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Welcome to RBR's Daily Epaper
Volume 23, Issue 171, Jim Carnegie, Editor & Publisher
Friday Morning September 1st, 2006

RBR Returns Tuesday, September 5th
The RBR/TVBR offices will be closed
Monday, September 4th in observance of Labor Day.


Radio News ®

Arbitron a "sustainable monopoly"
That's the view of CL King analyst Jim Boyle as he initiates coverage of Arbitron. He gives the stock an "accumulate" rating, a step below "strong buy," and thinks uncertainty that is weighing on the stock price will evaporate once the Portable People Meter (PPM) gets MRC accreditation, perhaps as soon as Q4. Once that happens, he says, radio groups will resume signing up for the PPM rollout. "We expect new product costs to cloud earnings per share growth into 2007. However, Arbitron's 20-plus year monopoly in radio research should continue with pricing power and accelerating growth, we believe. Ironically it's because Arbitron's clients are struggling with revenue growth that its stranglehold is stronger. When radio growth was robust it would not fund a competitor to Arbitron, and radio won't fund one now when it's ailing," Boyle told clients in his summary. Further in, he is even more blunt: "The radio business simply cannot sell advertising time without Arbitron's ratings and radio is too cheap to fund a competitor's research ratings service." As a long-time radio veteran, Boyle recalls how various radio companies have tried to bluff Arbitron by threatening to back a challenger, only to fold and sign up again with Arbitron. In his view, while the current RFP process led by Clear Channel has delayed PPM and put it up against a rival proposal from The Media Audit/Ipsos, Boyle says, "this strikes us as just another stalking horse, merely more smoke and mirrors rather than an effective price negotiating tool."

It didn't get any better in July
The RAB revenue numbers for July are in - and they aren't any improvement over the earlier months of 2006. In fact, July was dead on track with the overall results for the first seven months of the year: spot revenues (local and national combined) down 1% and the grand total (including NTR) flat with a year to go. The differences were in the details. Local was down 2% in July, but only down 1% for the year-to-date. National was up 5% in July and up 1% YTD. Non-spot revenue was up 12% in July and 9% YTD.

More troubles for Tomlinson
Senate Republicans are wary of a political hot potato in this election year, so it looks like Ken Tomlinson won't even get a hearing on his nomination to a second term as Chairman of the Broadcasting Board of Governors (BBG). But that doesn't mean he won't keep the job. President Bush still has options. Tomlinson's current term has already run out, but he gets to stay in place until the current session of Congress adjourns later this year. Bush nominated the long-time ally of White House political advisor Karl Rove to a second term as Chairman of BBG (which oversees VOA, Radio and TV Marti, Radio Free Europe and Radio Liberty) last year, but the Senate Foreign Relations Committee hasn't scheduled a hearing on his nomination and is now planning to just let the clock run out. Tomlinson has become a political hot potato for Senate Republicans, after he stepped down as Chairman of the Corporation for Public Broadcasting amid allegations of partisanship and just this week Democrats made public an internal State Department investigation which concluded that he put a friend on the government payroll and used government resources for his personal business (8/31/06 RBR #170). So, Tomlinson won't be confirmed to a second term. Not to worry. President Bush can use his authority to fill the BBG Chairmanship during the gap between Congressional terms - a move that doesn't carry much political baggage for a second-term president who can't run again anyway. So Tomlinson will almost certainly stay in the job, one way or the other.

RBR observation: Not that anyone at the White House is asking for our advice, but President Bush could pile up some political chits with Democrats and put a real broadcaster in the helm at BBG by bringing back Norm Pattiz to run the show. Even many Republicans agree that he is the best member ever to serve on the BBG. The Westwood One founder showed the government broadcasting folks how to create radio stations that people in foreign countries will actually want to listen to, playing popular music, delivering well-packaged news and slipping in the pro-American message without being heavy-handed. But the Conservative ideologues didn't like it. They want wall-to-wall pro-American rhetoric - never mind that no one will listen to the message.


RadioShack expanding HD receiver availability in NYC
RadioShack announced it is expanding its rollout of HD digital radio receivers to include approximately 250 of the nearly 350 RadioShack stores open in the New York metro area. RadioShack announced in May it was becoming the first major national retail chain to support the HD digital radio rollout with a staggered launch of HD digital radio receivers across the country. The first phase included all RadioShack stores in Dallas/Fort Worth and less than 20 pilot stores in such markets as New York City, Los Angeles, Chicago, Philadelphia, Houston and Washington, D.C. This latest expansion including nearly 250 New York metro RadioShack stores coincides with what the company says is growing customer demand for HD digital radio receivers mirroring the growth of HD digital content on local New York radio stations. RadioShack is currently offering customers the desktop Boston Acoustics Recepter HD digital radio in stores and online for $299.99, with plans to offer additional models in the months ahead.

CBS heads for the
Border this month

CBS Radio won't be waiting until closing to pretty much exit the San Antonio market as it prepares to sell KTSA-AM & KJXK-FM to Tom Castro's Border Media Partners for 45 million (8/24/06 RBR #165). The documentation now filed with the FCC includes an LMA, which will go into effect September 30th, or earlier if BMP gives three days notice that it is ready to take over programming and sales for the stations. As required by the FCC's rules on LMAs, CBS will maintain a General Manager and a couple of other employees at the stations until closing.

Disney plans ahead
Disney CEO Bob Iger apparently wasn't happy about having to reschedule his quarterly conference call early this month when it turned out that it had originally been set for the same date and time as News Corporation. Obviously, lots of analysts cover both companies and would want to be on both calls. Disney is jumping out ahead of the pack in scheduling its next conference call to make sure that it gets the date and time it wants. So mark your calendars: The Walt Disney Company fiscal Q4 and full year conference call will be Thursday, November 9th, beginning at 4:30 pm ET. Ya got that? It's ours now and nobody else can have it!


Wall Street Media Business Report TM
New ways for Clear Channel to raise cash
Clear Channel Communications Inc. has filed with the SEC to create three new vehicles for selling securities: CCCI Capital Trust I, II & III. At this point it is a shelf filing, with no mention yet of the amounts to be raised. The prospectus covers planned offerings from time to time by Clear Channel of common stock, senior debt securities, subordinated debt securities, junior subordinated debt securities, Class A and Class B preferred stock, warrants, stock purchase contracts, stock purchase units and guarantees. In other words, lots of different ways to access capital, depending on market conditions. "The CCCI Capital Trusts I, II and III are each Delaware statutory trusts that will offer and sell preferred securities, from time to time, in one or more offerings. Each Clear Channel Trust will use all of the proceeds from the sale of its preferred securities to buy junior subordinated debt securities of Clear Channel. The Clear Channel Trusts will receive cash payments from the junior subordinated debt securities, and each trust will distribute these payments to the holders of its preferred and common securities. Clear Channel will own all of the common securities of the Clear Channel Trusts," the prospectus explains.

RBR observation: CCU notes that it already has a billion bucks of shelf registration remaining from a previous filing, with that filing fee remainder being rolled over to this one. What is new is creating the CCCI Capital Trusts as yet another sophisticated instrument for accessing capital. We expect these new preferred shares to be sold to institutional investors, not the retail account of John Q. Public.


Ad Business Report TM

US ad spend rose 5.1% in first half of 2006
Ad spending for the first half of 2006 rose by 5.1% over the same period last year, due to gains across major media, according to preliminary figures released by Nielsen Monitor-Plus. Advertising spending increased in almost all reported media, led by Internet, Spanish-Language TV and Local Magazines. A number of media haven't shown much movement through the first half including Spot Radio, Local Newspaper, B-to-B magazines, National Cable TV, FSI Coupon, and the smaller Spot TV markets.
| Read More... |

CDC: half of alcohol ads on radio
airing on youth programming

About half of the alcohol ads on radio are aired during youth-oriented programs, according to a new study. It's the first to assess alcohol advertising on radio since 2003, when the alcohol industry vowed to no longer run ads on radio programs in which 30% or more of the audience is under 21. "If alcohol companies had done a better job of following their voluntary standards, youth exposure to alcohol ads on the radio in the summer of 2004 would have been substantially reduced," according to data from the Center on Alcohol Marketing and Youth (CAMY) published in the Centers for Disease Control and Prevention (CDC) publication, Morbidity and Mortality Weekly Report (MMWR).
| Read More... |


NAB Day Time Planner
The following will be attending the NAB. Call or email to make your
appointment in advance.
BROKERS
Todd Fowler/David Reeder/Gene Ferry/Bruce Pollock, American Media Services, Hilton Anatole, 843-972-2200, [email protected], [email protected], [email protected], [email protected]

Jack Higgins/Dan Graves/Joel Day/Denis LeClair, Cobb Corp, Hilton Anatole, office 239-478-3737, [email protected]

Andrew P. McClure, The Exline Company, Hilton Anatole, office 415-479-3484, cell 415-497-3855, [email protected]

Frank Boyle, Frank Boyle & Co., Sheraton Suites Market Center, 203-969-2020, [email protected]

Cliff Gardiner, Clifton Gardiner & Co., Hilton Anatole, 303-758-6900, [email protected]

Gordon Rice, Gordon Rice Associates,
843-884-3590, Hilton Anatole, [email protected]

Ed Henson, Henson Media, Inc., Louisville, KY, 502-589-0060, Hilton Anatole, [email protected]

John L. Pierce,
John Pierce & Company LLC,
859-647-0101, cell 859-512-3015, Hilton Anatole, [email protected]
Jamie Rasnick,
John Pierce & Company LLC,
859-647-0101, cell 513-252-1186, Hilton Anatole, [email protected]

Dick Kozacko/George Kimble,
Kozacko Media Services, office 607-733-7138, cell 607-738-1219, Hilton Anatole,
[email protected]

Larry Patrick/Greg Guy/Susan Patrick/Summer Foust,
Patrick Communications, Hilton Anatole
Suite #1034, 410-740-0250, [email protected]

Glenn Serafin, Serafin Bros., Inc.,
office 813-885-6060,
cell 813-494-6875, [email protected]

Terry A. Greenwood,
TAG Media Consulting,
Hilton Anatole, office 410-931-3362, [email protected]

LAWYERS
Gregg P. Skall,
Womble Carlyle Sandridge & Rice, PLLC 202-857-4441, Hilton Anatole, [email protected]

TRAFFIC SOFTWARE
Eric Mathewson, Founder and CEO; Wide Orbit; 415-675-6751; Booth 617 and Hilton Anatole Presidential Suite;
[email protected]

Media Business Report TM
Rashid Tobaccowala,
chief innovation officer of Publicis Groupe Media (PGM) and Denuo CEO
Publicis Groupe's Denuo unit is a new strategic initiative designed to anticipate and exploit the rapidly changing digital, interactive and mobile communication environment. Denuo is a standalone business but not based on any pre-existing industry model. Denuo functions as a strategic consultant, an inventor of solutions and as an investor in partnerships. The company is also venturing with a variety of startups including Brightcove, an open Internet TV service, and Shadow TV, a streaming video service that provides access to live and archived television content via the web. Denuom meaning "afresh," "anew" in Latin, is led by Rishad and has offices in Chicago and NYC. Yesterday, we asked about the future of ROI measurement (8/31/06 RBR #170).
| Read More... |


Media Markets & Money TM
Double O up to 15 stations
Terry Bond's fast-growing Double O Radio is up to 15 stations. Media Services Group, which brokered the deal, reports that Double O has closed on its 10.5 million purchase of seven Missouri-Illinois stations from Bick Broadcasting (5/11/06 RBR #93). Bond is now the proud owner of KHMO-AM, KICK-FM, KPCR-AM & KRRY-FM Quincy IL-Hannibal MO, which and KSIS-AM, KSDK-FM & KXKX-FM Sedalia MO, all outside Arbitron-rated markets.

Emmis is almost out of TV
Emmis Communications is almost back to its radio roots. It has just two TV stations left to sell, after selling off 14. Closing was yesterday on the 217.5 million sale of WKCF-TV (Ch. 18) Orlando to Hearst-Argyle for a duopoly (5/9/06 RBR #91). The closing is just in time for Hearst-Argyle to oversee the conversion from the WB to the new CW network, launching on Tuesday. Still no word on a buyer for "The Daily Buzz," which will continue to originate out of the old WKCF studio, which Emmis has retained. "The Daily Buzz" is owned 50/50 by Emmis and ACME Communications. The two Emmis TV stations remaining to be sold are WVUE-TV (Ch. 8, Fox) New Orleans and KGMB-TV (Ch. 9, CBS) Honolulu.


Washington Media Business Report TM
Fines for airing Bush?
You knew this was coming. The FCC has apparently received a couple of dozen complaints from people wanting broadcasters to be fined for indecency for broadcasting President George W. Bush using the s-word in a conversation picked up by a microphone during a private conversation with British Prime Minister Tony Blair during the July G-8 summit (7/19/06 RBR #137). Most of the complaints apparently concern CNN, so no FCC action is possible. However, a handful claim that the Presidential swearing was carried on a local broadcast station. No word on whether they have tapes to back up those claims. And if they do, would the FCC actually fine anyone 325K for broadcasting, in a bona fide newscast, words spoken by the President who signed the legislation upping the maximum fine to 325K?


Entertainment Media Business Report TM
Q101 announces new morning team
Q101 (WKQX-FM) Chicago has announced its new morning show team, after running a Summer of music after the departure of Mancow. Launching the show 9/18 will be Michael McCarthy, lead the morning show's team of writers; host Alan Cox; co-anchors James Engel and Ginger Jordan; news correspondent Steve Tingle; "Man on the Street" David Anthony Ball; and producer Ned Spindle. The program also will feature music and interviews with political newsmakers, celebrities and musical guests.
| See the new team's bios here |


Internet Media Business Report TM
Sprint Radio launches
Sprint's new Sprint Radio service features more than 50 channels of streaming radio and video with programming that offers music, music videos, news, weather, sports, finance and entertainment from sources such as NPR, ESPN and Radio Disney. Sprint Radio is offered through a partnership with mSpot, which is responsible for content production and ongoing operations of the service. Sprint Radio covers many different music genres, including urban, pop, Latin, rock, reggaetone, country, dance, spiritual, jazz and more. It is available via a subscription for 5.95 a month on the Sprint Media Player or as a downloadable Java application. Sprint Radio is offered on select handsets across all three of Sprint's networks: Sprint Power Vision, Sprint Vision and Nextel.


Ratings & Research
Satellite lags terrestrial radio
in number of unique songs played

Clear Channel unveiled new statistics from The Media Audit that busts the myth that satellite radio offers listeners more diversity of playlists and programming than terrestrial radio. Some examples: Triple A: From January 1st through August 22nd-- Clear Channel's KBCO-FM (Denver) -- has aired 3,959 different song titles, 82 more than XM Café (X045). Adult Contemporary: Year-to-date, CC Radio's top-rated station in the nation's largest market -- Adult Contemporary WLTW (New York -- has aired 1,308 different titles, 441 more than XM's 'The Blend.' And in market #58 (Dayton, Ohio), Adult Contemporary WLQT has aired 2,458 different titles - 1,591 more than XM's 'The Blend'. Hit Music Stations: Year-to-date, CC's top-rated Hit station -- KIIS (Los Angeles) -- has aired 485 different titles, 69 more than XM's nationwide 'HitList'. Top rated Des Moines, Iowa Hit station KKDM has aired 582 different song titles - a full 166 more than XM's 'HitList'. CC also found it interesting that The Media Audit found only an estimated 76,000 listeners for both satellite radio services in New York - the largest city in America, with a population of 14 million. That's about the listenership for a single CC Radio station in Asheville, NC, market rank 161.

RBR observation: This is good news, however, let's see some comparisons of CC's HD-2 formats vs. satellite. That's where a variety of format comparisons can be made, head to head. See how many they have:

| The Format Lab | HD-2 formats currently on-air |


Coming Next Week...
DIGITAL MEDIA
Beth Comstock, President, Digital Media and Market Development, NBC Universal
Beth was named president of Digital Media and Market Development in December 2005. She's accountable for driving NBC Universal's digital strategy and leading the company's content and distribution efforts to capitalize on new and emerging digital platforms.

...and...

GM Talkback
Hispanic media managers:
Tell us about their ratings and audience trends.


Transactions
35M WIAT-TV Birmingham AL and KIMT-TV Rochester MN-Mason City IA-Austin MN (Mason City IA) from MG Broadcasting LLC, a subsidiary of Media General Inc. (James Zimmerman) to NVT Birmingham Licensee LLC/NVT Mason City Licensee LLC, subsidiaries of New Vision Television LLC (Jason Elkin et al). 3M escrow, balance in cash at closing. 27M allocated to WIAT, 8M allocated to KIMT. WIAT is CBS affiliate on Channel 42; KIMT is CBS affiliate on Channel 3. [File date 8/18/06.]

2.45M WSJI-FM Philadelphia (Cherry Hill NJ) from Broadcast Learning Center Inc. (Thomas H. Moffit Jr.) to Educational Media Foundation (Richard Jenkins). 122.5K escrow, 477.5K cash at closing, 1.85M note. [File date 8/18/06.]

100K WKIV-FM New London CT (Westerly RI) from Southern Rhode Island Public Radio Broadcasting Inc. (Chris DePaola) to Educational Media Foundation (Richard Jenkins). 10K escrow, balance in cash at closing. Network affiliation agreement signed 11/7/05. [File date 8/18/06.]


Stock Talk
A pretty flat day
August unemployment figures are due out today, so traders were cautious about whether to buy or sell stocks yesterday. The result was a pretty flat market. The Dow Industrials slipped two points to 11,381.

Radio stocks did a bit better. The Radio Index rose 1.433, or 1%, to 142.020. Salem was again volatile - this time to the upside, rising 5.7%. Beasley rose 4.9% and Citadel gained 2.8%.


Radio Stocks

Here's how stocks fared on Thursday

Company Symbol Close Change Company Symbol Close Change

Arbitron

ARB

37.52

+0.27

Hearst-Argyle

HTV

22.86

unch

Beasley

BBGI

7.30

+0.34

Journal Comm.

JRN

10.97

-0.05

CBS CI. B CBS

28.55

-0.26

Lincoln Natl.

LNC

60.70

-0.04

CBS CI. A CBSa

28.56

-0.26

Radio One, Cl. A

ROIA

6.18

+0.10

Citadel CDL
9.19 +0.25

Radio One, Cl. D

ROIAK

6.14

+0.03

Clear Channel

CCU

29.04

+0.29

Regent

RGCI

4.18

+0.03

Cox Radio

CXR

15.86

-0.04

Saga Commun.

SGA

7.96

-0.07

Cumulus

CMLS

10.04

-0.06

Salem Comm.

SALM

12.19

+0.66

Disney

DIS

29.65

+0.08

Sirius Sat. Radio

SIRI

4.08

-0.02

Emmis

EMMS

12.23

-0.09

Spanish Bcg.

SBSA

4.35

+0.04

Entercom

ETM

25.41

+0.12

Univision

UVN

34.56

+0.23

Entravision

EVC

7.43

+0.03

Westwood One

WON

7.33

-0.14

Fisher

FSCI

42.90

+1.01

XM Sat. Radio

XMSR

12.95

-0.08

Gaylord

GET

43.72

+0.23

-

-

-

-

-


Bounceback

Send Us Your OpinionsWe want to
hear from you.

This is your column, so send your comments and
a photo to [email protected]




Below the Fold
Ad Business Report
US ad spend rose 5.1%
in first half of 2006
Nielsen Monitor-Plus says the gains were across all major media...

Media, Markets & Money
Double O up to 15 stations
Terry Bond's fast-growing Double O Radio has closed on 7 more...

Washington Media Business Report
Fines for airing Bush?
The FCC has apparently received a couple of dozen complaints...

Entertainment Business Report
Q101 announces new morning team

The post-Mancow era begins in Chicago...

Publisher Perspective


New formats take new music and material to deliver air play, but where do you find both?

That is what I have been asked by many colleagues when RBR reports on the status of formats and the new HD2. Answer is Local. To prove my point here is a Tampa, FL local artist Buck Finley, a close friend, who has unique talent for air play. Buck and I connected over a decade ago because of RBR and my prior programming background and his music entertainment experience. We all know how we all just hook up with people because of mutual passion for the biz. Buck handed his recent CD that is hot in local clubs entitled 'Gone Too Damn Far' and with the headphones on it sparked that PD in me and I said, "This is a rotation Add Extra". With the politics and world unrest it seems we have 'Gone Too Damn Far' and makes you proud to be an American.

Down load (4:27) and Take a Listen. Excellent for this Labor Day weekend and appropriate as we approach the 5th anniversary of 9/11. In advance, I thank my colleagues for their passion for the biz. If you give a little air play drop me a note at [email protected]

Ps: If you remember 1969 and served you know the feeling in your gut.

Listen Now!

(Lyrics by Buck Finley (BMI). Music by Buck Finley & Sam Schnieders.)
| View the Lyrics |

For On Air Play
Right click the link and choose
"Save Target As" to save the mp3.




Arbitrends

Stations for Sale

CA Central Coast FM
Power increased. New site.
1.5M - Possible Terms.
Brett Miller - MCH Enterprises, Inc.
(805) 237-0952
www.mchentinc.com


Radio Media Moves

'KTU goes Hollywood
Hollywood Hamilton returns to Clear Channel's WKTU-FM New York, paired with Goumba Johnny, to host afternoons as the "Hollywood & Goumba Show."


More News Headlines

Minuto 60 growing top of the hour newscast
Minuto 60 says it has become the fastest growing news service in US Spanish radio, reaching 55.8% of the market. It brings listeners the latest news from the US, Mexico and the World, every hour on the hour, in an agile 3-minute length. Minuto 60 is aired in 44 radio stations within the main US Hispanic Markets, such as Miami, Los Angeles, Dallas, McAllen, Phoenix, Orlando, Sacramento-Stockton-Modesto, Raleigh-Durham, San Diego and Portland.

Hot 97 jock suspended for two weeks
Hot97 NYC talent Miss Jones was suspended for two weeks on 8/25 during an encounter with singer Beyonce and her mother, Tina Knowles. Jones, a well-known critic of the singer, was asked by WQHT management to leave work early to avoid any confrontation with the Knowles family, who were visiting another radio station in the building to promote Beyonce's upcoming album. Confusion on the timing had them face to face in the hallway. Tina said: "I just wanna thank you for talking about me and my daughter everyday while you're on the air. It just boosts her ratings." Jones reportedly fired back: "Actually you should thank M.A.C. makeup for hiding all that oldness you have on your face. Now you look like the joker." Hot 97 responded by suspending Jones.


RBR Radar 2006
Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.

Arbitron ramps up PPM in Philly
Arbitron says it has begun installing its Portable People Meter (PPM) system in Philadelphia, which is slated to become the 2nd market for commercial PPM deployment in early 2007, following the switch from test mode to real world in Houston, which is awaiting accreditation by the Media Rating Council. Arbitron is recruiting a panel of 2,040 consumers, age six and older, to carry the PPM devices in Philly. Far more stations have signed contracts for PPM service in Philadelphia, than in Houston, with Beasley, WBEB-FM, CBS Radio and Greater Media all onboard in the City of Brotherly Love. It is, of course, a return of PPM to Philly, which was the site of the first US test.

RBR observation: Technology waits for No One. Get on board and move Radio Forward. Radio has no time to waste except losing its share of the ad biz pie if we stay the same with diaries. Radio does not move forward you will be seeing more Red next year and nothing else will matter to ad clients and agencies. HD2, Less Is More, nothing will matter unless Radio engages in Technology.
08/31/06 RBR #170

Record 2 billion political ad spend
The RAB reports the potential for a media-buying spike is on the horizon for 2006, and broadcast media (including Radio) can profit from it. Numerous reports are predicting that political ad spending in total could reach a record 2 billion. Despite the fact that 2006 is considered an "off-year" election - a non-Presidential campaign year - most forecasters are expecting significantly more spending this year than during the Presidential election in 2004. There are many more elections taking place this year nationwide

RBR observation: Politics is a business and it will become an ad category. Get your marketing teams in place because the people in charge of this advertising spending are young and did not grow up with Radio. They were raised on the Internet.
08/30/06 RBR #169

XM receivers rolling off
assembly lines again
Audiovox reports that it has already resumed production of Audiovox Xpress receivers for XM Satellite Radio after the FCC certified that problems with excessive FM band emissions have been resolved. The certification also cleared the way for production of the RoadyXT and XM Sportscaster models by Delphi in time to be on store shelves for the holiday selling season.

RBR observation: Key is the Christmas Holiday spending. It has already Started. More details in
08/30/06 RBR #169

San Antonio deal a half-price sale
Wall Street may have been applauding CBS for the big multiple in its sale of KTSA-AM and KXJK-FM San Antonio to Tom Castro's Border Media Partners (8/24/06 RBR #165), but it turns out that it is a half-price sale as far as the seller is concerned.

RBR observation: How things have changed. The previous sale was done at the peak of the market, just before values began to decline. Not only did Bernard Waterman get 90 million bucks, but he made Mel Karmazin structure the deal to be tax-free for the seller. According to the 4/3/2000 issue of RBR, Waterman got 90 million in Infinity stock for the stock of Waterman Broadcasting Corporation of Texas. We wonder if he had the good luck to sell before Infinity/Viacom/CBS began to slide with other media stocks. Lot more to read on this in
08/29/06 RBR #168

Google and eBay pact for
"click to call" functionality

Internet giants Google and eBay announced a multi-year deal involving text-based advertising and "click-to-call" advertising functionality. Google will become the exclusive text-based ad provider for eBay outside the US. Yahoo struck a parallel deal in May to handle all of eBay's U.S. ads. The click-to-call functionality will leverage both Skype and Google Talk globally in each company's respective shopping and search platforms.
08/29/06 RBR #168


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