Welcome to RBR's Daily Epaper
Volume 25, Issue 23, Jim Carnegie, Editor & Publisher
Monday Morning February 4th, 2008

Radio News ®

CCU takes "body blows,"
still standing

Bear Stearns analyst Vic Miller says Clear Channel has taken some "body blows," such as the leaked cost cutting memo first posted on RBR.com and troubles with station sale deals, but he thinks the company can withstand some body blows because 2007 BFC could come in ahead of expectations. That's largely due to stronger-than-expected performance at Clear Channel Outdoor, owned 89% by CCU, which fellow Bear Stearns analyst Chris Ensley has upgraded to "Outperform." Miller believes the buyout by Thomas H. Lee Partners and Bain Capital at 39.20 per share will likely go to closing. If it doesn't, he sees CCU shares falling to a range of 25-26, but if his financial estimates are on target, he sees the real value around 34, which is still above where they have been trading lately. We've posted more of the thinking from these two analysts for you at RBR.com.

RBR observation: For a perspective in time RBR recommends you take a few minutes to scan and digest the Archives on RBR.com. Example: 5 years ago 2003 issue 24 - Clear Channel stock fared at 40.08 and by Friday that week issue #27 down to 37.70. Review CCU this week 2007, RBR issue # 24 - 36.43 and by Friday issue #28 - 36.65. After hard body blow last week, CCU closed Friday at 31.77. Patterns paint a picture and for complete analysis see RBR.com's
| the HOT LIST report #1 |

Pushing radio's PPM CUME story
Fans of Arbitron's Portable People Meter (PPM) have said the most important thing coming out of the new ratings system is that radio should adjust the way it sells advertising to promote the much larger CUME audiences reported under PPM. In Friday's monthly PPM update for reporters, Arbitron brought out figures from New York, where PPM is still in test phase, showing that radio stations in the market collectively have a daily CUME of 11.9 million, more than double the circulation of 5.6 million for all daily newspapers in the market combined. The data run had been suggested by Citadel CEO Farid Suleman. Indeed, although Citadel has only two stations in New York, they still out-CUMEd the New York Times and every other daily except the Wall Street Journal. The larger clusters of Clear Channel, CBS Radio and Emmis even topped the WSJ, with Clear Channel all by itself beating all of the dailies combined.
| The slides provided by Arbitron are worth a look. |

In Friday's monthly PPM update, Arbitron officials noted that they are hitting panel sample size benchmarks in all of the PPM markets currently in currency or pre-currency mode and are well within the 80% guarantee to broadcasters for persons 18-54. The 18-34 demo continues to be vexing in the two embedded markets within the New York Metro. All six demos broken out within the 18-34 age group are below the 70% benchmark in the Nassau-Suffolk market and five of the six in Middlesex-Somerset-Union (although the Arbitron folks note that two more are close). For the core New York market, the 18-34 numbers are below the 70% benchmark only for women and blacks. Having recently released the first ever Holiday ratings book under PPM, since that is a down time for diary measurement, Arbitron President, Sales and Marketing, Pierre Bouvard noted that ratings doubled and more for AC stations that programmed wall-to-wall Christmas music. "If I am a sales manager sitting here looking at these numbers, I'm thinking about my rates and what they should be next December. Certainly I have a very strong and persuasive story to have seismic rate increases for my radio station for next year," he suggested.

Bob Wright to private equity
Former NBC Universal CEO Bob Wright has taken a new job as a Senior Advisor to Lee Equity Partners. The private equity firm was launched in 2006 by Thomas H. Lee after he left the company which still bears his name. While Thomas H. Lee Partners has been active in broadcasting buyouts, including its pending deal to take Clear Channel private in partnership with Bain Capital, RBR/TVBR was unable to find any evidence that Lee Equity Partners has been involved in any broadcasting deals to date. That could well change with Wright on board. "Bob is a visionary in both the financial services and media and broadcasting sectors and brings a wealth of knowledge and experience to Lee Equity Partners. I am so pleased that he is joining us," said Thomas H. Lee, President and CEO of Lee Equity Partners. "I am grateful for the opportunities that General Electric Company has afforded me and am proud of my years of service and leadership there. I look forward to achieving equally great things with Tom Lee and his talented group of partners at Lee Equity," said Wright of his new job, following his long career with GE in its financial services and NBC operations. GE, meanwhile, said in an SEC filing that Wright will retire from his remaining post of Vice Chairman on May 1st. Lee Equity Partners says its target market for private equity investments includes companies with enterprise values of between 500 million and three billion. Lee Equity calls itself "a generalist firm whose professionals have significant expertise in a number of industries, including Financial, Healthcare and Business Services, Retail and Consumer Products and Media."

Republicans closed the gap in Q4 2007
At the end of Q3 2007, Republican presidential candidates were 65.9M behind their Democratic counterparts in the total fund-raising race, with a total take of 175.1M compared to 241.0M on the other side. By the end of Q4, there was still a significant gap between the two parties, but the Republicans managed to close the difference to within 52.6M, according to data just released by the Federal Election Commission. Hillary Clinton (D-NY) remained at the front of the pack with 115.6M, ahead of Barack Obama (D-IL), who had bankrolled 102.2M so far. John Edwards (D-NC), who joined the majority of one-time candidates on the sidelines last week, was a distant third with 43.9M. On the Republican side, Mitt Romney (R-MA) has amassed 88.5M thus far (much of it -- we hear well over 30M -- on loan from himself), besting the recently departed Rudy Giuliani (R-NY) with 60.9M and third place John McCain (R-AZ) with 41.1M. Despite his lower ranking on the fund-raising chart, most observers are awarding the former Commerce Committee Chairman the front-runner label these days after back-to-back victories in South Carolina and Florida. The heat-seeker remains Ron Paul (R-TX), who more than tripled his income during Q4, although to no apparent avail in terms of votes cast nor poll preferences cited.

Republicans 28, Democrats 5
No, the Red party didn't score four touchdowns while surrendering a field goal and a safety to the Blues. And this is not the score from a slow pitch softball game. The numbers refer to how many members of Congress are declining to run for re-election in 2008, and can be interpreted as another hurdle for the Republicans. One of the reasons for the exodus is the loss of control of the House to Democrats in 2006. Along with the Republican's new 232-199 minority status came loss of committee chairmanships and loss of the ability to set the agenda, all on top of the new likelihood of being on the losing end of floor votes. Many political armchair quarterbacks have noted that the party making big inroads in a given year, as the Democrats did in 2006, often cedes back some territory during the next cycle, as the opposition party makes a special effort to target House freshmen who are trying to graduate to sophomore status. However, this time it appears that much of the Republican exodus is taking place in districts where the Republican incumbent barely hung onto the seat in 2006. The lack of an incumbent in these battlegrounds put them at risk of going from red to blue. The retirements generally create a need for an influx of national cash to try to defend the seat, and that is another problem for the Republicans. According to the New York Times, the Democrats' Capitol Hill campaign committee is sitting on 35M cash, with only 1.3M in debt, compared to the Republicans' 5M cash on hand and 2M debt.

RBR observation: If you are in the district of a retiring representative, your district has almost been automatically elevated to cash-magnet battleground status. And since the House is the most local of all federal election categories, local stations figure to reap the lion's share of the benefits.

Legal eagle eye view
of localism proceeding

The FCC voted 12/18/07 to initiate a wide-ranging notice of proposed rulemaking (NPR) looking to increase the localism plank of its oft-cited mandate to assure localism, competition and diversity on the nation's airwaves. The particulars of this NPR were recently released by the Commission and await publication in the Federal Register before the public comment clock kicks in. Peter Gutmann of law firm Womble Carlyle Sandridge & Rice, PLLC has taken it apart piece by piece. He said in essence the measures, if adopted, would overturn decisions made in the early 80s that "...left to marketplace forces a determination of how, in conjunction with all other area stations, a broadcaster would meet an abstract public service obligation." Gutmann said that while the planks in the NPR are certainly not taking effect any time soon, "Yet, they do reflect the current thinking of the commissioners. The ultimate resolution of these matters may depend upon future changes in the membership and leadership of the Commission as a result of this year's elections." Gutmann notes that Democrats Michael Copps and Jonathan Adelstein assented to the NPR, but think it's coming too late and are skeptical that the FCC will actually implement many of the proposals. On the other hand, Republican Robert McDowell feels the desired localism results are generated by robust competition, not FCC regulation, and suggests on top of that that some of the proposals offered may have constitutional problems. For Gutmann's report see RBR.com's
| the HOT LIST report #2 |

Intelligence Brief
2008 Radio Upfront Buyers' Guide
Entertainment programming, Ad networks, News/Talk and Music host numbers, demos and data made easy. RBR divided it by provider and into seven categories: News/Talk, Sports, Entertainment/Music Hosts, Ad Networks, 24-Hour Music Networks, Show Prep and Special Events. Intelligence Brief located on RBR.com
| View the Brief |

Ad Business Report TM

Brainchild for Complete local ad sales
BENMARadio has solutions to today's local sales challenges, especially if any station or group is short handed in the creative area of developing great copy for your ad sales team. The introduction of BENMAR Complete, a way for stations to use 21st century technology to deliver an edge over all other media competition and exceed budget demands. BENMAR Complete is the brainchild of Mark Margulies, meshing interactive technology with BENMAR's consultative and creative power. The program delivers five live PowerPoint presentations each month in conjunction with a station's presentation to their client. Thus, the client receives a complete creative workup and personal explanation, live, so they understand how their goals will be met, using their produced spot. Once the client is ready, BENMAR then changes screens and creates the client's copy live, complete with client input. When finished, all that's needed is approval and copy is ready for production. Margulies tells RBR: "This allows radio to really take the gloves off when competing with other media-especially in medium markets. This is a way to understand and use new media in presentations. It's an incredible resource to have at client meetings. You should see how excited they feel, to have all this attention being paid to their account."

RBR note: Key is technology combined with creative people helping any local sales team succeed. A great ad campaign starts with the creative ideas and it is an excellent asset to any production director. Exclusive market opportunities are available. For more info: 877-751-6667; [email protected] or benmaradio.com.

Chrysler lowers prices in campaign
Chrysler launched a new campaign that includes lower prices on 12 of its Cars and trucks. The effort began regionally with yesterday's Super Bowl and includes the Super Tuesday primaries, the Daytona 500 and the Academy Awards. The automaker lowered prices of features on 12 vehicles as well. For example, the Chrysler 300 will now offer its Signature Series package which includes 18-inch all-season tires, heated seats and side curtain air bags for 2,580 instead of 4,330 and will throw in navigation, a MyGig multimedia center and two-tone trim seats for free, reported The AP. "With all of the changes, we have the opportunity to really get back in step with the American public," Chrysler VP/CMO Deborah Meyer said in a statement. "Our task is to challenge old perceptions and build a new image that is strong and relevant to today's consumers."

Media Business Report TM
Lexus partners with Alicia Keys
Lexus has partnered with multi-platinum recording artist Alicia Keys, supporting the 32-city, U.S. Lexus Presents the Alicia Keys "As I Am" Tour, kicking off in Hampton, VA on 4/18 and concluding at Madison Square Garden in New York City on 6/18. Through this partnership, Lexus and Alicia Keys have joined together in a dedicated philanthropic effort to benefit children across the country. Both Lexus and Keys have played a major role in improving children's lives, and as the Tour launches they will work to raise awareness for youth-driven charitable initiatives with an emphasis on reaching local communities nationwide. This sponsorship represents an opportunity for Lexus to support the arts while introducing Keys' fans to Lexus vehicles. The relationship between Lexus and Alicia Keys was driven by Walton | Isaacson, the AOR for Lexus' African American advertising.

Media Markets & Money TM
Cape Cod broadcaster closes on 'FCC
That's right, folks! Stephen D. Seymour and his Sandab Communications are now the proud, outright owners of WFCC-FM and WOCN-FM. Serving the Cape Cod MA market from their hometowns of Chatham and Orleans, they will join to other FMs to form a four-FM superduopoly cluster. The other stations are WKPE-FM South Yarmouth MA, WQRC-FM Barnstable. Brokers Tom McKinley and George Reed of Media Services Group handled the 7.5M transaction. An LMA was put in place last April.

Close encounter in Midwest
Broker John Pierce tells us that Birach Broadcasting has the keys and Davidson Media has the cash in the transaction involving a pair of AM stations. Now in the Birach portfolio are KTUV-AM Little Rock AR and KJMU-AM Tulsa OK. In the Davidson bank account is 1.5M.

here is another transaction brokered by Kalil & Co., Inc.

Washington Business Report TM
Wicker added to Commerce Committee
Mississippi Gov. Haley Barbour (R) temporarily filled the vacancy left in the Senate by the retirement of Trent Lott (R-MS) with a member of the state's House delegation, Roger Wicker (R-MS). The appointment will be effective until an election can be held to fill the seat for the duration of Lott's term -- it will be up for a full-term vote in 2012. Wicker has already been given Lott's seat on the Senate Committee on Commerce, Science and Transportation, although it will not be nearly as close to Ranking Member Ted Stevens (R-AK) as long-time senator Lott was entitled to sit.

RBR observation: And Wicker is far less likely to sign on to the anti-broadcast consolidation measures put forth on a regular basis from across the committee's aisle by Byron Dorgan (D-ND). Lott was perhaps the most conservative ally of Dorgan's, in part, he has said, because of a part time radio gig Lott enjoyed holding during his high school years.

Engineering Business Report TM
Country stations battle in Norfolk over new tower
Hampton-Norfolk, VA's two Country FMs are battling over whether the more recent arrival to the format should receive FCC approval for a new tower location that would give it a stronger signal, reports The Virginian-Pilot. Max Media's Class B The Eagle (WGH-FM), until recently the market's only country FM station, is challenging a bid by Sinclair Communication's Class A WUSH-FM, US 106.1, to pluck off some listeners. Bob Sinclair of Sinclair Communications, even took to the airwaves to drum up support from his side in the dispute-and on their website www.us1061.com. "What I did was tape an announcement running once an hour saying: 'Hi, this is Bob Sinclair of US 106. As you know, we are in the process of upgrading our signal on 106.1. However, we have just learned The Eagle has filed an application to try to stop us from doing this. I think they are trying to monopolize the country music format in Hampton Roads'," he told the paper. "'If you agree with me, go to our website and sign a petition to the FCC and also call Eagle at 671-1000 and tell them what you think'."

Sinclair Communications, which owns several local stations, switched the format from AC to country in December. Eagle 97.3 scored high in the Arbitrons for much of the past two years. When Sinclair filed a permit application with the FCC last summer, Saga, which owns local stations including WNOR-FM and WAFX-FM, filed an informal objection with the FCC. Max Media filed a similar objection. "They filed an objection saying the tower site is too far from Poquoson to be allowed," Sinclair said. "To me, it's an out-and-out attempt to delay our application. It's using taxpayer money to fight competition." Eric Mastel, president of Max Media's radio division, told the paper: "Competition makes us all better. He was competition before on a 100,000-watt station and it didn't bother me. From a standpoint that he is not following FCC rules and regs to get this done, I do care."

Gannett prepares for big TV year
Q4 broadcasting revenues were down 18% (down 22% without adjusting for one less week) and Q1 is pacing down low single digits for Gannett's broadcasting division, but executives told analysts to expect big things later in 2008 as Olympics and political advertising kick in. Meanwhile, Gannett CEO Craig Dubow dismissed any notion of selling or spinning off the company's TV stations. Rather, he sees a strong year for broadcasting this year. "We're moving forward. We're really excited about what the group has already produced and we're looking forward." Pressed further by an analyst about any change post-election, Dubow said "we will always continue to assess everything, as we have in the past. But at this time, from what we can see right now, we see good upside opportunity with the group as we go forward." While Q1 pacings are down in the low single digits, CFO Gracia Martore cautioned analysts and investors that TV revenues will not come in evenly this year. She noted that the company's CBS stations do not have the Super Bowl this year as they did last year. (Gannett has no Fox affiliates.) "We fully expect stronger results in broadcasting this year because we are well positioned in our markets for the much-anticipated political spending, as well as Olympics," she said.

Monday Morning Makers & Shakers

Transactions: 12/17/07-12/21/07
The value didn't go much of anywhere special during December Week #3, but the volume increased, at least, and television was added back into the mix (although the lone station is still only a CP). In all, 15 contracts were filed at the FCC, all for single stations except one five-station cluster in Marion-Carbondale that went from Clear Channel to Withers for 4M.



Total Deals







| Complete Charts |
Radio Transactions of the Week
EMF score KC FM
| More...
TV Transactions of the Week
High Maintenance buyer in Corpus Christi
| More...

600K WQSV-AM Nashville TN (Ashland City TN) from Sycamore Valley Broadcasting Inc. (Richard Allbright) to BBAC LLC (Brad Branson, Claudia Carter, Carol Andrea Seals). 10K down payment, balance in cash at closing. [File date 1/3/08.]

10 FM CP Waverly OH from Life Radio Ministries Inc. (Joseph C. Emert) to American Family Association (Donald E. Wildmon). Cash. CP is for Class A on 88.5 MHz with 350 w @ 331'. [File date 1/4/08.]

N/A WLMT-TV Memphis TN from Clear Channel Broadcasting Inc. (Mark Mays) to Aloha Station Trust LLC (Jeanette Tully). Placed in trust pending sale. [File date 1/7/08.]

Stock Talk
Wall Street ends week with gains
Traders shouted yahoo as Microsoft made an unexpected bid to buy Yahoo! for 44.6 billion bucks. But the euphoria was held in check by a Labor Department report showing a loss in US jobs for January. In the end, the Dow Industrials rose 93 points, or 0.7%, to 12,743.

Radio stocks also rose. The RBR Radio Index gained 2.106, or 2.6%, to 83.685. Westwood One led the way, up 9.5%. Citadel gained 8.9% and Salem rose 5.6%.

Radio Stocks

Here's how stocks fared on Friday

Company Symbol Close Change Company Symbol Close Change




















Journal Comm.







Lincoln Natl.




Citadel* CDL
1.59 +0.13

Radio One, Cl. A




Clear Channel*




Radio One, Cl. D*




Cox Radio*












Saga Commun.*




Debut Bcg.




Salem Comm.*








Sirius Sat. Radio








Spanish Bcg.*








Westwood One*








XM Sat. Radio













*Component of the RBR Radio Index


Send Us Your OpinionsWe want to
hear from you.

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

Bounceback on all-nighters

The FCC idea to go back to maintaining a live physical presence 24/7/365 at all broadcast facilities will result in hundreds of stations going off the air. Many small and medium market stations are hanging on by a thread now and have a continuing problem in finding qualified staff that is willing to work. It just shows that many people at the FCC are clueless as to how the business they have to regulate actually works in today's world.

Dave Garland
Dave Garland Media Brokerage

Below the Fold
Ad Business Report
Brainchild for
Complete local ad sales, Key is technology combined with creative people helping any local sales team...

Media Markets & Money
Cape Cod broadcaster
Closes on 'FCC as Sandab Comm now the proud, outright owners...

Close encounter in Midwest
Birach Broadcasting has the keys and Davidson Media...

Engineering Business Report
Country stations battle
In Norfolk over new tower...

Shakers & Makers
Radio: EMF score KC FM
Television High Maintenance buyer in Corpus Christi...

Stations for Sale

Market your Stations For Sale
in our daily epapers.

Jim Carnegie
[email protected]

Radio Media Moves

Carolina bound
John Burkavage has been named Vice President/Market Manager of Entercom's six radio stations in Greenville, South Carolina (WFBC-FM, WGVC-FM, WORD-AM, WROQ-FM, WSPA-FM and WTPT-FM), effective February 15. For the past seven years, Burkavage has served as Vice President/Market Manager of Entercom's stations in Wilkes-Barre/Scranton, PA.

ABC News Radio
Editor John "Woody"
Witmer dies at 74

After nearly five decades at the company, ABC News Radio Editor, John "Woody" Witmer passed away Tuesday. Woody mentored hundreds of journalists during his tenure there. Since 1964, Woody proudly boasted of being an ABC News Radio editor. At this time, funeral arrangements have not been determined.

More News Headlines

Big networks united in indecency case
Fox Television Network defeated the FCC at the Second Circuit in a case concerning the FCC's ability to issue fines for fleeting moments of broadcast indecency. The FCC has asked the Supreme Court to hear an appeal, and CBS and NBC have joined with Fox in asking the Supreme Court to let the lower court ruling stand. Now, according to reports, ABC is backing the other three nets in their effort to keep the case from being heard at the top court in the wake of the 1.43M finding against it and its affiliates over an epidose of "NYPD Blue." Stay tuned.

Fire knocks
NC AM off air

The Charlotte Observer reports an overnight fire on 2/1 knocked a Morganton, NC AM off the air. Firefighters were called shortly after 2 a.m. to WCIS-AM. Crews put out the blaze quickly but said there was significant damage. WCIS operates daytime only and there were no staffers there when the fire started. No injuries were reported. WCIS has a gospel music format and is owned by WFM Incorporated. It could be weeks before the station is back up.

Red Cross launches 2008 PSA campaign
The American Red Cross recently launched its new PSA campaign "Change a Life," which includes print, television, radio, online, out-of-home components in both English and Spanish. The campaign demonstrates how lives are connected through the American Red Cross. Extensive consumer, donor and internal research informed the campaign, which was spearheaded by Austin, Texas-based advertising agency GSD&M Idea City. Idea City developed the overall campaign concepts; it also produced and delivered the print, online and out-of-home components. Silver Spring, Maryland-based Rafferty-Weiss Media produced and directed the television and radio spots.

RBR Radar 2008
Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.

Legal eagle view
of enhanced disclosure
One of the many actions taken at the FCC's exceptional 12/18/07 Open Meeting was the ratification of a new questionnaire which will require television operators to keep track of many categories of local programming in detail. These details were finally revealed just recently (1/24/08). Attorney Michael Shacter of Womble Carlyle Sandridge & Rice, PLLC has taken the questionnaire completely apart and described in step-by-step detail what needs to be reported. See RBR.com for more from WCSR's Shacter
02/01/08 RBR #22

Highfields boosts CCU stake
Wall Street traders may be betting against Clear Channel completing its 26.7 billion buyout by Thomas H. Lee Partners, Bain Capital and the Mays Family, but Highfields Capital is showing confidence. The investment fund led the shareholder movement that got the price boosted to 39.20 per share and has indicated that it wants to convert as much of its stake as possible to shares of the new private company, while taking cash for the rest. In its latest SEC filing, Highfields says it has boosted its stake in Clear Channel to 38,133,415 shares, or 7.7%, with recent purchases at prices ranging from 29.11 to 31.04.
02/01/08 RBR #22

Arbitron wins appeal at MRC; Houston re-accredited
Sources tell RBR that Arbitron won its appeal at the 1/22 Media Rating Council (MRC) meeting and PPM will remain accredited in Houston...for now. Arbitron declined comment and is not allowed to talk about the MRC process, however, Arbitron spokesperson Thom Mocarsky did confirm with RBR that PPM in Houston will continue being an active currency going forward. Arbitron presented to the MRC 1/22 the latest progress on improving PPM sample data, including specific plans for improving SPI [sample performance index], compliance rates and representation of the younger demo groups.

RBR observation: Remember, the number of 18-24 year-olds in Houston's PPM panels has been improving, Arbitron noted this month at its PPM conference call. Arbitron's figures showing the Houston panel being above the targeted in-tabs and Designated Delivery Index (DDI) in most key categories probably is what got the thumbs up from MRC. We also haven't seen some of the ratings declines in Houston that have been experienced in Philly. This is a good sign for Arbitron, especially if it can be replicated in other markets and if it keeps up its focus on recruiting more folks in the 18-24 demo. The MRC still officially lists PPM in Philly and NYC as "Radio Services Under Review."
01/31/08 RBR #21

Clear Channel stock still bouncing
The price moved back above 30 bucks in Wednesday's, 1/30/08, trading, but then fell again. Wall Street is clearly nervous about whether or not the buyout. Traders went into panic mode after Clear Channel Radio CEO John Hogan ordered sharp cutbacks in spending by stations because Q1 revenues were pacing down, while budgeted expenses were up 4% (1/28/08 RBR #18). again when Bain Capital managing director Steve Pagliuca refused to discuss the Clear Channel buyout at another financial conference. The Wall Street Journal reported that the two private equity firms were now involved in day-to-day operations and helped draft the Hogan email, which is posted on RBR.com. That WSJ report reassured some traders, who took it as evidence that T.H. Lee and Bain are committed to getting the deal to closing. Even so, there is such nervousness on Wall Street that Clear Channel's stock still closed yesterday more than 10 bucks below the buyout price of 39.20.

RBR observation: The question RBR has been asked in telephone calls from major financial institutions like JP Morgan - did Bain play a part in the Hogan cost cutting email. Well you decide read the Hogan email at RBR.com - see the Hot List.
01/31/08 RBR #21

Arbitron exec bonuses tied to PPM
Arbitron filed with the SEC its new bonus plan for top executives that ties payouts to three factors: the company's earnings per share (weighted 30%), revenue (weighted 10%), and commercialization of its Portable People Meter-based radio ratings service (weighted 60%). Under the previous bonus plan, PPM had been weighted 20% and the related Project Apollo 10%, so the board of directors has ratcheted up the importance of the PPM rollout, which hit a road bump that delayed the schedule nine months, with the next markets set to implement PPM as ratings "currency" in September. The new target Incentive Plan payment for executives see RBR.
01/31/08 RBR #21

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