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Radio News ®
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 RBR Closer Look
The Number two radio group in size
RBR observation: Cumulus Media Inc. states they are the second largest radio broadcasting company in the USA based on the number of stations owned or operated and according to Arbitron's Market Report and data published by Miller Kaplan. For this particular reason RBR gives a closer look this morning as the wind from Naples continue to blow facing the radio business. Problems facing radio and many of the potential solutions will be executed by medium market operators who focus on local ad revenue. National is going to have to work its way out and up from their problems.
Cumulus emerges from the perfect storm
Cumulus Media President/CEO Lew Dickey said several times that radio has survived "the perfect storm" - - a confluence of disparate events, all of which conspired to inflict particular damage on the radio image. He said that clearly, some of those factors have ceased to exist, and even if conditions are not ideal, they are no longer perfectly awful.
Looking to the immediate future, Cumulus said it's getting positive results in the local ad market, but is seeing red nationally. It issued guidance of a 3%-4% Q3 gain in net revenue. It did 3% in July and is looking at 4% in August. September was said to be too far off to call, and the company was conservative factoring it into the aforementioned guidance, but that it looks to be going much better than either July or August thus far.
Cumulus reacts and strategizes
Like most other groups before it, Cumulus said it was not part of the spot clutter problem and welcomed Clear Channel's upcoming spot diet, which should help all of the industry hold rates. President/CEO Lew Dickey speculated that pressure on inventory may be one of the factors hurting national spot performance - - he thought some of that business was moving over to network.
The group is definitely interested in a move to 30-second spots, and was kicking around ideas on pricing. Dickey said they would both increase inventory and decrease clutter. Regardless, the fact that CC was going that way would almost force the entire industry to follow suit, since advertising creative would be following CC. He did say that one category - - local car dealers - - may balk at the half-sized spots. Dickey said, in general, that if TV can go: 30, so can radio.
As far as acquisitions go, don't look for much beyond fill-in deals until stock prices rebound and multiples come back down to earth. Dickey said, however, that the company will be doing a virtual stock buyback in the form of using free cash flow to pay down debt, rather than by issuing further shares.
Ratings changes in store for small markets
Cumulus Media honcho Lew Dickey gave somewhat-embattled ratings giant Arbitron a vote of confidence in his chat with financial analysts yesterday. Dickey noted a problem with wildly-fluctuating shares in the condensed-report boonies, a comment reminiscent of an observation made by Saga honcho Ed Christian earlier in the conference call cycle.
However, Dickey signed a new five-year agreement with Arbitron, and said a new data-gathering regime should go a long way to solving the small market problem - - a serious problem for Cumulus, which is heavily invested in markets well below the top 50.
Dickey said that rather than twice-a-year sweeps, Arbitron was going to institute a rolling diary approach which would keep a flow of data coming in year-round. In other words, samples will come in every month, theoretically helping to flatten the resulting data. Dickey said the new small market regime is expected to be in place within 12-18 months.
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 Clouds lifting for Cumulus
Cumulus Media, America's #2 radio station owner in terms of total stations, enjoyed substantial gains in Q2 2004, compared to the same period last year. Net revenues for radio stations were up 5.5% pro forma, smack in the middle of the group's earlier guidance of a 5%-6% gain. On a same station basis, the group did even better, gaining 6.3%. It says 75% of its growth is attributable to sustaining higher spot rates.
The Q2 gains were a result of a 6% increase in local and a 4.2% increase in national business (the national number is somewhat higher than that reported by most other groups). National was said to account for about 14% of the company's radio income. YTD, pro forma net station income is up 9.6%, while on a same-station basis it's up 5.1%.
On a dollar-to-dollar basis, the group's net grew more significantly, but that was primarily due to the addition of contributions from newly-acquired stations. Looking at it that way, Q2 net revenues were up 15.8% over Q2 6/03, and they're up 14.5% YTD. Cumulus is expecting to post Q3 gains in the 3%-4% range, and it expects that in the second half of 2004, it will outperform its first half results.
Cumulus was one of five stocks recently recommended by Harris Nesbitt Research as a probable long-term gainer through 2006 8/3/04 RBR Daily Epaper #150.
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Conference Calls, Q2 2004
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Entercom and get it
Radio's self-described group #4, posted solid gains in Q2 2004 and is looking to continue that growth into the next quarter, although like many other groups, at a slower pace. Net revenues were up 6% over Q2 2003 to $113.7M. On a same station basis, the number was slightly lower, up 5%, although same station operating income matched the 6% figure. Free cash flow was up 5%.
President/CEO David Field said, "We are very pleased with our second quarter performance as we delivered record-breaking financial results, including a 27% increase in net income per share, and announced compelling new acquisitions in Indianapolis, Providence and Buffalo."
Looking ahead, the group is expecting to pick up 2%-3% gains Q3. It also did something a lot of groups have been doing in this depressed broadcast stock market - - it's buying itself back. It made it halfway through a $100M buyback authorization, spending $50M during the quarter on shares of N:ETM. Entercom was one of five stocks recently recommended by Harris Nesbitt Research as a probable long-term gainer through 2006 8/3/04 RBR Daily Epaper #150.
Liberty earnings down, revenues up
Liberty Corp. reported Q2 financial results with earnings for the quarter at $0.16 per diluted share compared with $0.35 per diluted share for the same period of the prior year. Operating income was $9.9M compared with $11.5M in the prior-year period. Net revenue was $55.0M compared with $51.7M for the prior-year Q2, an increase of 7%. Broadcast operating profit for the quarter was $22.2M, compared with $21.2M in the prior year, an increase of 5%. Year-to-date net revenue was $102.9M compared with $95.6M for the prior-year period, an increase of 8%. Liberty ended the quarter with $35.8M in cash and $55M in debt. Cap Ex for the quarter was $2.7M. The board yesterday also declared a regular dividend of $.025 per share on common stock payable on 10/4.
Year-to-date broadcast operating profit was $39.5M, compared with $35.9M in the prior year, an increase of 10%. YTD earnings per diluted share were $0.41 compared with $0.53 for the prior-year period. Year-to-date operating income was $17.9M compared with $17.0M for the prior-year period.
Liberty said its Q2 results were affected by two charges—a $1.6M expense related to the settlement associated with the terminated transaction with GNS Media for a TV station in Evansville, IN. Secondly, a $5.3M impairment to one of the company's strategic investments in a developer of digital entertainment to be viewed in movie theatre auditoriums. Said Liberty President/COO Jim Keelor: "Seven of the nine revenue categories that we track were up for the quarter. Five of the seven were up double-digits, led by automotive. Q2 boiled down to have and have-not markets. If you were in a battleground state...it was a pretty rich quarter. That affected us positively in Ohio, Arkansas and to some degree in Louisiana."
Keelor also noted the company lost its tower and transmitting facilities (digital and analog) in the quarter from a collapse at KPLC-TV Lake Charles, LA. Liberty owns 15 network-affiliated television stations, including eight NBC affiliates; five ABC affiliates and two CBS affiliates.
Meredith broadcast substantial increases
Meredith Corporation, which combines television and magazine assets, helped itself to a double-scoop of profit on the TV side for its fiscal year 2003, which came to an end with the last quarter - - Q2 for most others. The group said operating profit for its TV group for the full year was up 20%, going from $59M to $71M. The gain was built largely on ratings gains for its local news operations. 60% of news day parts were said to have built audience.
Q4 profit was up 54%, going from $16.9M to $25.9M.
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Adbiz ©
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AdFleet launches new form of advertising
Just when you thought there couldn't be another medium for ad spend: AdFleet Advertising has launched with patented non-rotating wheel cover ads. The innovative outdoor medium is currently found on taxi wheels in LA. AdFleet launched its inaugural campaigns unveiling wheel covers for clients including: Taco Bell, LA Dodgers, Virgin Cola, Jiffy Lube and 1-800CheapSeats.com. The company expects to offer its new outdoor medium in a number of markets, including Dallas, Houston, Washington DC, Boston and Atlanta.
How does it work? Captions are fitted onto vehicles in place of conventional wheel covers and consist of a patented plastic disk and a hub system. The outward face of the disk is used to display artwork for a product, logo, or message. The hub, held in place with the vehicle's existing lug nuts, features a metal fixture that separates the rotation of the wheels from the disks. The disks attach on to the fixture enabling the disks to remain rotation free while the vehicle's in motion.
Kia narrows down review to seven
Kia Motors America has named six semifinalists in the review for the creative portion of its $240M account. Semifinalists include Campbell Mithun, Minneapolis; Cramer-Krasselt, Chicago; GSD&M, Austin; Kirshenbaum Bond & Partners, NY, Publicis & Hal Riney, San Francisco, Kaplan Thaler Group, NY and the incumbent David & Goliath LA. Achenbaum Bodga Associates, Raleigh is conducting the search.
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Media, Markets & Money tm
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Univision scores an O&O in Salt Lake City
It's not often you can add a TV station in a top-50 market to your portfolio period, these days, and to do so for under $10M is even more difficult. However, that's exactly what multimedia Hispanic giant Univision is pulling off in Salt Lake City. The station is KCBU-TV, which reaches Salt Lake City from its perch just to the south out of Provo. As of last Fall, Neilsen rated the market as the nation's 36th largest, while Arbitron pegged it at #31.
The seller is the Gary M. Cocola Family Trust, which will pull in $9.5M for the station.
Currently, Univision has neither TV nor radio properties in the market. It does have a presence in the market, however. Both it's Univision and Telefutura networks are seen on stations owned by Equity Broadcasting Corporation. Both are in SLC outposts far more distant than is Provo. KUTH-TV carries Univision from Logan well to the north, and KUTF-TV carries Telefutura from Price, well to the southeast.
A clause in the contract instructs the seller to try to wriggle out of an "Air Time Agreement" with America's Collectible Network by closing at the latest, and to broadcast Univision or Telefutura programming at the buyer's option and at the earliest opportunity.
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Washington Beat
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TV/DTV allotment requests on ice
The FCC is putting a freeze on all requests to make allotment and/or service area changes to existing analog and/or digital television stations. It goes into effect immediately and will stay in effect until further notice. The action is being taken to further the DTV transition.
The FCC explains that it "...is in the process of developing a channel election and repacking process that will assign to eligible television broadcasters a post-transition DTV channel in the core television spectrum (i.e., channels 2-51)." The freeze is "...a necessary first step to ensure a stable television database prior to the commencement of the channel election process."
Special cases will be considered case-by-case - - things like unforeseen zoning problems, extreme weather damage or the like may warrant immediate changes.
RBR observation: Annoyed? Wanna comment? Forget it. The FCC explains that, too, saying that "...this freeze is procedural in nature and therefore the freeze is not subject to the notice and comment and effective date requirements..." most such dictates require.
Another FCC light bulb idea
May see light as the commission is thinking of dimming the light on Joint Sales Rules (JSA) on the TV side. Seems the FCC feels that two stations in a commonly owned market entering a JSA at the level of less than eight separately owned stations in any market is a no- no. Radio is fine but TV could see a move on JSA lights outs in about six months. But the public has got to have its say since they are the experts in running a station.
RBR observation: When was the last time – first time – any FCC commissioner hit the streets at 8:30am and sold a spot in any competitive environment? Answer? Idle hands in an election year – you know the saying.
 NAB to FCC: Allow subscription, data services for HD Radio
The NAB's reply comments released 8/2 in the FCC IBOC proceeding call upon the FCC to be "hands-off" in allowing subscription and data services on digital radio. The comments say there is no need for new public interest requirements and that content requirement proposals impracticable and a burden to the process of developing new and innovative services, both free and subscription-based: "This approach will enable broadcasters to best serve the needs and interests of their audiences, and in turn, succeed in an increasingly competitive marketplace. In fact, even radio stations with no immediate plans to actually deploy digital technology, and consumer groups that urge the Commission to impose additional public interest obligations on digital broadcasters, support flexible IBOC policies for secondary audio channels, high definition quality, datacasting, and subscription services."
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Engineering
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BE to introduce 50kW AM transmitter
Broadcast Electronics announced it will debut a high-powered AM transmitter at the October NAB Radio Show in San Diego. The transmitter is based on a patent-pending high-efficiency modulation design developed by BE engineers. Said Richard Hinkle, BE's Director of RF Engineering: "This design lets us pack a lot of power and features into a very small chassis." The new transmitter is about half the size of comparable models and offers full transmitter control and diagnostic capability locally via a 15-inch, XGA front-panel display, as well as remotely from virtually any location via IP.
Features include:
* PA modules accessed from the front of the transmitter, while lift-off rear panels provide access to power supplies and all AC connections.
* Nighttime power capability as low as 250 watts.
* 15" XGA graphical user interface for operation and diagnostics, also available via IP.
* Power factor greater than 0.98.
* All in a footprint that is about half the size of comparable models.
The new transmitter will ship in the first half of 2005.
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Programming
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WSCC-AM Charleston adds FM simulcast
CC Radio's News Talker WSCC-AM has added an FM simulcast in WSSP-FM. The new moniker is "94.3 WSC-FM" The simulcast debuted yesterday on the morning show. Over the weekend, the FM began its transformation by showcasing a variety of possible formats with the 'Wheel Of Music".
Air America radio is 25-54 midday leader in Portland
The spring Arbitron ratings show that CC Radio's KPOJ-AM Portland, which carries the Air America Network, has made huge ratings strides since its 3/30 launch, says the Portland Tribune. In 25-54 10A-3P, Air America's Al Franken and Ed Schultz rank No. 1, leaving Rush Limbaugh and Lars Larson (CC's KEX-AM), and Sean Hannity (Pamplin Communications' KPAM-AM) in their wake. In 25-54, KPOJ ranks third in the Portland market with a 4.9 in that daypart. It's ahead of all other AM stations and finished behind top-ranked Country KUPL-FM and AAA KINK-FM.
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Transactions
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$11.8M KTYO-TV El Paso TX (Las Cruces NM) from Council Tree Communications VI LP to ZGS El Paso Inc, a subsidiary of ZGS Broadcasting Holdings Inc. (Ronald Gordon, Eduardo Zavala). $6M cash at closing (including $590K escrow), $5.8M note. LMA 7/1/04. Station is Telemundo affiliate on Channel 48. [File date 7/7/04.]
$800K KIIS-AM Oxnard-Ventura CA (Thousand Oaks CA) from Citicasters Licenses LP, a subsidiary of Clear Channel Communications (Lowry Mays) to New Inspiration Broadcasting Company Inc., a subsidiary of Salem Communications (Ed Atsinger, Stuart Epperson). $40K escrow, balance in cash at closing. Combo with KDAR-FM in Oxnard-Ventura market; superduopoly overlap with Los Angeles stations KRLA-AM Glendale, KXMX-AM Anaheim and KLTX-AM Long Beach. [File date 7/7/04.]
$100K KSQB-AM, KSQB-FM & KWSF-FM Sioux Falls SD (Sioux Falls, Dell Rapids, Lnadreaux) from LA Radio Inc./LA Skywave (Lee O. Axdahl) to Feller Broadcasting LLC (Nicholas J. Feller, Robbie J. Feller). $70K cash prepaid, $30K payment to IRS. Buyer may loan seller up to $93,446 to retire further IRS indebtedness. Existing duopoly. [File date 7/7/04.]
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Stock Talk
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Radio up, TV down in mixed broadcast trading
There was no herd mentality on Wall Street when it came to broadcast issues yesterday. Some stocks went up - - a lot - - and others did some semi-serious suffering. Two on the radio side were particularly hot - Cumulus was up $1.41 a share and Salem catapulted up $2.66! Most TV stocks, and a lot of other radio issues were down. Fisher, which feeds on both sides, dropped nearly a buck.
Ill-humor from consumers in June
After the US economy managed to tally a 0.6% increase in consumer income during the month of May, it slipped to a gain of only 0.2% for June. But that was better than the news on the consumer spending front, which went 0.7% into the red. On the other hand, Reuters reported a 3.9% gain in sales at major retail outlets for the final week of July as compared to the same week last year, based on a report from Redbook Research. Brisk back-to-school sales and tax holidays in Georgia and Florida were credited as positive factors.
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Radio Stocks
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Here's how stocks fared on Tuesday
| Company |
Symbol |
Close |
Change |
Company |
Symbol |
Close |
Change |
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Arbitron
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ARB
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$33.98
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-$0.55
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Jeff-Pilot
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JP
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$48.88
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$0.18
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Beasley
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BBGI
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$15.35
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-$0.21
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Journal Comm.
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JRN
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$17.15
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-$0.92
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| Citadel |
CDL |
$14.47 |
$0.25 |
Radio One, Cl. A
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ROIA
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$15.72
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$0.11
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Clear Channel
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CCU
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$36.88
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$0.57
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Radio One, Cl. D
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ROIAK
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$15.54
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$0.01
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Cox Radio
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CXR
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$18.06
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-$0.02
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Regent
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RGCI
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$5.73
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-$0.20
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Cumulus
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CMLS
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$16.59
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$1.41
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Saga Commun.
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SGA
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$17.85
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-$0.19
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Disney
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DIS
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$22.77
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-$0.33
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Salem Comm.
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SALM
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$28.67
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$2.66
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Emmis
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EMMS
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$19.99
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-$0.18
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Sirius Sat. Radio
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SIRI
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$2.42
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-$0.06
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| Entercom |
ETM
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$38.77
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+$0.32
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Spanish Bcg.
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SBSA
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$8.67
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$0.04
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Entravision
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EVC
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$7.31
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$0.11
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Univision
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UVN
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$30.10
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$0.23
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Fisher
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FSCI
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$49.10
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-$0.56
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Viacom, Cl. A
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VIA
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$34.48
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$0.26
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Gaylord
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GET
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$28.66
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-$0.25
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Viacom, Cl. B
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VIAb
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$33.99
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$0.34
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Hearst-Argyle
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HTV
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$23.60
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$0.31
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Westwood One
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WON
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$24.00
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-$0.36
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Interep
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IREP
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$0.58
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-$0.22
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XM Sat. Radio
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XMSR
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$25.80
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-$1.03
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International Bcg.
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IBCS
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$0.03
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$0.00
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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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08/04 - 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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Collins named as Radio One's Director of Sales
Keely L. Collins hired as Radio One's Director of Sales for its Atlanta cluster of WHTA-FM, WJZZ-FM, WPZE-FM and WAMJ-FM. Collins crossed the street as the former General Sales Manager of Infinity Radio WVEE/FM and WAOK-AM.
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More news Headlines
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O&A making big announcement this week
Fired WNEW-FM NY personalities Opie & Anthony will make a major announcement about their next move at noon 8/5 at the Hard Rock Cafe in NYC. O&A have rallied their fans, and there should be a large turnout. Most say they will announce a deal to air on XM, Sirius or both.
XM and Starbucks will launch new channel
XM Satellite Radio and Starbucks have entered into an exclusive, multi-year strategic marketing alliance. As part of the agreement, the "Starbucks Hear Music" channel, featuring music programming from Hear Music, the voice of music at Starbucks, will debut this fall for XM Radio's more than 2.1M subscribers. Beginning in 2005, millions of Starbucks customers will be able to listen to the "Starbucks Hear Music" channel programming and be exposed to XM in more than 4,000 Starbucks locations nationwide.
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Competing Media
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Reality continues to
reel in TiVo users
CBS's "CSI: Crime Scene Investigation" was the top scripted program on the 7/18-24 TiVo list, but that was only good enough for 7th place overall. Reality TV again attracted the most attention among the TiVo set, and CBS still led the way, placing "The Amazing Race 5" on top of the heap and "Big Brother 5" twice in the top five, at #3 and #5.
| Tivo List |
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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
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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.
Veronis Suhler takes stock of communications
Has dusted off its crystal ball, and sees a turnaround in communications and advertising businesses which should carry forth into 2008. RBR observation: Does this mean we can all just sit back, try not to screw up and watch the money roll in?
08/03/04 RBR #150
RBR Closer Look
Winds of Naples, FL--Bending the Palm Trees
Hurricane season doesn't officially end until Nov. 30th. but they are coming; just wait. Key forecaster Bob Coen from Universal-McCann media revenue forecast sees these storms for the balance of 2004. This is just the short term picture. We have heard many new buzz words and phrases hanging around: Spot Load Diet, Forward Guidance ending, Weekly Pacing canned, Reality Show is charted to pace your individual station(s) by to hit your budget compliance.
08/03/04 RBR #150
Veronis Suhler Stevenson
sees radio growth returning
Defend and remain convinced that radio is going to return to its normal pattern of 6%+ growth. The question is when? At this point, it appears that the VSS forecast out today of 6.7% growth for 2004 is extremely bullish. RBR observation: Again, no forward pacing so for your guidance we suggest you print the chart attached inside. 08/02/04 RBR #149
Concentrating on men
Reaching men included a great chart ranking programming elements of both radio and television side-by-side in terms of their ability to find high concentrations of men, without wasting impressions on women, if that is germane to your particular advertising campaign. In general, a number of radio formats do a better job than any television format in delivering a high concentration of men. RBR observation: When viewing the TV list this is a place for cross marketing and if radio markets on TV then it seems logical to buy that 15 or 30 second promo spot for your morning drive on Leno or Letterman plus don't forget cable and guys like Dennis Miller etc. View this as a good research programming tool. 08/02/04 RBR #149
Who gets the FCC FINE?
Well, the 'F' word slipped out plus others choice phrases from the mouth of DNC Don Misher when all was happy except the balloons didn't fall as planned. Misher caught on-air by CNN saying: We need balloons... I want all balloons, 'God---' no balloons. Then the slip of that great 'Fudge' word - just over a few crummy balloons. RBR observation: Who does FCC fine? The balloon maker, the balloon blower upper, the balloon cord puller, Misher, the DNC, John Kerry since those balloons were for him, or CNN? Na on CNN that is cable. Ah, what the 'Fudge', nobody cares. It was a slip of the, ahhh, tongue. 07/30/04 RBR #148
Local gains lead to
modest June increase
The radio industry picked up the pace with local advertising in June, bringing in 5% more cash than in the same month in 2003. National business, on the other hand, was an anchor that slipped out of the boat, dragging the total business increase to a gain of 3%. But at least it was a gain! RBR observation: Most of the mid-level radio group dog and pony shows have featured reports of a more robust Q2 and YTD. Some one must be having problems!
07/30/04 RBR #148
Another analyst weighs in on Clear Channel's "more is less"
"Reading between the lines of management comments, we believe inventory reduction heavily involves inventory unit sales shift from 60 second units to 30 second units without significant unit price discount," RBC Capital Markets analyst David Bank. But he says details of just how that will be accomplished remain "elusive."
RBR observation: Interesting question Mr. Bank raises: Cutting spots in overnights might reduce clutter and even increase average unit prices, but if nobody's listening, does it matter? On the other hand, it is hard to see how CCU can cut inventory in its most important day-parts... 07/28/04 RBR #146
Analysts cautiously optimistic
about "less is more"
After hearing management's explanation of Clear Channel's "less is more" initiative seem to be buying into the idea, but remain cautious about what it will mean to the company's financial results.
RBR observation: SG Cowen & Co., analyst James Marsh .. Noting that current radio trends are "not pretty," 07/27/04 RBR #145
DTV transition:
Fritts offers an olive branch
Acting on the advice of Rep. Billy Tauzin (R-LA), has fired off a letter to his opposite number at the NCTA, Robert Sachs, proposing that representative of the broadcast and cable businesses sit down soon to hash out details of the DTV transition. RBR observation: Tauzin is absolutely right - - to begin with, legislators are not experts in broadcasting or cable. They do not necessarily know when they are monkeying with a trifle or with a cornerstone of either business. To top it off, their broadcast vote may be little more than a bargaining chip - - something to trade in return for a vote to get a new cloverleaf built in their district! If the broadcasting and cable industries want a resolution that is businesslike, they will be much better off doing it themselves. 07/27/04 RBR #145
Clear Channel may end guidance
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. 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. 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.
07/26/04 RBR #144
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NTR Director
Emmis St. Louis rare opportunity for an NTR Director to lead five station cluster. This is your chance to step into a well oiled machine with a great support staff, Contact Dean Mutter, VP/DOS.
For more on all ad details above
see Radio Careers |
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Market Results
