RBR's Daily Morning Epaper

Volume 21, Issue 217, Jim Carnegie, Editor & Publisher

Friday Morning November 5th, 2004

Radio News®

Competitors expect gains from "Less is More"
Clear Channel's "Less is More" initiative is emerging as a hot topic on the quarterly conference calls of every radio group - - and they're all telling Wall Street that the move is going to give a boost to the entire industry, not just Clear Channel. At Citadel Broadcasting, COO Judy Ellis told analysts that her company won't be changing its inventory loads, but rather will be making sure that managers don't bend the rules to add spots. CEO

Farid Suleman, pictured, also applauded the Clear Channel move, with the caveat that moving more advertisers to 30-second spots will only be a plus if stations really get 75% of the price of a 60.

At Cumulus Media, CEO Lew Dickey said his company hasn't yet seen advertisers moving to 30s, but he's convinced that will change as Clear Channel pushes the idea - - so Cumulus is getting ready by including two 30s as the first spots in each stop set.

RBR observation: For a company that used to be vilified by its competitors for being the rate whore that was dragging everyone else down, the "Less is More" initiative has really turned around Clear Channel's image in the radio industry. Now the key is to really make the inventory limits stick and put some rate integrity back into radio. The whole radio industry is watching to see if the notorious sinner has really gotten religion. Although the impact will be less direct, radio's attempt to cut clutter and boost rates should be good news for TV as well, helping to put some upward pressure on rates across the media landscape as TV stations again have more open inventory following the election cycle. Industry leaders are trying every way to make and push the positive of 'Less is More' and for the radio business future we trust it works or these words may be true spoken by WW II Congressional Medal of Honor Recipient, Major Gregory 'Pappy' Boyington once said, "Just name a hero and I'll prove he's a bum." Take heed as we all have to make this work.

Rep settlement cost Citadel 16.4 million in Q3
We now have at least partial price tag for Citadel's contentious jump from Interep to Katz as its national rep 13 months ago, which was finally settled in August (8/23/04 RBR Daily Epaper #164). Although it's far short of the 65 million that Interep claimed it was owed, Citadel took a 16.4 million non-cash charge against its Q3 financials because of the settlement. Citadel isn't paying Interep any cash directly - - rather, Katz, which is owned by Clear Channel, has settled Citadel's obligations to Interep and Citadel has entered into a long-term contract with Katz which includes some provision to cover the settlement. Our sources indicate, though, that the 16.4 million is only part of the total settlement, so there's more yet to be learned from SEC filings by the companies involved.

Sinclair: No such thing as bad publicity
The fallout from "POW Story," Sinclair Broadcast Group's controversial pre-election documentary, was not the financial disaster many predicted, according to company executives. In fact, local news operations are said to have benefited from the company's high profile jaunt through the mainstream news. Two Davids, Smith and Amy, took part in a conference call, where they characterized the value of the "POW Story" incident, saying it was "...probably worth tens of millions of dollars." They were a major topic of G. Gordon Liddy's radio show for days on end, and were all over the major networks and newspapers. Because of that, many viewers sampled their news programs, and many are sticking with them. That said, they were disturbed by the mischaracterization by the press of their program, which many reported would consist of a showing of "Stolen Honor" in its entirety, followed by a panel discussion. Looking ahead at ownership dereg and the M&A market, they do not expect much to change in the near future, noting that this has never seemed to be a high priority for the Bush administration. Although Bush is obviously on the dereg side, this is not an area in which he has demonstrated much personal interest, and most of the action now is in the courts rather than within the FCC. They said they have retained Bear Stearns to shop around some television stations that do not fit into the group's long term plans. Political advertising kept the company in the black this year. Deducting all of it produces a net Q3 loss of about 6%. However, if the 50% rule is applied, taking into account that some of those spots would have gone to traditional advertisers, SBG was flat to slightly down.

RBR observation:
Is there an election indecency factor?
There has been speculation in the press, notably up to and including the Wall Street Journal, that the tenor and enforcement of indecency regulations may hang in the balance, depending on who won the presidency. We now know who won, but we don't know the fallout. But we don't think anything was hanging in the balance at all. Part of the indecency argument hinges on the possible elevation to the Commission chair of Michael Copps, should Kerry have won. That was never a foregone conclusion to begin with, and regardless, it probably doesn't matter anyway. Yes, it's true that Copps was the first to make indecency a driving issue, and has been the loudest voice on the topic, and has consistently opposed even some of the largest indecency fines ever imposed because they haven't been severe enough. Truth told, he wants a license revocation in his scalp belt. Nevertheless, the Republicans on the Commission and on Capitol Hill are just as eager to take up the fight against indecent programming as are any Democrats. It is truly a bipartisan issue, with a few lonely fans of the First Amendment on the Hill, and nobody in the Commission, putting up token resistance to efforts to clamp down on the indecent. The legislative process has continually saddled anti-indecency measures with excess baggage throughout 2004. That is the only thing which has kept a fine increase up to 500K per egregious offense from becoming the law of the land. Look for Congress to make it the law in 2005, if not sooner in its upcoming lame duck session.

Viacom to bid for MarketWatch
Viacom has confirmed in an SEC filing that it will be bidding to buy MarketWatch Inc., which has hired an investment banker to solicit bids. Viacom's interest was expected, since MarketWatch operates the CBS MarketWatch website and Viacom already owns about 22% of the company's stock. MarketWatch's other big shareholder, also at about 22%, is Pearson Plc. Several other companies are also expected to bid, or at least consider bidding, including Dow Jones and Yahoo!

Conference Calls Q3 2004

Citadel books local growth, adds stock buyback
Q3 revenues were up 11.2% to 107.5 million at Citadel Broadcasting, but a lot of that was due to acquisitions. On a same station basis, revenues rose 3%.

CEO Farid Suleman told analysts that local was the driver, with national spot sales soft. As for Q4, Suleman said pacings are comparable to Q3. Station operating income rose 10.8% to 48.3 million - - a same station gain of 7%. Suleman said it continues to be difficult to make acquisitions because seller expectations are so high. Like many other public group heads, he's found that buying back his own company's stock is the best use of some free cash flow. To that end, Citadel's board of directors has approved an additional stock buyback of 300 million bucks, in addition to the previous 100 million authorization that has been largely used up. As of Tuesday, Citadel had bought back approximately six million shares for a total of 82.8 million bucks.

Cumulus same station revenues up 3.8%
With some recent acquisitions thrown into the mix, Q3 net revenues were up 12.6% at Cumulus Media to 84 million. On a same station basis, though, that fell to a 3.8% gain. CEO Lew Dickey told analysts to look for much the same in Q4. He gave guidance for the current quarter of 2-4% and said pacings are currently in the middle of that range. Dickey said December is building slowly, which he attributed to advertisers holding off because of the election season. He's predicting an uptick in consumer confidence now that the election is a done deal. Station operating income at Cumulus was 32.4 million in Q4 - - up 16.5% on a historical basis and 10% same station.

Univision revenues shoot up 21%
Yes, that's the pro forma figure, including the former Hispanic Broadcasting in the comparison. Univision's Q3 pro forma revenues were up a whopping 21% to 477.4 million, with net income up 67% to 73.4 million. On a historical basis, revenues were up 49% and net income 74%. There were big gains across both the TV and radio divisions of the nation's largest Spanish broadcasting company.

Mac Tichenor, President of Univision Radio, told investors that the company's cross-platform strategy is paying off. In addition to getting a two point boost from integrated sales, he said the company's AM radio network got another couple of points from sharing resources with Univision's TV news operation. That's just the beginning, and

Tichenor says cross-platform advantages will continue to boost Univision's growth. Television revenues were up 16% to 328.1 million. The company noted that its Univision Network broadcast 49 of the top 50 programs watched in Hispanic households, regardless of language preference, in Q3. Locally, its stations were #1 in primetime for adults 18-49 among all stations in Los Angeles, Houston, Dallas, Phoenix, Fresno and Bakersfield and tied for first in Miami. At the newer TeleFutura Network, audience numbers were up 22% in primetime for the 18-49 demo. Radio revenues were up 10% to 89.9 million, which Tichenor noted compared to 1% for the radio industry. Political spending was up significantly, although he said the Spanish radio giant still isn't getting its fair share of campaign spending. Also driving growth were financial, grocery story, beverage, telephone/cellular, medical services and household products.

Up, up and away at Entravision
Hispanic radio/TV group Entravision produced significant revenue growth in Q3 2004, driving net revenue up 9%, broadcast cash flow up 19%, EBITDA up 22%, and free cash flow up 56%. Those four numbers are also reflective of YTD performance, which is only slightly lower: 8%, 17%, 16% and 48% respectively. "Our third quarter revenue growth was among the strongest in the media industry, highlighting the exceptionally strategic positioning of our assets in serving the nation's Hispanic population," said Chairman/CEO Walter Ulloa. Looking ahead, he said, "As we grow our business, we will continue to review potential expansion opportunities in new markets, while ensuring that we are in an optimal position in each of our current markets to drive market share growth and financial returns. Given our diversified asset base in the nation's most densely populated Hispanic markets and our improving operating fundamentals, we remain very well positioned to drive shareholder value." Pro forma net revenue breakdowns for Q3 included a 13% gain for TV, a 7% gain for radio and an 8% gain for outdoor. It's looking for another 8%-89% gain in Q4, with radio overtaking outdoor as its second fastest growing segment.

Revenues up 4% at Radio One
Urban specialist Radio One reports that Q3 revenues were up 4% to 84.4 million. Station operating income rose 4% to 47.2 million. "Radio One continues to excel on virtually all metrics in spite of the difficult industry environment during the third quarter. We also completed the acquisition of radio station KROI-FM (formerly KRTS-FM) in Houston and announced our agreement to acquire the assets of WABZ-FM in Charlotte. While the radio industry continues to find its footing, we are optimistic that, with our ratings gains, new stations coming on line, and new initiatives, we are poised to continue to outperform the industry for the foreseeable future and continue to increase the long-term value of Radio One," said CEO Alfred Liggins.

XM Q3 doubles last year's results
XM Satellite Radio's Q3 revenue was 65.4 million, more than double the 26.9 million reported in the Q3 '03. Q3 revenue also represented a 23% increase compared to revenue of 53.0 million reported in Q2 - - and the company's net loss decreased. | More... |

Adbiz©

OMD, Office Depot, CC Katz Advantage, Premiere launching Trumped sweepstakes
Office Depot announced it has teamed with OMD, Clear Channel Katz Advantage and Premiere Radio Networks to implement the company's latest promotion aimed at small business customers - - the "Office Depot Trumped! In New York Sweepstakes." The national promotion, which kicks off 11/7 and runs to 11/26 in more than 900 Office Depot stores across the country, offers Office Depot shoppers the opportunity to win a Donald Trump-themed first class trip to New York City. | More... |

TV pay-per-call ad trend revealed for 2005
Beware: Many advertisers who use Internet performance-based programs are turning to other media channels wanting similar guarantees. Television's largest broker of performance-based advertising sees significant changes for its industry in 2005. "New advertisers are discovering pay-per-call on television," says Joseph Gray, a 15-year veteran of television advertising and CEO of RevShare. "And they're experiencing tremendous efficiency and volume that mediums like direct response television can provide in comparison to what have become saturated and overly competitive Internet pay-per-click models." | More... |

Comcast Cable looks at five agencies
Adweek reports Comcast Cable has narrowed the list of contenders in the review for creative chores on its national ad account to five: The Richards Group Dallas, Deutsch, Marina del Rey, CA, Goodby Silverstein & Partners San Francisco, TBWA\Chiat\Day NY and DDB NY. Red Tettemer in Philadelphia is the incumbent. Comcast spent nearly 120 million in measured media last year, according to TNS Media Intelligence/CMR.

January 2005 Debut! Radio & Television Business Report Look for RBR/TVBR in-depth RAB & TVB ad chiefs forecasts revisited: What they said in 2004. Were they were Right or Wrong? What Radio & TV need to overcome in 2005 Where do they stand on People Meter? GM Talkback Examining the Sarbanes-Oxley Act with Bill Moll, President/CEO, CC Television Joe Barlek, SVP\Controller, Susquehanna Radio Ed Piette, CBS's KCCO-TV Minneapolis AdBiz Marc Goldstein Mindshare CEO explains his clients' biggest concerns. Answering the biggie: Has the network television upfront peaked? And Much More... Close-up analysis of Arbitron's PPM and Nielsen's LPM \| Register For Your Free Issue! \|
		Added point of distribution 43rd annual NATPE convention January 25-27, Mandalay Bay Hotel & Convention Center, Las Vegas. Limited marketing/ad space available, Contact: Publisher--Jim Carnegie [email protected] 813 909 2986 or Director of Sales--June Barnes [email protected] 803 731-5951

Media Markets & MoneyTM

Vox Crains its neck in the Keys
Bruce Danziger and partner Burton Barlow are adding stations to an island-hopping radio group in the Florida Keys. The current arrangement replaces one which failed to close. Danziger's Vox Communications Group will acquire WCNK-FM Key West and WWWS-FM Big Pine Key from Crain Broadcasting for just below 3.5M bucks cash. Under the auspices of LSM Radio, Vox owns WAVK-FM and WWWK-FM in Marathon and has an interest in a group which is running WPIK-FM Summerland Key in an LMA wtih John McNeil Productions. The five stations form two clusters - - one on the western extremity of the Keys and the other to the east, with some minimal overlap in the middle. A deal to sell the stations to Cooke Communications, which owns a local Key West newspaper, never arrived at closure. That deal was set at 3.375M - - the price has gone up a litte less than 100K since.

Correction
You can say what you want about broker George Reed, but you can't say he works for Media Venture Partners, as we did yesterday ("No jest: WJES sale is complete"). His firm is Media Services Group.

Washington Beat

Mail avail for DTV
The FCC's Media Bureau has set up a special electronic mailbox for television stations wishing to submit correspondence regarding FCC Form 381, which is the form used by full power TV licensees to certify tech info used in the DTV channel election process. That form is due today. The mailbox is at [email protected]. This box is for info submitted in conjunction with Form 381, and "...will not affect a station's service area that will be protected during the channel election process." Snail mail submissions should be addressed to Federal Communications Commission, Media Bureau, Attn: Form 381 correspondence, Washington DC 20554.

Programming

No tears over Howard at Citadel
Citadel Broadcasting has more Howard Stern affiliates than anyone besides Infinity, but CEO Farid Suleman isn't getting upset about Stern's pending move to Sirius Satellite Radio. He told analysts yesterday that while Citadel currently carries Stern on four of its stations, the show is only important in two markets. Even then, it's a tough sell. Suleman noted that while Stern draws big ratings on WBBL-AM Grand Rapids, MI, it's hard to get advertisers to buy spots because of the content. Also, Suleman sees an upside to Stern's departure in some markets where an Infinity station will be losing Howard and Citadel will have an opportunity to build its morning show audience on a competing station.

Ratings & Research

Arbitron releases
Summer 2004 response data
Arbitron, still struggling a bit with response rates, released some fairly encouraging, stable numbers, especially for the top 10 metros. The summary included response rates (the percentage of the total eligible sample who returned a usable diary), consent rates (the percentage of eligible sample who live in households that said "yes" to keeping an Arbitron diary) and return rates (the percentage of people who were sent a diary by Arbitron who returned a usable diary) for the 98 markets measured in the Summer 2004 survey (7/1-9/22). In the top ten Metros, response rates rose by 1.1 points, from 27.9% in Summer 2003, to 29.0% in Summer 2004. The top 50 markets surveyed in Summer showed an increase in response rates from 29.4% in 2003 to 29.5% in 2004. | More... |

Transactions

KRNR-AM Roseburg OR from Douglas Country Tricasters to Brooke Communications Inc.

KWKC-AM/KZQQ-AM Abilene TX from Adrian Lloyd Mynatt/Dynamic Broadcasting Inc. to Abilene Radio Corporation.

WJCI-AM Champaign IL (Rantoul IL) from Vanguard Broadcasting to Hooterville Broadcasting Inc.

| More... |

Stock Talk

Stocks rise on election and oil prices
Stock prices rose for a second day on the GOP election win, plus an added boost from a decline in oil prices. The Dow Industrials were up another 178 points, or 1.8%, to 10,315.

Radio stocks gained again. The Radio Index rose 3.464, or 1.5%, to 228.245. Companies with good earnings reports got a boost. Entravision was up 3.9%, Citadel 3.2% and Cumulus 1.5%.

Radio Stocks

**Here's how stocks fared on Thursday**
Company	Symbol	Close		Change	Company	Symbol	Close		Change
Arbitron	ARB		37.58	+0.38	Jeff-Pilot	JP		49.32	+0.81
Beasley	BBGI		16.80	-0.10	Journal Comm.	JRN		16.77	+0.10
Citadel	CDL		15.22	+0.47	Radio One, Cl. A	ROIA		14.50	+0.09
Clear Channel	CCU		33.81	+0.33	Radio One, Cl. D	ROIAK		14.54	+0.21
Cox Radio	CXR		16.00	+0.12	Regent	RGCI		5.86	+0.16
Cumulus	CMLS		16.36	+0.24	Saga Commun.	SGA		17.61	+0.19
Disney	DIS		26.32	+0.68	Salem Comm.	SALM		26.60	+0.53
Emmis	EMMS		19.31	+0.36	Sirius Sat. Radio	SIRI		3.92	unch
Entercom	ETM		35.44	+0.48	Spanish Bcg.	SBSA		10.34	+0.24
Entravision	EVC		8.37	+0.31	Univision	UVN		32.80	+0.10
Fisher	FSCI		48.11	+0.27	Viacom, Cl. A	VIA		37.39	+0.32
Gaylord	GET		34.13	+1.03	Viacom, Cl. B	VIAb		37.00	+0.49
Hearst-Argyle	HTV		26.05	+0.01	Westwood One	WON		23.06	+0.05
Interep	IREP		0.85	+0.10	XM Sat. Radio	XMSR		33.12	-0.22
International Bcg.	IBCS		0.01	unch	-	-	-	-	-

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Bounceback

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Upped & Tapped

Moore is multi-
cultural chief
ABC Radio Networks has named Donald Moore, formerly President and COO of LEVAS Communications, to the newly created position of Vice President, Multi-cultural Sales.

Changing of the lawyers
Linda Vilardo, who had been General Counsel, has been promoted to Chief Administrative Officer at Radio One. Filling the General Counsel post is John Jones, who rejoins the company from TV One.

Stations For Sale

AM Opportunities
Great AM's in Wyoming,
Tennessee, Alabama, Virginia,
Idaho and New Mexico
Cliff at Clifton Gardiner & Co (303)758-6900
[email protected]

Opportunities in the West for Groups or Owner Operators. Profitable combos. Major market move-ins (FM and LPTV). AM's, both Rated and Unrated. The Exline Team, Andy McClure, Dean LeGras, 415-479-3484, [email protected]

More News Headlines

Smulyan to guest on
ESPN2's Cold Pizza

JRN's Lia to co-host Shania Twain's Greatest Hits premiere show

TVBR - TV News

Murdoch eyes new business channel
CNNfn is about to become history (10/29/04 TVBR Daily Epaper #212), but that doesn't mean that NBC Universal's CNBC is going to have the business news network business all to itself for long. In his conference call this week, News Corporation CEO Rupert Murdoch confirmed that he is looking at starting a financial news channel under the Fox brand. Since such a new venture would be able to share a lot of the overhead and structure of Fox News Channel, Murdoch said it could be launched very quickly. He said talks are beginning with the MSOs on distribution. Of course, the proposed financial network would be able to instantly go nationwide via one distribution system - - DirecTV, which is now controlled by News Corporation.

October Digital
Solutions Magazine

Who Will Sit on the Throne?
The election -What is in it
for Broacasters?

One On One
with PHD's Patrick McNew -
The man that over sees spot
for Chrysler Group.

Engineered For Profit
'05 budgets and capital expenditures, our close up look at who's planning to buy what next year.

October Zinio Solutions Magazine
Read RBR in 2 simple steps:
1.Create a simple account with Zinio and download the Zinio Reader.
2. You can then download the October Issue of RBR

RBR Radar 2004

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

Adieu, adios, Adelstein...
Is the name Adelstein going to be synonymous with good-bye? It sure looks like it. His renomination to the FCC has been held up by the White House despite the fact that he enjoys widespread bipartisan support. To top of the reluctance of the White House, he has now lost his sponsor, the defeated Tom Daschle (D-SD), removing what value he may have had as a bargaining chip. The makeup of the FCC in the near future is very much in question. RBR observation: Chairman Powell always answered the question about his job at the FCC with the answer on what the polls showed the President at the time. Now the Mr. Bush is 100% sure and now so is Michael's future either at the FCC or at a higher position. So the next spin is what throne will Michael Powell be sitting on come next year? For sure the throne is turning from porcelain to gold. 11/04/04 RBR #216

Infinity:
We're playing hardball when it comes to sports rights renewals
We got more from an Infinity source regarding the NY Daily News' recent story that Major League Baseball's new 11-year, 650 million deal with XM Satellite Radio has angered current MLB radio rights holders over being "sold out" by Commissioner Selig and the owners. Here are the details, confirming the above: "This is what I'm going to do when some of these teams' contracts come up - - and some of them are up in the next 12 months. We're playing hardball, I'll tell you that. I mean we got rid of the Bucs, we're negotiating the Chicago Bears right now. If we don't get what we want, we get rid of them."
RBR observation: We reported that Infinity was paying around 4m dollars for the Tampa Bucs when they had the rights but now that is put to the top line and the Bucs are a big loser as Infinity the winner. These numbers maybe a touch low but sources estimate fees for: Cowboys 8m, Raven 3.8m, Lions 4m, Patriots 4.5m which probably has gone up, Bears 4.75m, Redskins 7.5m, Eagles 5.5m, and Giants 4.9m. Now add in paying for the on-air talent with travel expenses around another 1m, the big press box plus the food with beverages and we are talking expensive. Don't pay to play and put that cash towards more local talent, production and creative copy people. 11/04/04 RBR #216

Clear Channel targets
worldwide TV market
Television may be only a small part of the domestic business of Clear Channel Communications, but Clear Channel Entertainment (CCE) has big plans for the international TV market. The new effort to distribute CCE-originated TV programming and home video products around the globe. The company has also included a global television distribution strategy on rights for all Clear Channel Entertainment and Clear Channel Entertainment Television originated productions. The division will be working directly as both a program licensor and a supplier to specialty third party distribution partners in addition to serving other international distribution channels. CCETV will also be overseeing the global strategy for distribution of Clear Channel Entertainment TV's home video properties.
11/03/04 RBR #215

Watchdog tries to take
a bite out of Sinclair
Media watchdog organization Free Press has filed to deny license renewals to Sinclair Broadcast Group and its LMA partner Cunningham Broadcasting Corporation. Free Press notes two 40K fines against Sinclair and Cunningham's precursor, Glencairn, for running too cozy of an LMA operation, and says that the relationship is as cozy now as it ever was. RBR observation: We said this weeks ago, 10/08/04, as NAB boss Eddie Fritts just warned us of this problem saying "Bottom line - - these groups are out for your licenses, or at the very least to affect the program content of your stations - - and they aren't going away anytime soon." 11/03/04 RBR #215

Broadcast still tops with LPM
For the week ended October 24, the number crunchers at the Television Bureau of Advertising (TVB) report that broadcast TV drew a higher aggregate primetime rating than ad-supported cable in all five LPM markets in the three measured demos: HH, A18-49, and A25-54. LPMs are now up and running in Boston, Chicago, New York, San Francisco and Los Angeles.
11/02/04 TVBR #214

"Less is More" is on a fast track
CCU speeds up the process to next month, December. Clear Channel officials say advertisers are showing interest in the company's attempt to sell 30-second spots, priced at 75% of the rate for 60s. CEO John Hogan said Clear Channel is not trying to get premium rates for 30s, but rather is offering advertisers premium positions at premium rates.
RBR observation: CCU's top premium is heading to one stop set is called the 'Island Position' where one advertiser owns that set. Unclear the length but in respect it breathes similar to television getting content into the programming. Fort Lauderdale based auto retailer AutoNation, which spends around 25M only on local advertising, should take kindly to this Island Position especially if any content is involved. 11/01/04 RBR #213

Meredith fires broadcast
chief O'Brien
In a stunning announcement, Meredith Corporation said its board of directors had terminated Meredith Broadcasting Group President Kevin O'Brien "for violations of Meredith's Equal Employment Opportunity policies." O'Brien had been hired to head the company's broadcast division in 2001. 11/01/04 TVBR #213

Viacom begins
"mega-buyback" of stock
Demonstrating just how deeply he's dissatisfied with how Wall Street values his company's stock, Sumner Redstone announced that Viacom's board of directors had authorized an unprecedented eight billion dollar stock buyback plan. Redstone was a happy camper in his conference call as total revenues were up 4% to 5.5 billion, with radio the only real laggard. Redstone vowed that the company would be aggressive in buying back its own stock at current price levels. The buyback started Thursday, 10/28- at 1:30pm.
RBR observation: In Viacom case we can't spout go private. We can say maybe Sumner should loosen up the marketing and promotion dollars and get people excited again about Viacom with Karmazin gone. And, show a vote of confidence to Les Moonves. Karmazin never spent a dime. 10/29/04 RBR #212

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