online launches "stripped"
Clear Channel Online Music & Radio has launched "stripped," the in-studio performance series available exclusively through CC Radio station websites. The first installment of the video series features John Legend with 125 stations participating. According to Mediabase, fewer than half of the stations participating have John Legend tracks in active rotation. The 125 stations will promote the show on air and make the stripped footage available online for free and on-demand. Stations across the country and of various formats including CHR, soft AC, Urban, Urban AC, News and Jazz are participating.

iPod to support podcasts
Apple Computer will support and organize podcasts in the next version of its iTunes and iPod software, the company announced. "With the next version of iTunes, due within 60 days, there will now be an easy way for everyone to find and subscribe to podcasts," the company said in a statement. The updated digital music jukebox software, version 4.9, organizes the podcasts within the iTunes store.

TM Century unveils daily comedy network
TM Century announced the formation of Daily Comedy Network, a merger of TM Century's Comedy Network and The Daily Service. Daily Comedy Network provides parody songs, timely bits, interactives, TV/movie drops, and production elements based on the news and current events delivered to the users email inbox each morning.

Ratings & Research

Nielsen to add video on demand to ratings
Come Q2 of 2006, Nielsen Media Research will add video on demand (VOD) usage to its TV ratings service for both its national and metered market samples. A phase-in is planned, using the embedded audio codes that are recognized by Nielsen's new Active/Passive (A/P) meter, which is already being used in local metered samples to collect date on time-shifted viewing. By Q2 2006, Nielsen will measure viewership to recently aired programming that is watched via VOD within seven days of its initial airing on traditional television. By Q4 2006, Nielsen will measure VOD viewership to theatrical movies, pay-per-view events, older television programs, etc. that the ratings firm refers to as "Library Content."

RBR Stats

Big 3 TV nets see revenue drop
That's according to Broadcast Cable Financial Management (BCFM), which tallies revenues for the network TV business. Q1 revenues for ABC, CBS and NBC combined were down 2.07% in Q1 to 2.88 billion. However, note that Fox does not participate in the BCFM revenue gathering, and it had the Super Bowl this year. Thus, sports revenues for the big three dropped 21.35% to 545 million. "While not having the Super Bowl on one of the three networks is a major factor affection results for 2005 when compared with 2004, results in the sports category are also down when compared with earlier years. All other categories gained over a two-year period," said Mary Collins, President and CEO of BCFM. | Here's the Chart |

Sales

RAB issues white papers on EDI
The RAB issued two more white papers - - this time on E-Business as it pertains to Radio. The White Papers describe our progress as an industry, and that of the eBiz for Media group, in developing and providing these services to radio's customers. RAB says it will also be developing a series of articles this summer that will provide insights from the various vendors, partners and associations that are playing a role in making E-Business a reality in radio and other media. See them here: | pdf1 | pdf2 |

Transactions

200K FM CP Rye CO from Harvest Radio Corporation (Larry Perry) to Way-FM Media Group Inc. (Robert D. Augsburg, John Scaggs, Felice Augsburg, Robby Newton, Eric Rhoads, Glen Schaffer). 15K deposit, 60K cash at closing, 125K within 90 days of construction of station. CP is for Class C3 on 90.9 mHz with 11.3 kw @ 114'. [File date 4/22/05.]

10 KCYS-FM Seaside OR. 66.7% of Dave's Broadcasting Corporation from Deborah J. Stemper (33.3% to 0%), Randall P. Stemper (33.3% to 0%) to David Heick (33.3% to 100%). Cash. [File date 4/22/05.]

Stock Talk

Stocks close mixed
Some profit taking, countered by some reassuring words from the Fed about inflation, led to a mixed day on Wall Street. The Dow Industrials slipped 20 points, or 0.2%, to 10,504, while other indices were slightly higher.

Radio stocks were nearly flat. The Radio Index crept up 0.010 - - less than a hundredth of a percent - - to 203.287. Journal Communications fell 4.9% on a brokerage downgrade. Other radio stocks were little changed.

Radio Stocks

**Here's how stocks fared on Tuesday**
Company	Symbol	Close		Change	Company	Symbol	Close		Change
Arbitron	ARB		41.02	+0.09	Jeff-Pilot	JP		49.80	-0.03
Beasley	BBGI		16.87	-0.11	Journal Comm.	JRN		16.05	-0.82
Citadel	CDL		12.14	+0.13	Radio One, Cl. A	ROIA		12.56	-0.05
Clear Channel	CCU		30.44	-0.15	Radio One, Cl. D	ROIAK		12.60	+0.04
Cox Radio	CXR		16.15	-0.37	Regent	RGCI		5.97	-0.05
Cumulus	CMLS		12.65	+0.08	Saga Commun.	SGA		13.90	+0.10
Disney	DIS		27.66	+0.11	Salem Comm.	SALM		18.03	-0.19
Emmis	EMMS		18.00	+0.01	Sirius Sat. Radio	SIRI		5.67	unch
Entercom	ETM		33.15	+0.13	Spanish Bcg.	SBSA		8.36	+0.04
Entravision	EVC		7.61	+0.11	Univision	UVN		26.62	+0.12
Fisher	FSCI		50.99	+0.06	Viacom, Cl. A	VIA		35.51	-0.04
Gaylord	GET		42.20	-0.43	Viacom, Cl. B	VIAb		35.41	-0.04
Hearst-Argyle	HTV		24.77	-0.14	Westwood One	WON		19.94	-0.02
Interep	IREP		0.43	-0.05	XM Sat. Radio	XMSR		31.26	-0.51
International Bcg.	IBCS		0.01	unch	-	-	-	-	-

Bounceback

Send Us Your Opinions We want to
hear from you.
This is your column, so send your comments to [email protected]

Regarding Cumulus' rep switch (5/24/05 RBR #102).

Just thought I would add my two cents worth: It seems we all want to cry wolf and shift the weight when business is not as strong as we would all like it to be. I have read with interest the various viewpoints of concern with Interep and their various rep firms. We all know the smaller the market the smaller the national sales and vise versa. As an independently owned company in the Greensboro market we do not have the luxury of three of four stations to combo to make the CPP or force a buy .. we are still doing it the old fashion way .. knocking on doors and asking for dollars. It is our opinion that our rep firms operates in the same manner. INTEREP's team at McGavern Guild has done an excellent job for us over the years and sometimes with out stellar numbers. We signed on with McGavern over four (4) years ago and have seen nothing but improvements month in and month out and it continues to grow. McGavern and Interep have done nothing but produce results for us and we am very proud to be a part of this selling machine. Our national business is pacing up from last year and up from the previous year. Think that says it all!

Tom Collins
Vice President
WTHZ FM / WLXN AM
Greensboro, North Carolina

Regarding Saga's decision to cancel Sean Hannity (5/19/05 RBR #99).

I think the Saga position is principled and admirable. However, does it serve the Listener? And the question is, who blinks first: The Syndicator or the Listener, who can easily go out and buy a satellite radio? I would suggest that if there is enough compelling content on the local station, especially local and including syndicated programming, then the Listener will stick with their local, terrestrial station. If the Listener cannot get the programming they want locally, they will go out of market for it, including to XM or Sirius.

H. Randolph Holder
Clarke Broadcasting Corporation

Arbitrends

Upped & Tapped

McGee to
the Big 89
Kipper McGee, most recently a consultant for Talk Radio Network, has been named Program Director of ABC's WLS-AM "NewsTalk 890" Chicago. He had previously been PD of WDBO-AM Orlando.

Ferrel managing Elvis
Long-time associate Mike Ferrel has been named President of CKX Inc. as Bob Sillerman relinquishes one of his titles, but remains as Chairman and CEO of the company which now owns the rights to the name, image and likeness of Elvis Presley and the "Idols" television brand, including "American Idol." Ferrell had previously been president of radio and entertainment companies headed by Sillerman.

More News Headlines

Viacom considered Yahoo! merger

Jury awards fired DJ 10.6 million

Lizz Winstead suing Air America Radio for severance and back pay

Dille to be honored

Beasley honors
outstanding employees

IPG names Steve Centrillo EVP,
Chief Growth Officer

RBR Radar 2005

Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.

Cumulus Media, Inc. does as it says
Set a 30-day deadline on May 4th, to make a change either Interep's Cumulus Radio Sales will adopt that types of new business initiatives and accountability that Cumulus has adopted for its local sales, or Cumulus will take its national business elsewhere. They go across the street to Katz Media with their 310 stations. RBR observation: Said it before but worth repeating. It's not that they were anxious to jump to Katz as Citadel did rather he was complaining that the national rep business isn't structured for growth. True, in reality they are not but one would have to examine future growth. Cumulus also felt both rep companies are too focused on continuing business from existing national advertisers, rather than working to expand the mix of advertisers and build new business. Again we have to say True to some extent. Now the reality of losing the second largest in number radio group is a blow to the Interep ego but in dollars, approximately give or take 3 million, is not a large hunk of business in green backs and the capital expenditure in developing those dollars for 310 stations in mid to small markets is costly. It is called cost effectiveness as it takes the same dollar to pay the same person to sell etc a cluster in market 20 as it does in market 150. Time is money and the key for a small firm is to concentrate on quality of their clients giving more time to allocate the people expense over from market 150 into new business development. Seems both sides win on this deal - Interep will be able to redeploy people resources and focus more time on the major clients they have. Cumulus wins as Katz Media has the financial resources to spread the goodwill value of their sales effectiveness that Cumulus stations need as Clear Channel owns a bunch of small market stations. Meanwhile, Guild will have explaining to do this morning as he has to keep his current clients content while he fends off a bidder in Oaktree and seeks to recapitalize with Allen & Co. Interep you have one good opportunity to redeploy but it has to be executed this year as many firms will face the question soon: Can you compete in 2006 and beyond by doing business that same ol same ol?
05/24/05 RBR #102

Product placement in
Neil Simon Broadway play
As part of a product placement campaign in Broadway's Sweet Charity, playwright Neil Simon approved a script change to promote Jose Cuervo's Gran Centenario tequila. Sweet Charity stars Christina Applegate. Simon approved a script change to incorporate the brand into the dialog. The brand logo will also appear in set and ads will be placed in the playbill. NY-based Bridge to Hollywood/Broadway put the deal together-it previously brokered product placement deals for appearances in Thoroughly Modern Millie and Raisin in the Sun.
RBR observation: Ok this is hard beverage dollar shit but it pushes the point that more national spot dollars will move into this environment in 2006. 05/24/05 RBR #102

Is deconsolidation
just part of a cycle?
That's the theory put forth by Thomas Weisel Partners analyst Gordon Hodge in a research note on the current wave of media companies spinning off units or selling assets. After a boom-bust consolidation period in the late 1980s, the Telecom Act of 1996 propagated another consolidation wave, which rolled through the Internet bubble and then crashed into the breakers of recession, antitrust concerns and 9/11. We are living in the aftermath of that wave. RBR observation: Reminds us of a Yogi Berra quote on his hitting, "Slump? I ain't in no slump ... I just ain't hitting." Well same with many companies they just ain't hitting because as Berra would say - "90% of the game is half mental." Think about it because Hodge and Berra are both correct either a slump of the sum of their parts. Key for all media companies is your business plan and execution of the plan. If you didn't see it coming after 9/11 and the '02 recession which is still alive then you best get your house in order now or you will find it very difficult to compete in 2006. 05/23/05 RBR #101

Time Warner may spin AOL
Has discussed with management of AOL the possibility of selling shares of the unit in an initial public offering and decided not to go ahead with such a plan "at this point," said Parsons. The likelihood of a spinoff probably depends on whether AOL CEO Jonathan Miller succeeds in his strategy of attracting more Internet users and advertisers to his service to compensate for the decline in dial-up subscribers. AOL's 112 billion purchase of Time Warner in January 2001 led to a record 98.7 billion loss in 2002 and caused the shares to tumble. RBR observation: A good idea. AOL still hasn't realized its main client base is dial-up. When Juno and Netzero came along with basically the same core service at less than half the price, AOL should have immediately matched those 9.95 a month fees to keep its customers from leaving. It didn't. Instead, it bought Netscape and made a Netscape service for 9.95-too little too late. What it should have done is offered the AOL service for 9.95 a month and touted its extra benefits/services. But AOL ad sales are showing some real promise lately, so we will see what happens.
05/23/05 RBR #101

Susquehanna thumbs up to Interep, But they are for sale
Another satisfied customer has stepped forward to counter the bashing that Interep has gotten from some quarters in recent weeks. In his quarterly conference call, Susquehanna Media CEO David Kennedy noted that an 11% improvement in national sales was included in Susquehanna Radio's 4% revenue gain in Q1, with local up 2%. As you'd expect, there were questions about the plan to auction off Susquehanna's radio and cable properties, along with i! ts parent company's pottery operation. But Kennedy said there was nothing new to report - - that the company's investment bankers are still putting together information to send out to potential bidders. He also refused to comment on Q2 pacings, since Susquehanna never gives out any forward guidance. 05/20/05 RBR #100

GSM Opportunity with Emmis
Legendary KSHE-95 St Louis needs a strong GSM with minimum 5 years battle experience and NTR skills a plus. Generous benefits and compensation await. Are you ready for this challenge!

General Manager
On the NJ Shore with at least five years suburban market and cluster exp. Strong sales but programming and engineering knowledge a plus. Excellent benefits including 401(k).

Broker Opportunity
Established in 1979, conducted over 1 billion in transactions seeking just one exec that desires to learn and become a player in the investment media station brokerage business. First quality in our firm is integrity.

Sales Position
We're expanding our sales force to spread the word about MusicMaster for Windows music scheduling software. Self-starters that can build relationships apply and grow. Must be able to travel but no relocation required.

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