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Radio News ®
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Clear Channel says cutting clutter will boost revenues
Facing Wall Street analysts after reporting a lackluster Q2, Clear Channel President Mark Mays insisted that the company's radio revenues will be up in 2005, even after Clear Channel Radio implements its "more is less" initiative to reduce spot inventory. CC Radio CEO John Hogan told the analysts that the company will be introducing new programs to have advertisers pay more for prime spot positions and other measures to get more revenue from fewer ad minutes.
RBR observation: There's more RBR Rich Audio in this issue as CEO Hogan verbalizes the 60 second spot is out due to the compressed consumer lifestyle. President Mark Mays forecasts the third quarter. More in Conference Call below but now just listen for yourself and read the body language  | More... |
 Clear Channel may end guidance
Clear Channel Communications CFO Randall Mays is asking Wall Street analysts and investors for some feedback. He wants to know whether the company should stop giving forward guidance on financial numbers. "We believe that providing guidance to Wall Street creates short-term disruption to the trading of our stock and it focuses investors' attention - - and I think some people would even argue management's as well - - on shorter term goals to the detriment of accomplishing longer term goals," Mays said. "Because of that, we feel strongly that we should not be in the guidance business." Even so, the CFO reiterated Clear Channel's previous guidance for the remainder of 2004 and said the company would wait to hear from The Street before deciding whether to stop giving guidance.
RBR observation: You can run, but you can't hide! It was Clear Channel a few years back which orchestrated the move by major groups to force Miller, Kaplan Arase & Co. to stop providing weekly pacing data to RBR. Then it was Clear Channel again just last month which put an end to Miller, Kaplan's gathering of pacing data altogether (6/23/04 TVBR Daily Epaper #122). Now Clear Channel wants to stop having to be accountable to its shareholders for whether or not management has a handle on where its business is heading. Of course, there's no requirement to provide forward guidance, but it sure looks like Clear Channel management is trying to crawl under a rock and hide. Back when times were good, Randall Mays was a master of the Wall Street guidance game - - always providing guidance that proved to be just a tad conservative so that Clear Channel delivered a bit more than it had promised. But now that the advertising environment is turbulent and Clear Channel is no longer a growth stock, he doesn't want to be held accountable anymore.
The Viacom princes who would be king
In addition to their sizeable pay raises (7/23/04 RBR Daily Epaper #143), Viacom's new Co-Presidents and Co-COOs, Les Moonves and Tom Freston, have their path to the company's top job laid out in their new contracts. Their new deals guarantee that one or the other of them will succeed Sumner Redstone as CEO by the end of 2007, with the other then becoming sole COO. If Redstone doesn't step down, Moonves and Freston have the right to quit - - with big severance packages.
RBR observation: We'll believe it when we see it! If his health holds up to age 84, we can't imagine that Sumner would really step down and let someone else run his company. Tom and Les might want to start shopping for waterfront property in Naples, FL, so they can reminisce on the beach with Mel Karmazin a few years from now.
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 Getting political with advertising
A CNN Marketing Research poll offers some interesting perceptions on where political ad dollars should be spent. Respondents said they go to TV when seeking candidate info (64%). After that, media cited frequently included newspaper (52%), friends/family (33%), radio (26%), Internet (26%) and magazines (17%). At least respondents, regardless of their info-seeking habits, are not offended by political advertising wherever it may show up. Asked which media were appropriate for such ads, newspapers topped the list (82%), with television (78%), radio (71%),wthe Internet (70%) and magazines (69%) all making a solid showing. Among the major video news services - - ABC, CBS, NBC, Fox News and CNN - - one emerges as the clear choice for finding undecided voters looking for campaign coverage. CNN blows away all comers when it comes to attracting this coveted group, pulling in 19%. A relatively-distant second place goes to ABC (12%), followed by NBC (11%), CBS (9%) and Fox (also 9%).
 Stuart tattle? FL women stalks Stern
The return of Howard Stern to one of the markets where he was once heard on Clear Channel stations caused at least one person to make an appointment with her radio in the morning. According to the Associated Press, Mary Ellen Edison will be tuning in, then asking advertisers to pull out from supporting the show. Edison is from Stuart FL, which is close enough to access Stern from his new home in West Palm Beach. She is organizing friends in an effort to get Stern off local airwaves, via letters to advertisers and stations. Her group is even considering picketing. She is affiliated with the Parents Television Council.
RBR observation: This is why the FCC's look at the highly-questionable requirement that broadcasters tape themselves as part of its indecency enforcement regime may be unnecessary. Why tramp about on unsure legal footing in First and Fifth Amendment territory when watchdog groups are getting so good at collecting evidence without any government intervention? Although the case can still be made that often a shocked member of the audience will not have a recording device in operation when an indecent incident takes place, increasingly, there are dedicated and well-organized private decency vigilantes lying in ambush. Broadcasters who consistently operate on the edge had best expect that the tapes are running.
Attempt to Ohio-Jack access to info thwarted
An appeals court ordered Montgomery County (OH) Common Pleas Judge Jack Davis to unseal files in a court case. The lawsuit resulting in the order was brought by Cox Broadcasting's WHIO-TV Dayton and The Dayton Daily News, with an assist from the Radio-Television News Directors Association (RTNDA). At issue wasn't so much the case, which pitted an attorney against her former law firm, but the document sealing itself. RTNDA's argument, that such judicial actions "...contravene the well-settled principle that the public's access to government information may be limited only in the narrowest of circumstances..." WHIO News Director Julie Weindel said it wasn't about the money. "This type of litigation never really translates into ratings or revenue, but the return on investment is immeasurable for journalists who serve the public every day under the premise of the public's right to know what is going on in their community, courts and government."
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Conference Calls, Q2 2004
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No surprises from Clear Channel
Clear Channel's Q2 results were no surprise to Wall Street analysts, but that was hardly good news since expectations were so low. Revenues for the company's largest unit, radio, were up only 3% to $996.8 million, with local outperforming national. At this point, the company is only projecting radio revenues to be flat for Q3, but President and COO Mark Mays insisted in his quarterly conference call that the radio softness in Q2 and Q3 is an anomaly. As usual, there was little mention of Clear Channel's other US broadcast operations, which are lumped into the "other" category (up 8% to $149.9 million). Mays said only that TV revenues were strong and that the quarter saw modest growth at the Katz rep company. Outdoor was the star performer, with revenues up 12% to $639.5 million. Clear channel Entertainment saw revenues rise 8% to $734.5 million, but company officials reported a record rash of cancellations by touring artists, which could be recouped in coming quarters.
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Adbiz ©
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 Allstate announces new effort
for Olympics
The Official Home and Auto Insurance Sponsor for the 2004 U.S. Olympic Team - - Allstate announced a new advertising campaign that will run during the Olympic Games in Athens. The campaign includes two new television commercials promoting the spirit of the 2004 U.S. Olympic Team each with a humorous twist that give audiences pause to consider their insurance needs and Allstate. In addition, Allstate is running print and radio advertising and has recently launched "Gold Medal Giveaway", an on-line consumer promotion to give away five new Cadillacs and other prizes. | More... |
Wendy's introducing new Kids' Meal options
As part of an ongoing commitment to providing nutritious choices on its menu, Wendy's announced it is:
* Launching new milk and fruit cup Kids' Meal options
* Stepping up marketing efforts behind a combo meal test, offering customers a chili, a baked potato or side salad instead of French fries at no additional charge. | More... |
AudioAudit announces new software
for TV broadcasters
AudioAudit, a media verification company, announced it is introducing a new software analytic designed specifically for television broadcasters. Called NetVantage, the new platform will provide broadcasters with next-day reporting of media schedule performance and the many benefits that come with the ability to clear discrepancies in-flight. NetVantage's in-flight schedule monitoring highlights anomalies vs. purchased schedules, including spots that were matched, missed, unordered or ran with the wrong copy. By having access to this information next-day, broadcasters can immediately move to clear up discrepancies and provide superior schedule maintenance to advertisers. In-flight reconciliation will expedite advertiser payments, reduce credits by preventing errors from multiplying and enhance inventory management. AudioAudit's AdVantage platform, like NetVantage, monitors broadcast schedules in-flight. Advanced analytics ensure that advertisers and agencies are getting the full media value of their local and national schedules across broadcast, cable and syndication - - versus collecting post-marketing event credits. Knowing that purchased ad units air when ordered and where intended, and that the proper creative was used, may also provide a continuous audit monitoring capability to support recent Sarbanes-Oxley corporate auditing legislation.
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Media, Markets & Money tm
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Shaw 'nuff, Warrior FM Pearce'd
Strangely enough, both Houston and Greensboro figure into this Alabama-only deal. Houston, however, is not the city in Texas, it's the first name of the buyer. Greensboro is not the city in North Carolina, it's a town in Alabama. And the resulting seven-station cluster is in tiny Tuscaloosa, but it's made possible by the proximity of relatively big Birmingham, which supplies the contours necessary to support five FMs (and a pair of AMs). The seller, James E. Shaw's Warrior Broadcasting Inc., will be the beneficiary of $925K cash. Pearce's company is called Apex Broadcasting Inc.
RBR observation: Last we checked, Arbitron rated Tuscaloosa #228 and Birmingham #57. Birmingham's stations also take a hefty bite out of the Tuscaloosa pie from their below-the-line position. Generally, a five-same-service-station cluster in a market the size of Tuscaloosa would be out of the question, but the invasion from Birmingham and the thusly-inflated contour count actually leaves Apex room to add on one more AM station, even after this deal closes. Now, if the Arbitron market definition ever takes hold and is applied to this cluster, all bets are off. Pearce will probably be relying on grandfather to keep this cluster intact. With that in mind, don't be too surprised if Mr. Red Flag, or whatever the FCC is calling it these days, makes an appearance over this deal.
 Entravision refinancing
Spanish media specialist Entravision Communications says it is about to complete a new deal with its lenders to refinance its existing $400 million bank credit facility with a new $400 million senior secured facility. The new credit facility will consist of a 6.5-year revolver and a 7.5-year term loan. Entravision says it will use the new loans to refinance its existing bank debt and to finish buying back its Series A preferred stock.
Excelsior stake sold
As part of its financial realignment to focus on medical/healthcare investments, Franklin Capital Corp. has sold its remaining stake in Excelsior Radio Networks for a bit over $1.7 million to Quince Associates. Franklin said it sold 650,000 shares of Excelsior stock to Quince for $2.50 per share, plus warrants to buy an additional 87,111 shares. If Excelsior, which is privately held, is sold within the next five years, Franklin will receive 80% of any value over $3.00 per share. Franklin had previously sold 200,000 shares of Excelsior to Quince for $500,000 in June under similar terms. At the end of last year, Franklin reported to the SEC that it owned 36.4% of Excelsior.
 RCS invests in Florical
RCS announced a major investment in Florical Systems Inc. (FSI), known for its advanced enterprise level digital asset management systems and television automation software innovations known as CentralCasting and ShareCasting. Philippe Generali, President of RCS, comments, "We had been searching for the perfect company to help broaden RCS software capabilities for years. Florical not only complements our products and services perfectly but the Florical people also share our vision, values and dedication to quality assurance." Florical Systems produces broadcast automation systems for satellite asset acquisition, media asset management and on-air broadcast automation actively used in ShareCasting, single and multi-channel systems.
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Clutter Control: The New Limits
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Clear Channel's new limits detailed
Clear Channel Radio has decreed new spot limits to cut clutter on its 1,200+ radio stations (6/19/04 RBR Daily Epaper #139) and only RBR has the format-by-format details of what the new policy means. As we continue to post the details, here are three more formats.
Clear Channel Radio spot limits
| FORMAT |
5a-10a |
10a-3p |
3p-7p |
7p-12a |
12a-5a |
| Adult Alternative (AAA, Americana, etc.) |
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|
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| Minutes Per Hour |
12 |
10 |
10 |
10 |
8 |
| Units Per Break |
6 |
6 |
6 |
6 |
4 |
| Minutes Per Break |
4 |
4 |
4 |
4 |
4 |
| Smooth Jazz |
|
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|
|
|
| Minutes Per Hour |
10 |
10 |
10 |
10 |
6 |
| Units Per Break |
6 |
6 |
6 |
6 |
4 |
| Minutes Per Break |
4 |
4 |
4 |
4 |
4 |
| News Talk (sports, news, business, farm, etc.) |
|
|
|
|
|
| Minutes Per Hour |
15 |
15 |
15 |
15 |
10 |
| Units Per Break |
6 |
6 |
6 |
6 |
5 |
| Minutes Per Break |
4 |
4 |
4 |
4 |
4 |
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Washington Beat
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NAB responds to Congressional actions
As expected, the National Association of Broadcasters was relatively pleased with the Senate Commerce Committee's action on satellite reauthorization, and not at all happy with its action on LPFM. NAB President/CEO Eddie Fritts commented on both.
| More... |
All quiet on Capitol Hill
It is time for the annual DC stall as Senators and Reps head out of town for summer recess. This is the once-ever-four-year special strength version of the recess, since most members of Congress have a convention to go to. Regular legislative activities are scheduled to resume 9/7/04.
 Fee filer fo fum
There's no need to get a pen (or heaven forbid, an old-fashioned typewriter), nor do you have to write a check, address an envelope or lick a stamp to pay your annual FCC fees. Fee Filer is the Commission's online system for quick easy credit card or ACH payment. It even automatically fills out the form for the payee. The new, improved system lets you catch up on late payments, going all the way back to the year 2000, and allows multiple options for multiple fee payers. It's available at fcc.gov/fees. Look on the left-hand side of the page.
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Engineering
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TI and iBiquity introduce low-cost single-chip AM/FM, HD Radio baseband
Making it easier for receiver manufacturers to build one-piece HD radio receivers at lower costs, and building on the success of the digital signal processor (DSP)-based DRI250, Texas Instruments Incorporated and iBiquity Digital announced the availability of two new single-chip HD Radio basebands. Depending on their design approach, designers can choose either of the new digital basebands from TI to provide them with the industry's lowest cost solution for building an HD Radio receiver. The new digital basebands integrate TI's expertise in DSP technology and software by iBiquity Digital, with all of the digital functions required to build an AM/FM and HD Radio receiver, in addition to audio post processing and MP3 and Windows Media Audio (WMA) CD support.
"We continue to see cost as a key concern among manufacturers and are excited to see companies such as TI setting the standard on the lowest pricing yet," said Bob Struble, iBiquity CEO. "This standard was initially set with the pioneering endeavor of TI's DRI250, which placed AM/FM and HD Radio technology on the same chip. TI's new basebands take this innovative architecture one step further by reducing its costs significantly." Samples of TI's DRI350 and DRI300 HD Radio basebands are available now with volume production expected in the fourth quarter of 2004. TI's mixed-signal DRI8201 chip is available now.
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Programming
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Radio Formula launches Sabor Mexicano
Radio Formula Network, a leading Spanish talk radio network in the United States, began the broadcast of its new politically oriented and international show Sabor Mexicano last week. Sabor Mexicano is the first program of its class made by Mexicans for Mexicans and serves as the voice for Mexican immigrants. Sabor Mexicano provides an open arena for orientation, information, and discussion on politics, laws and rights in the US and in Mexico, for Mexicans who reside here in the states. The program also includes a hotline which listeners can call with questions. The show's host, Ricardo Iglesias, is a 20-year vet to the industry. Sabor Mexicano is broadcast from Radio Formula Network in the US and runs M-F from 1:30PM-2:00PM PST.
Zeo adds "Jazzspel"
Zeo Radio Networks President Scott Thomas announced that the Denver-based syndicator is partnering up with four-time Emmy-award-winning host Eric J. Chambers to carry the smooth jazz and gospel show, "The Jazzspel with Eric J." Eric J. has worked as an on-air radio personality at Smooth Jazz 98.1 KIFM in San Diego for over a decade. He has won five Golden Mike Awards and counts celebrities Arsenio Hall, Destiny's Child, Magic Johnson and Beyonce Knowles as previous guests and friends.
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Monday Morning Shakers & Makers
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Deals: 6/14/04-6/18/04
Dealing shifted back outside the bounds of Arbitron territory, and also mostly involved single stations. As a result, the total value for the week couldn't quite chin itself over the $30M mark. The two stations which were recipients of Deal of the Week honors accounted for over half of that by themselves.
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Total
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Total Deals
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16
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AMs
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8
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FMs
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12
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TVs
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1
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| Value |
$28,948,200
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| Complete Charts |
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Radio Deal of the Week
Oasis discovered in Indiana | More... |
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TV Deal of the Week
How to get into Chattanooga by buying in Cleveland | More... |
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Transactions
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$1.2M KSBC-FM Hot Springs AR from Central Arkansas Christian Broadcasting Inc. (James P. Hunter) to Educational Media Foundation (Richard Jenkins). $60K escrow, $240K cash at closing, $900K note. [File date 6/24/04.]
$140K KBHS-AM Hot Springs AR from Peggy J. Cook, Administratix for KBHS Broadcasting Co. Inc. (John Bozeman, deceased) to Noalmark Broadcasting Corporation (William C. Nolan Jr., Edwin B. Alderson Jr.). Cash. Superduopoly with KXOA-AM/KLAZ-FM Hot Springs and KBOK-AM/KLEZ-FM Malvern AR. [File date 6/24/04.]
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Stock Talk
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Dow falls below 10,000
Worries about a possible terrorist attack at this week's Democratic National Convention and disappointing outlooks by Microsoft and Coca-Cola put Wall Street traders in a selling mood on Friday. The Dow Industrials fell 88 points, or 0.8%, to close at 9,962 - - the first close below 10,000 since May 24th.
Broadcast stocks fell with the market. The Radio Index was down 3.249, or 1.5%, to 218.236. Spanish broadcasters were the hardest hit. Entravision dropped 4.4%, Spanish Broadcasting System 3.4% and Univision 1.7%. After reporting lackluster Q2 results and promising more of the same for Q3, Clear Channel declined 0.9%.
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Radio Stocks
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Here's how stocks fared on Friday
| Company |
Symbol |
Close |
Change |
Company |
Symbol |
Close |
Change |
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Arbitron
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ARB
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$34.00
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-$0.68
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Jeff-Pilot
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JP
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$47.05
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-$0.47
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Beasley
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BBGI
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$15.11
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+$0.28
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Journal Comm.
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JRN
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$17.93
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+$0.01
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| Citadel |
CDL |
$13.93 |
-$0.39 |
Radio One, Cl. A
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ROIA
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$15.16
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+$0.01
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Clear Channel
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CCU
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$35.41
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-$0.32
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Radio One, Cl. D
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ROIAK
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$15.03
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-$0.08
|
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Cox Radio
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CXR
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$17.63
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-$0.27
|
Regent
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RGCI
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$5.50
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-$0.09
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Cumulus
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CMLS
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$14.86
|
-$0.29
|
Saga Commun.
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SGA
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$17.40
|
+$0.05
|
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Disney
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DIS
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$22.96
|
-$0.35
|
Salem Comm.
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SALM
|
$25.10
|
-$0.48
|
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Emmis
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EMMS
|
$19.61
|
-$0.39
|
Sirius Sat. Radio
|
SIRI
|
$2.40
|
-$0.10
|
| Entercom |
ETM
|
$37.95
|
unch
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Spanish Bcg.
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SBSA
|
$8.79
|
-$0.31
|
|
Entravision
|
EVC
|
$7.31
|
-$0.34
|
Univision
|
UVN
|
$29.25
|
-$0.50
|
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Fisher
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FSCI
|
$49.39
|
-$0.10
|
Viacom, Cl. A
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VIA
|
$35.14
|
+$0.21
|
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Gaylord
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GET
|
$29.70
|
+$0.15
|
Viacom, Cl. B
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VIAb
|
$34.65
|
+$0.20
|
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Hearst-Argyle
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HTV
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$25.31
|
+$0.30
|
Westwood One
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WON
|
$23.09
|
-$0.46
|
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Interep
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IREP
|
$0.85
|
-$0.10
|
XM Sat. Radio
|
XMSR
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$24.87
|
-$0.12
|
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International Bcg.
|
IBCS
|
$0.03
|
unch
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-
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-
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Have a news story you'd like to share? [email protected]
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RBR Audiocast
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07/26 - Listen to what Real Local Radio Should Be... Listen to this morning's AudioCast and
Hold On To Your Hair!
Listen Now
with Bob DeCarlo'
"In Da Morning"
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Bounceback
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We want to hear from you.
This is your column, so send your comments to [email protected]
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Upped & tapped
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McDonnell lands
at MCG
We now know where Michael McDonnell is going as he departs EchoStar as CFO (7/23/04 TVBR Daily Epaper #143). He's resurfaced as Executive Vice President and CFO of MCG Capital Corp., a financial services company focused on small and medium sized companies in communications, technology and media. Its investments in broadcasting include Crystal Media Network (radio), New Vision Broadcasting (TV) and dick clark productions.
Stevens promoted
Paragon Media Strategies has upped veteran programmer and researcher John Stevens to Chief Operating Officer/Radio, overseeing Paragon's radio division strategic operations and client development.
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Competing Media
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Belo and Time Warner cut cable ties
Belo Corporation and Time Warner Cable have pulled the plug on their 24-hour local cable news venture in three markets - - Houston, San Antonio and Charlotte. The two Texas operations were shut down on Friday, putting 190 full- and part-time staffers out of work. But Time Warner will go it alone to continue operating News 14 Carolina in Charlotte. Belo indicated in its quarterly conference call on Friday that the joint venture had been a financial disappointment. Since its inception in 2000, Belo has recorded a net loss of $18.7 million to date on the three cable operations, having invested $19.1 million in the joint venture. Belo said it will record a net loss of $1 million from the joint venture in Q3, but none thereafter, so the shutdown is being called a financial positive for Belo. Although they'll no longer be working together, both companies will continue to operate cable news channels. Belo has local and regional cable news channels in seven states, including the statewide Texas Cable News. Time Warner, of course, owns CNN at the national level, plus six local channels (besides Charlotte).
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Stations For Sale
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Get away from all the hype and competition.
Paradise awaits! Pacific Island FM new in 2000. Great equipment and facilities! Excellent growth. Under radio'd. AM-CP goes with it! l.l million. For this and other listings contact: Dale A. Ganske,
Hawkeye Radio Properties, Inc.
(608) 831-8708
Four Station Cluster
Very Profitable Four Station Cluster in Dynamic Alaska Market. Cliff at Clifton Gardiner & Co
(303)758-6900
Powerhouse AM
10 KW AM in Rocky Mountain rated market. Can be top 25 market move-in! Cliff at Clifton Gardiner & Co (303)758-6900
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July Digital Magazine
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Complimentary Report
Sports - Summer NFL training camp, Baseball, NBA draft just hit and what you need to succeed:
Programming - Sells with NTR - What works and what doesn't
Read RBR in 2 simple steps:
1.Create a simple account with Zinio and download the free Zinio Reader.
2. You can then download the free July Issue of RBR
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RBR Radar 2004
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Click on these issues for Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.
RBR First Look
Infinity moving all national
business to Interep
The p-match between Infinity and Clear Channel continues: While 75%-80% of Infinity's national sales biz is currently with Interep, the rest (20%+) will be moving from Katz over to Interep. RBR observation: Makes sense to bring that money into your own bank. But word of caution again to Interep, and not put yourself as a company in harm's way. There has been and always will be this stigma. 07/23/04 RBR #143
TV & cable strong,
radio not at Viacom
Radio was again the weak spot as Viacom hit its Q2 earnings targets on the strength of its TV and cable networks. TV revenues were up 11% but the story was quite different for the Infinity radio division. Revenues did inch up 2% that barely moved the needle on operating income, which was essentially flat! While brokers and other group owners have been salivating at Viacom saying it will divest some of its radio stations, Moonves indicated that he's not in any rush to do so and that the sell-off won't be extensive. Editor's note: Sell off of some radio - it will happen but when and what. Co-President/ Co-COO Les Moonves is just getting circling the pool before he jumps in. 07/23/04 RBR #143
Tribune appeals for crossownership
Facing possible TV/newspaper combo breakups when some of its TV licenses come up for renewal, Tribune Company has appealed last month's ruling by a Philadelphia federal appeals court that sent all of the FCC's ownership rules back for reworking. Tribune wants the court to allow TV/newspaper crossownership in markets with at least nine stations while the Commission reviews its rules. 07/23/04 TVBR #143
Clear Channel fires back
with $3M countersuit
against Infinity and Stern
The best defense is a strong offense, so Clear Channel is going on the offensive in its legal battle with Viacom's Infinity over bouncing "The Howard Stern Show."
TVBR observation: We note that one of the allegations that Clear Channel denies in its response to the Infinity lawsuit is the claim that Clear Channel's suspension of Stern's show was politically motivated - - coming a day before Clear Channel Radio CEO John Hogan was due to testify on Capitol Hill about indecency penalties. But we all know this is more about politics than anything else.
07/22/04 RBR #142
Sirius heading toward
1M subscribers
Q2 conference call the company would get to one million by the end of this year. By comparison, XM announced at the beginning of this month that it had surpassed 2.1 million subscribers. A lot of that difference is due to heavy selling of factory-installed XM receivers by General Motors. Editor's note: Best CYA radio it is coming. The local consumer is not aware of radios in fighting nor would care - so CYA. 07/22/04 RBR #142
Hill bill would restore
broadcast regulation
Rep. Maurice Hinchey (D-NY), along with several of his Democratic House colleagues, is introducing HR 4069, the "Media Ownership Reform Act of 2004. RBR observation: Republican House leaders have to date fended off a vote on the Resolution of Disapproval passed twice in the Senate, albeit in different form. That is precisely what will happen to this bill in the 108th Congress. HR 4069 isn't going anywhere.
07/21/04 RBR #141
Sumner just keeps
buying and buying...
If you own shares of Midway Games, you're becoming an increasingly rare investor. There seems to be no end to Sumner Redstone's appetite for shares of the video game company. RBR observation: Oh to be one of the lucky investors who bought Midway stock last year for $2. Redstone obviously sees valuwe in the video games industry that escapes most investors - - and we'd bet that some of it has to do with synergies with Viacom properties, such as Paramount Studios and Nickelodeon - - something only Redstone can bring to the table. 07/21/04 RBR #141
Clear Channel (CCU) cutting inventory across the board
Radio CEO John Hogan announced the radio group will be cutting inventory across the board, beginning 1/1/05. There will be new limits set on inventory and structure. They want to be known as the leader on getting rid of clutter or in Hogan's conference call words - "It is our goal to revitalize, rejuvenate, and resuscitate radio." RBR spoke with Hogan late after that conference and hit him with seven (7) one-on-! !
RBR observation: Both Clear Channel and Infinity need to show the leadership to help fix some of radio's problems-one of them being too much clutter, of course. We've been harping on this issue a bit, especially in our now-infamous "Naples is Calling" Publisher's Perspective in May RBR Solutions Magazine. RBR asked Infinity President Joel Hollander if he was following a similar path, "We don't need to put out a press release for something we've been doing for the last year." 07/20/04 RBR #140
Analyst says media companies
have to give back cash
With media stocks performing poorly, but the big media companies still throwing off lots of free cash flow, analyst Douglas Shapiro at Banc of America Securities has been looking at the options and concludes that the companies have no choice put to start giving that cash back to their shareholders. 07/20/04 TVBR #140
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