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Volume 24, Issue 146, Jim Carnegie, Editor & Publisher
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Friday Morning July 27th, 2007
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Radio News ®
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 David Rehr's pen pals
You'd never know it's the summer doldrums in Washington, particularly if you're trying to keep up with NAB President/CEO David Rehr. He's been blanketing the city with mail lately, firing off a letter on XM/Sirius to the FCC, another letter on the DTV transition to the Senate Commerce Committee, and yet another letter on streaming audio royalties to no less a dignitary than President George W. Bush. Rehr told Kevin Martin and the other Commissioners that late XM/Sirius promises are "...designed to dress up the proposed merger-to-monopoly as a benefit to the public. But you can't make a silk purse from a sow's ear." He said in the final analysis the two companies were trying to form a monopoly, and that "such promises are hollow because in pursuit of their own self-interest, XM and Sirius are willing to bend the law and reinterpret any promises to suit themselves instead of the American public." To Dan Inouye (D-HI) and other members of the Senate Commerce Committee, Rehr fired off a letter detailing 12 strong measures the NAB is taking. "The goal of our campaign is for no consumer to lose access to free local television programming after February 17, 2009 due to a lack of information about the DTV transition." As for motivation, if nothing else, broadcasters would like to recoup the 5B they've already spent building digital operations. He said the transition is the NAB's single highest priority. President Bush confessed recently that he had no idea what the battle over streaming royalties was about. Rehr took it upon himself to explain. He said that the recording industry is effectively asking for a performance tax, and urged the President to oppose such a system. "The existing system is the epitome of fairness for all parties: free music for free promotion." Free spins equal record sales, and there is no reason to change this long-standing symbiotic relationship.
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Martin stays away from Fairness
FCC Chairman Kevin Martin has no intention of getting into the rebirth of the Fairness Doctrine, and so informed Reps Mike Pence (R-IN) and Greg Walden (R-OR). Both legislators have an interest in broadcast speech, Pence as a former talk show host and Walden as a former radio group owner. Martin said in a letter to the pair, "Indeed, with the continued proliferation of additional sources of information and programming, including satellite broadcasting and the Internet, the need for the Fairness Doctrine has lessened ever further since 1987. In short, I see no compelling reason to reinstate the Fairness Doctrine in today's broadcast environment, and believe that such a step would inhibit the robust discussion of issues of public concern over the nation's airwaves." Pence and Walden replied, "Nevertheless it is imperative that Congress pass the Broadcaster Freedom Act to ensure that no future administration or FCC chairman have the power to reinstate the Fairness Doctrine without an act of Congress. Congress should heed the call of Chairman Martin and permanently reject the Fairness Doctrine by enacting the Broadcast Freedom Act into law."
RBR observation: The House overwhelmingly passed legislation preventing the reinstatement of the Fairness Doctrine recently, but attempts to attach it to an FCC appropriations measure in the Senate failed. But although Rep. Maurice Hinchey (D-NY) likes to talk about bringing the Doctrine back, there have been absolutely no legislative attempts to do so and the House vote, with over 300 members voting to keep it down, indicates that any such attempt would likely face a high hurdle. So even though this topic is getting a lot of ink these days, we don't think there is any imminent threat of the Doctrine springing back to life.
 LA market: Radio One grows; Entravision disappoints
Wachovia analyst Marci Ryvicker has been evaluating the Arbitron Spring numbers for Los Angeles and sees good news for Radio One, as it builds KRBV-FM "V100" after flipping it from KKBT "The Beat" last December. "The station showed a 42% year-over-year and a 13% sequential increase among A25-54 in the Spring ratings book after having posted a 7% y/y and a 50% sequential improvement during the Winter period. Should this trend continue, there could be potential upside to Q4 estimates," she said. Emmis also did well. "The promotional push at KMVN-FM in LA seems to be working given the station's 25% and 71% sequential improvement among A25-54 and A18-34, respectively," Ryvicker said. But Entravision was a disappointment in LA. "Entravision's LA cluster lost the momentum it had gained during the Winter period, as evidenced by its recent 27% y/y and 18% sequential declines among A18-34. Management stated that previous rating declines in this important market (38% of radio rev. and 12% of company rev) had not impacted revenue growth, but we are not sure if this trend will continue," Ryvicker warned in a note to clients.
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XM reduces loss, focuses on OEM
Departing XM Satellite Radio CEO Hugh Panero said comments at the FCC are running 4-1 in favor of the company's pending merger with Sirius and he reported a lower quarterly loss in his final conference call with Wall Street analysts. Q2 revenues were up 22% to 277 million. That gave XM an operating loss of 108 million, up only modestly from 101.7 million a year earlier. Turning to the subscriber numbers, Panero noted that XM now has three million OEM installs who have become self-paying subscribers. "Overall, conversion improved and churn remained stable," he said of the most recent quarter. Having already announced that he will leave next month, Panero looked back with pride on his tenure. "When I first came to XM it was only a PowerPoint presentation, with many skeptical that anyone would ever pay for radio. Today, with over 8.2 million XM subscribers, and over 14 million for the industry as a whole, satellite radio is here to stay," he said. Panero said the merger with Sirius is the right move for XM and noted that "there can only be one CEO," calling Sirius CEO Mel Karmazin "extremely capable." Picking up the baton, President and soon-to-be-interim CEO Nate Davis said XM is increasingly becoming OEM-centric. He expressed confidence that the merger with Sirius will win regulatory approvals in late 2007 or early 2008, but in the meantime he will continue working to build the subscriber base and improve XM's financials.
RBR observation: Wall Street was generally satisfied with the Q2 results. Bank of America analyst Jonathan Jacoby noted that the retail channel remains weak, but that OEM sales were slightly better than expected as conversion improved. He also noted, though, that churn was a bit worse than his estimate. Jacoby said the stock price seems to suggest that the chance of the merger winning regulatory approval is 45-50%, but he said that is more optimistic than what he's hearing from his DC contacts. At Goldman Sachs, Mark Wienkes pronounced XM's results in line with expectations. He said his contacts see a 30% chance of merger approval. Morgan Stanley analyst Benjamin Swinburne said XM's Q2 results "fell broadly in line with our expectations. He noted that XM has burned through 220 million of cash in the first half of 2007, but he expects that cash burn to slow in the second half.
 Emmis goes Coast-al
Emmis Communications already owns two local magazines in the Los Angeles market - not to mention two radio stations - and now it has added Orange Coast magazine as well, serving the affluent Orange County market. Emmis said it bought the magazine from Orange Coast Kommunications, owned by Ruth Ko, for an undisclosed price. "As the leading magazine in the market, it boasts strong readership and a dominant market position. We think there are some interesting possibilities that exist with our ownership of Los Angeles magazine and Tu Ciudad Los Angeles that make this acquisition particularly intriguing. We are very excited about the future," said Gary Thoe, President of Emmis Publishing. Orange Coast magazine, which has 26 full- and part-time employees, has a distribution of 60,000. The average reader has a home valued at 1.8 million and a household income of 266,229.
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Ad Business Report TM
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Advertisers sign up for Mexican soccer
Grupo Latino de Radio (GLR) has added an additional team to its lineup of Mexican 1st Division Soccer games in Torneo de Apertura 2007, beginning August 4th and named some of the sponsors who are onboard for the broadcasts across the US. Puebla, "El equipo de la franja," has been added to teams already covered in previous tournaments by GLR -- Pachuca, Cruz Azul, Morelia, Santos and Tecos. Those names may not be familiar to NFL fans, but they are as big as the Cowboys, Steelers and Giants to fans of Mexican soccer. GLR says its recent coverage of Torneo de Clausura 06-07, which aired on over 40 radio stations, reached 61.5% of the US Hispanic market. Honda, DirecTV, Orlandi Valuta, Radio Shack and the US Army will sponsor Mexico's First Division soccer matches on GLR using product integration and title sponsorships within the actual games. The broadcasts will be produced by Estadio W directly from Mexico, exclusively for US Hispanic radio listeners.
 Wendy's looks to spend its
way to bigger profits
Number three burger chain Wendy's was able to post positive profit results in Q2 despite a slight loss in revenue. The company is banking on a new advertising campaign to turn its fortunes completely around. One driver of its current difficulties is a menu board featuring higher prices, but those same higher prices are expected to positively impact the bottom line going forward. Reuters notes that the ad campaign, called "That's Right," stars fresh beef and according to company execs, is already enjoying positive consumer response.
RBR observation: Do you ever get in your car around noon in search of food, without any real plan as to where you're going to go to get it? A lot of people do this. It's the perfect time for a restaurant, particularly a fast-serve restaurant, to make its best pitch. The hungry person who just got in their car is not going to be watching TV or reading a newspaper or logging onto a website. No, they will probably be listening to the radio. You'll be doing owners of these franchises a great favor when you remind them of these facts.
Rasmussen laces up Nike
R/GA, which bills itself as "the agency for the digital age," announced that Robert Rasmussen has joined the agency as executive creative director on the Nike account, a position previously held by Nick Law, now Chief Creative Officer, NA. In this role, Rasmussen will guide the creative vision and foster innovative concepts across the account that includes Nike+, Nike Running, NIKEiD, Nike Basketball, Nike Women, Nike Gridiron, NikeStore, and Nike.com. R/GA said he will lead a large team and ensure creative excellence for campaigns as varied as branded applications, online advertising, broadband video advertising, mobile, and retail. Rasmussen was most recently creative director for the JetBlue account at JWT.
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| Media Business Report TM |
TV talent search on MySpace
Got a great idea for a new TV show? No need to pitch it to the networks directly. Just post your pilot on MySpace, win 25K and get a development deal with Fox. What a deal! MySpace, the Fox Broadcasting Company and the Producers Guild of America announced an exclusive industry partnership designed to recruit the next generation of talent in original programming. Together, the companies are introducing "The Storyteller Challenge," a program inviting aspiring producers to enter their original 5-7 minute television "pilots" on a dedicated MySpace community page beginning September 4th. Two winning entrants will each receive 25K and an opportunity for a development deal with Fox. Additionally, the MySpace community will have exclusive access to the entries and the opportunity to weigh in on their favorite content. Winners will be determined by a combination of MySpace user votes and an expert panel consisting of distinguished members of the Producers Guild of America, top film schools and Fox executives. "The Storyteller Challenge gives aspiring producers the potential opportunity to cut through Hollywood's red-tape and get an audience with top brass in the television business, all while cutting their teeth with the MySpace community," said Chris DeWolfe, CEO of MySpace. The top six finalists will be announced on January 6, 2008 and flown to Hollywood to meet, screen and pitch their series ideas to the judges. Winners will be announced on January 25, 2008.
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| Media Markets & Money TM |
EMF goes to school in Santa Fe
K-Love Network owner and operator Educational Media Foundation is on the move yet again in the Santa Fe NM market. It bought two FMs from Clear Channel back in March, sold one of them to a local operator earlier this month, and now its swapping the other with a local college. The broad outline is this: EMF will get KSFR-FM, a Class A licensed to Santa Fe on 90.7 MHz, in return for Santa Fe Community College's KSFQ-FM, a Class C2 licensed to the northwest in White Rock NM on 101.1 MHz. EMF will also pay cash earmarked for specific purposes, including 50K for plant improvements at the KSFQ tower site, 35K for fees to Public Radio Capital, 15K for KSFR promotional expenses, 25K for SFCC's "Give Back" fund, up to 10K for SFCC legal fees and up to 6K for SFCC engineering fees. Based on EMF's cash outlays,its deal for KSFQ-FM and KBAC-FM from Clear Channel and its subsequent sale of KBAC-FM to Hutton Broadcasting, we estimate the value of KSFQ at 850K and KSFR at 991K.
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| Washington Media Business Report TM |
 Double down on owner
with license challenge
In May 2004 Clear Channel's WAWS-TV in Jacksonville FL ran a contest called "Win a Hot Rod For Dad" in which its staffers made an error. They limited contestants to one entry apiece, based on a draft version of the official rules, but the rules as published contained no such single-entry plank. Robert Hawxhurst submitted multiple entries and was mad enough about having his chances of winning diminished by Clear Channel's refusal to consider all but one that he complained to the FCC. Clear Channel was found to have failed to run a promotional contest as advertised and was fined 4K. Apparently that was not enough for Hawxhurst, who then challenged the station's license renewal on grounds of running a "rigged" contest and because of the "alleged questionable character of the stations...management." The FCC brushed this aside with great efficiency. It found Clear Channel to be in violation of the rules, Clear Channel promptly redressed the situation and paid the fine, and the matter is closed. The FCC said the "conduct at issue did not constitute a 'serious violation" of the Commission's rules." In short, Hawxhurst has no new axe to grind, and this matter is closed.
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| Internet Media Business Report TM |
Internet video is growth category
However, like many things related to internet, the trick is figuring out how to monetize the medium. But eMarketer definitely sees a trend in the use of online video. In 2003, only 18.8% of the US population watched internet video content at least once a month. That number will top out at 47% this year, break the halfway point next year with 53.3% of the population tuning in (that's 155.2M people), and will rise incrementally to 61.2% by 2011. eMarketer's David Hallerman said there are problems with attaching advertising. "One uncertainty is about what the audience will accept, with questions about where in the content the ad will run and how long it will run for. The other is the difficulty gathering together enough video ad inventory, with questions about ad placement and how to monetize the billions of user-generated video streams."
RBR observation: We were searching the web for clips of John McLaughlin just the other night - not the Sunday morning TV guy, the Mahavishnu Orchestra John McLaughlin. We can assure everybody that we did not click on any advertisements which may have come within mouse range. Will the YouTubes of the world be able to find a way to overcome this problem?
 Lohan exclusive draws
eyeballs to website
In the wake of Billy Bush's exclusive email exchange with troubled celeb Lindsay Lohan, AccessHollywood.com scored its best one-day traffic in the show's 11-year history. On Wednesday, the site attracted more than eight million individual page views, the most daily page views for the show's website ever, according to Omniture figures. AccessHollywood.com also attracted nearly a half-million unique users on Wednesday. The record website traffic comes less than a month after the launch of omg!, the new celebrity website launched by Access Hollywood and Yahoo! "When celebrity news happens, AccessHollywood.com is a must see site. And Billy's Lohan exclusive yesterday showed the combined reach of both our nationally syndicated TV program and our fast emerging website," said Access Hollywood Executive Producer Rob Silverstein. After being arrested earlier this week in Santa Monica, CA, Lohan spoke via email exclusively with Bush and the details were posted on AccessHollywood.com. When Bush e-mailed Lohan asking if everything was OK and if there was anything she wanted him to tell the public, she responded, "Yes. I am innocent... did not do drugs they're not mine. I was almost hit by my assistant Tarin's mom. I appreciate everyone giving me my privacy." The arrest was Lohan's second for an alleged DUI in less than three months. "Access Hollywood" is produced by NBC and distributed by NBC Universal Domestic Television Distribution.
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| TVBR TV News |
 Watchdogs, some senators
have DTV doubts
By and large, representatives from the NTIA and FCC think that the groundwork for the DTV transition is going forward as it should. But a number of member of the Senate Commerce Committee aren't so sure, and members of the watchdog community also have some questions. The session was notable for its lack of principal players from the broadcast, cable, satellite and consumer electronics industries, who are expected to do much of the heavy lifting to make the DTV transition a reality, but Chairman Dan Inouye (D-HI) said they will all be invited for a second panel on the topic to be held in September. Inouye was one of the doubters, noting that Great Britain is spending some 400M on citizen education and outreach, against only 5M earmarked for the task by US politicians. John Kneuer of NTIA and Cathy Seidel, Chief of the FCC's Consumer and Governmental Affairs Bureau, outlined their similar approaches to the problem, in particular their efforts to make sure that all constituencies get the facts they need about digital-to-analog converter box coupon program and other facets of the switch. Kneuer was asked by John Sununu (R-NH) if there was a fresher number and the June 2004 estimate that 15% of all US households are analog-only. He said there is no one number, but that the trend is for that number to be whittled down as the 2/17/09 deadline approaches. AARP's Nelda Barnett worried that older Americans less likely to update their equipment, therefore less likely to get info from retailers. Lack of mobility and equipment installation may be troublesome for the elderly. National Hispanic Media Coalition President/CEO Alex Nogales said that converter box terminology has been translated four different ways by four different government agencies, and that everybody on the same page to avoid confusing Hispanic consumers. Nancy Zirkin, VP/Director of Public Policy, Leadership Conference on Civil Rights argued that Congress must push this harder. 5M isn't nearly enough for public education campaign.
TVBR observation: We're with Sununu. He noted that broadcasters and other interested parties have their economic health at stake and he is sure that motivation will get them working toward a smooth transition. He also noted the possibility that the 1.5B or so allocated for converter coupons may wind up being more than is needed to meet demand. We don't know that we'd go that far, but it certainly is a possibility. Amy Klobuchar (D-MN) asked about targeting analog-only TV users. Seidel talked about various outreach efforts, but the simple answer is that people who watch TV will find out what they need to know by watching TV. They will be self-targeting.
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| Transactions |
15.5M WSTE-TV Ponce PR (Ch. 7) from Siete Grande Television Inc. (Jerry B. Hartman) to Univision Television Group Inc., a subsidiary of Univision Communications Inc. (Joe Uva, Ray Rodriguez). 1.5M escrow, balance in cash at closing. Duopoly with WLII-TV Caguas and its satellite WSUT-TV Ponce PR; cross-ownership with WUKQ-AM Ponce, WYEL-AM/WUKQ-FM Mayaguez and WKAQ AM & FM San Juan PR. [File date 7/3/07.]
1.00 WRBW-AM Harrogate TN from Pine Hills of Tennessee Inc. (William R. Carrigan) to Lincoln Memorial University (Nancy Moody). Cash. LMU has paid off station debts during the course of an LMA beginning 2/24/97. [File date 7/3/07.]
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| Stock Talk |
Roller coaster ride continues
Thus far this week: Up, down, up and down. Stock prices fell sharply yesterday as traders worried about the lending markets. The Dow Industrials plunged 312 points, or 2.3%, to 13,474.
Radio stocks plunged as well. The Radio Index dropped 5.499, or 3.6%, to 146.495 - a year-to-date low. Cox Radio was down 6.8% and Citadel dropped 6.4%. Hearst-Argyle, which is primarily a TV company, skidded 12.8% after reporting a drop in Q2 profits.
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| Radio Stocks |
Here's how stocks fared on Thursday
| Company |
Symbol |
Close |
Change |
Company |
Symbol |
Close |
Change |
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Arbitron
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ARB
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49.93
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-0.96
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Google
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GOOG
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508.00
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-1.76
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Beasley
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BBGI
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8.61
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-0.11
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Hearst-Argyle
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HTV
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19.93
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-2.93
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| CBS CI. B |
CBS |
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32.75
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-1.34
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Journal Comm.
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JRN
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11.19
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-0.14
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| CBS CI. A |
CBSa |
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32.81
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-1.29
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Lincoln Natl.
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LNC
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62.57
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-1.68
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| Citadel |
CDL |
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5.38 |
-0.37 |
Radio One, Cl. A
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ROIA
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6.74
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-0.24
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Clear Channel
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CCU
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36.75
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-0.22
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Radio One, Cl. D
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ROIAK
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6.79
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-0.20
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Cox Radio
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CXR
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13.13
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-0.95
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Regent
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RGCI
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3.41
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unch
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Cumulus
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CMLS
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10.62
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-0.36
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Saga Commun.
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SGA
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8.58
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-0.09
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Debut Bcg.
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DBTB
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1.80
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unch
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Salem Comm.
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SALM
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9.80
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-0.60
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Disney
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DIS
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34.08
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-0.85
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Sirius Sat. Radio
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SIRI
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2.91
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-0.18
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Emmis
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EMMS
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8.16
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-0.42
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Spanish Bcg.
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SBSA
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3.43
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-0.09
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Entercom
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ETM
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23.37
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-0.79
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SWMX
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SMWX
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0.15
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unch
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Entravision
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EVC
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10.00
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-0.33
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Westwood One
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WON
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5.26
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-0.29
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Fisher
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FSCI
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48.98
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-0.76
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XM Sat. Radio
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XMSR
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11.13
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-0.95
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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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Ad Business Report
Wendy's looks to spend
Its way to bigger profits with major ad campaign, called That's Right...
Media Business Report
TV talent search on MySpace
Got a great idea for a new show? No need to pitch it...
Media Markets & Money
EMF goes to school in Santa Fe
K-Love Network owner is on the move yet again...
Internet Media Business Report
Internet video is growth category
However, the trick is figuring out how to monetize the medium...
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Stations for Sale
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Colorado
FM CP, Class C3
Transmitter, Antenna, Tower
Lease included
Gordon Rice Associates
(843) 884-3590 or
E-mail Gordon Rice Here
New Hampshire
AM/FM combo
First Class facilities in NH's
fastest growing area. Double
digit increases last 6 years.
Priced at 10x trailing BCF $4.99MM
Inquiries 781-848-4201 or
E-mail: [email protected]
WEB: radiostationsforsale.net
 Market your Stations For Sale
in our daily epapers.
Contact
June Barnes
[email protected]
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Radio Media Moves
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Upped in San Diego
Gina Landau has been promoted to Vice President/General Manager of the KFMB Stations in San Diego, reporting to President and CEO Ed Trimble. Landau began her career at KFMB in 1995 and has been Director of Sales for the past seven years.
One upped, one hired
Excelsior Radio Company's MJI Interactive has promoted Lily Somilleda to Affiliate Sales Manager, from Affiliate Sales Representative. Joining the company as Affiliate Sales Manager is John Gits, a former morning DJ ("Marc Murphee") and more recently in sales for DHL, WRMM-FM and WBGT-TV Rochester, NY.
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More News Headlines
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RAB gets interactive
Radio sellers don't just sell radio spots anymore. So, the latest online training course from the RAB is Selling Interactive Advertising, designed to help radio sales professionals access their share of the emerging 17 billion bucks interactive advertising market. RAB says the new course was developed in response to the high interest that was generated from the RAB's recent Making Money on the 'Net session conducted by the John Potter and Dave Casper.
Hoax causes
ABC evacuation
The Washington, DC bureau of ABC News was temporarily evacuated yesterday after a mysterious envelope was found to contain a white powder. The substance was later determined to be aspirin.
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SmartMedia Magazine
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Coming in September
FALL NAB ISSUE
SPECIAL DISTRIBUTION:
NAB RADIO SHOW
Radio Roundtable:
Radio execs find solutions.
Media Markets and Money:
What's attractive to equity capital these days?
Ad Biz:
Gennele Niblack, Katz Political President
Sales:
Dial Global's Eileen Decker on radio ad sales
News/Talk:
Using your website to get, keep and grow your audiences
Political Advertising:
Greg Pinello, GMMB: Political dollars for radio: The need for there to be more ideological diversity in the news-talk format; Tom Edmonds, a Republican strategist with Edmonds and Associates
Legal Ease:
Gregg Skall:
"The FCC rules on political ads-Network exception issue".
HD Radio:
Monetizing Conditional Access
New Media:
Gary Arlen: YouTube, Joost and the emerging Fox-NBC website are just the start of big bandwidth video via the Internet.
For advertising
information, contact:
June Barnes
[email protected] 803-731-5951;
Jim Carnegie
[email protected] 813-909-2916 or
Carl Marcucci
[email protected] 703-492-8191.
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RBR Radar 2007
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Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.
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WaPo Radio experiment
nearing a plug pull?
The joint effort to run an in-depth news radio station struck in Washington between the Washington Post and Bonneville International appears to be on life support. The two-stick station, WTWP-AM 1500 kHz and WTWP-FM 107.7 MHz, utilizes the vast journalistic resources of the Post. It's a compliment to Bonneville's local all news institution WTOP. Unfortunately, few are tuning in, and according to Washingtonian, the plug may be pulled by the end of the current baseball season (the stations carry MLB Washington Nationals baseball games).
RBR observation: We recall awhile back that the Post was butting heads with a trade union over on-air duties for reporters. But Washingtonian mentions a problem that our readers probably thought of immediately. Just because you can write a story for print doesn't mean you can discuss it on the air in a way that pulls in listeners. Washingtonian had a word for many if not most of the Post reporters: "boring." We work in this market, and are regular listeners to WTOP. If we find ourselves out of the office and on the road during the middle of the day, then we certainly consider WTWP as an alternative to the cyclical news items on the main station. We would note that the format requires a very gifted radio host who can speak intelligently about an astoundingly wide range of topics. But during drive time, we want what WTOP has. Anyway, maybe WaPo and Bonneville will surprise us! , but the apparent failure of this experiment may take a bit of the edge off calls to make it easier to build cross-ownership clusters.
07/26/07 RBR #145
NYC winners and losers
Arbitron's Spring ratings in New York are good news for CBS and Univision. Bear Stearns analyst Victor Miller calculates that 12+ ratings for the CBS cluster improved 13%, led by AC "Fresh" WWFS-FM (the old WNEW). CBS has reformatted three stations in NYC thus far this year, although the switch of WCBS-FM from "Jack" back to Oldies came after the latest book. More details in RBR.
07/25/07 RBR #144
No quick decision
from the Bancrofts
Not that anyone expected one. Reports of the family meeting on Monday indicate that the Bancrofts are deeply divided over whether or not to sell Dow Jones & Co. to Rupert Murdoch and News Corporation for five billion bucks - a large chunk of which would go to members of the family that has controlled the company for 100 years. As expected, the four family representatives on the Dow Jones board were split.
TVBR observation: What happens next? Over the next few days the various Bancrofts will tell the family lawyers where they stand on the sale and the lawyers will tally up the yeas and nays. It seems unlikely that the entire family will agree to pledge the entire 64% stake in support of the deal, as Murdoch has requested. Then it comes down to counting the votes. If it appears that enough Bancrofts support the sale that they and a majority of the non-Bancroft votes would be enough to carry the day, the directors will likely call a special shareholders meeting to vote on the sale. Then it comes down to News Corporation beating the bushes for every possible vote to ensure approval. It could be a close vote.
07/25/07 TVBR #144
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