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Volume 24, Issue 246, Jim Carnegie, Editor & Publisher
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Wednesday Morning December 19th, 2007
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Radio News ®
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 FCC approves top-20 crossownership
FCC Chairman Kevin Martin got his 3-2 party-line vote to eliminate the crossownership ban in the top 20 Nielsen DMAs. A newspaper owner will be allowed to own a television station outside the market's top four, or a radio station, as long as eight independent voices remain and as long as the cross-owned entities maintain separate news operations. Additionally, the waiver rules were tightened over what had previously been announced. The acquired entity must be in dire straits, and the acquiring entity must commit to a net increase of local news in the market, with an acquired broadcast facility required to air seven hours a week. The Democratic commissioners found the act appalling. Michael Copps said that the public hearings and expert testimony were for show, and Jonathan Adelstein called the vote a "brazen defiance of Congress." They also accused Martin of shoving the measure through without regard for due process.
But the Republicans argued that study has been thorough, that most citizen comments were not about crossownership, and that the public's wishes on many issues such as preventing further deregulation of radio and television ownership caps, were in fact honored. Deborah Taylor Tate noted new sources of competition; Robert McDowell noted that areas of innovation seem to be those areas hampered by less regulation and the current congressional mandate toward deregulation; and Martin said it wasn't process, it was the heat of the issue that his Democratic colleagues were truly worked up over, noting occasions when their own actions failed to allow for lengthy debate and public input (in particular, the AT&T/Bell South merger). A key addition to the measure was the grant of ongoing waivers for six new and 36 grandfathered cross-owned combinations. Democrats felt the last minute blanket grant was improper; the Republicans thought it was fair to allow waivers deemed in the public interest already under a stricter blanket prohibition against cross-ownership.
RBR observation: Now we wait to see how long it will take for a legislative response, and how loud it will be. Elsewhere, the volume knob is already turning up toward the maximum level. Presidential candidate Barack Obama (D-IL) has already condemned the move; Jesse Jackson Sr. condemned the anticipated minority action in advance; and watchdogs are already threatening legal action. Meanwhile, broadcasters are steamed about the potential imposition of new and onerous regulation and the Newspaper Association of America is already complaining about the restrictive nature of the loosened rule.
 FCC taking a close look at localism
The Commission earlier moved to impose localism requirements on television stations, requiring submission of a standardized form quarterly detailing various elements of local programming. It is now looking at extending these requirements to radio. Other items mentioned in a notice of proposed rulemaking include processing guidelines for broadcast renewal applications; asking broadcasters to establish consumer advisory boards; using leased access to provide increased opportunities for local programming; allowing AM stations to use FM translators to increase local service; further facilitation of LPFM and assisting would be LPFM operators to find available spectrum for LPFM; upgrading certain LPTVs to Class A status; review the adequacy of sponsorship identification requirements, particularly concerning embedded and placed advertising; and in deference to concerned about access to airwaves of local musicians, it seeks commentary how playlists are compiled and possible guidelines on playing local artists. The Democratic commissioners liked this proceeding, but thought it should have been placed ahead of the crossownership item and expressed doubts that there would be any meaningful follow-up. Robert McDowell, on the other hand, said that the item goes entirely in the wrong direction, and that local competition, not government mandate, is the driver of superior local content. The Commission also agreed to cap national MPVD service providers to no more than 30% of total subscribers.
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FCC moves to increase minority/female ownership
And at issue is whether or not that will be the effect of yesterday's action, all hinging on the definition of businesses which will benefit from a number of measures put in place or put out for further consideration. One of the latter measures is an improved definition. The definition put into use is a small business definition according the Small Business Administration revenue-based standards. The Democratic commissioners said this was not specific enough and rendered the effort useless in many regards. Both Michael Copps and Jonathan Adelstein dissented against all definition-dependent planks, while supporting others. objected to, modification of attribution standards to facilitate investment in SBAs; modification of distress sale policies; allowing the transfer of grandfathered clusters to any buyer if buyer sells excess to eligible SBA within 12 months; barring discrimination in advertising buys (prohibiting so-called no Urban/no Spanish dictates); prohibits ownership fraud and fast tracks complaints; encouraged local banks to cooperate with SBAs; extends divestiture deadlines where SBAs are involved; and focuses on investment banks for financing. It seeks comment on constructing a better definition of eligible companies, and looks for ways to upgrade the FCC's ownership data. On the issue of the definition, Robert McDowell reminded everybody of the difficulty of threading the needle through Supreme Court casework, pointing out that whatever they come up with must be legally sustainable. Chairman Kevin Martin said that regardless, the current SBA definition and immediate action was better than doing nothing, contrary to the opinion of watchdogs and the Democratic commissioners that no action was preferable to action with the SBA definition in place.
 Clear Channel begins
cash tender for bonds
While Wall Street traders continue to worry about the private equity buyout of Clear Channel going to closing, the company and its buyers to be are pressing ahead. CCU has begun a cash tender and consent solicitation for nearly 1.4 billion in senior notes. The tender offers in connection with its plan to be taken private by Bain Capital, Thomas H. Lee Partners and the Mays family are tentatively scheduled to close on January 14th. Clear Channel is offering to buy back 750 million of its Clear Channel Communications 7.65% senior notes due 2010 and 644.86 million of AMFM Operating Inc. 8% senior notes due 2008. The applicable spread for the CCU notes is currently estimated to be 350 basis points above par and 75 basis points for the AMFM notes, based on the value of US Treasuries with similar expiration dates. Holders who tender by the consent deadline, currently set for December 31st, will also receive a consent payment of 30 bucks for each 1,000 in face value.
RBR observation: Clear Channel's stock rose more than 3% yesterday on this news. But despite all of the indications that the private equity players are preparing to fork over their cash and close on CCU, the stock is still well below the 39.20 buyout price. It seems unlikely that this deal will crater, but some on Wall Street are still nervous.
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Performance Royalty bill introduced in Congress
The long-threatened bill to force radio stations to pay royalties to record companies was introduced yesterday in both the House and the Senate. The "Performance Rights Act of 2007" was introduced in Senate by Judiciary Committee Chairman Patrick Leahy (D-VT) and Sen. Orrin Hatch (R-UT), a senior member and former chairman of the panel, and in the House by Rep. Howard Berman (D-CA), chairman of the House Judiciary Subcommittee on Courts, the Internet and Intellectual Property, and House Judiciary Committee member Rep. Darrell Issa (R-CA). Senate Judiciary Committee member Dianne Feinstein (D-CA) and Rep. John Conyers (D-MI), the chairman of the House Judiciary Committee are also co-sponsors of the measure.
 Congressman Berman, pictured, who has been the point man for the Recording Association of America (RIAA) on the issue, declared on the House floor that "this narrowly tailored bill amends a glaring inequality in America's copyright law" by making AM and FM stations pay for airing recorded music "just as satellite, cable and Internet radio stations currently do." As in the past, he insisted that the point was to provide "fairness" for artists and musicians, rather than the multi-national record companies who stand to receive the overwhelming bulk of whatever cash is raised. In an attempt to soften opposition from Religious broadcasters and public radio stations, the bill provides that small broadcasters, defined as those with annual revenues of less than 1.25 million bucks, would pay a flat annual royalty fee of 5K. Non-commercial stations would pay only 1K annually. Other broadcasters would have to either negotiate performance royalty payments with the record companies or have them arbitrated by the Copyright Royalty Board - the same panel that adopted rates so high that they are threatening to bankrupt virtually all Internet radio operations.
As you would expect, the NAB quickly fired back at RIAA and its Capitol Hill allies. "After decades of Ebenezer Scrooge-like exploitation of countless artists, RIAA and the foreign-owned record labels are singing a new holiday jingle to offset their failing business model. NAB will aggressively oppose this brazen attempt to force America's hometown radio stations to subsidize companies that have profited enormously through the free promotion provided by radio airplay," said NAB Executive Vice President Dennis Wharton in a statement sent to RBR last evening. He also noted that 119 House members have already signed onto a resolution opposing any new performance fee, tax, royalty or other charge on radio stations.
RBR observation: Berman is right about one thing, and only one, from his speech yesterday - there should be parity for AM, FM and Internet radio. To that end, Congress should revise the digital copyright law - which, after all, was supposed to be about digital downloads, not streaming - and stop RIAA from making Internet radio operators pay for the privilege of helping the record labels sell records.
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Broadcast Electronics and iTunes...
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Advertisement
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| Wall Street Business Report TM |
Moody's cuts Tribune ratings
Moody's Investors Service has cut its debt ratings for Tribune Company, in light of the expected closing of a buyout of public shareholders by Sam Zell and a new ESOP which will dramatically increase the company's leverage. Moody's downgraded Tribune's Corporate Family and Probability of Default ratings to B3 from B1. "The increase in leverage is occurring at a time of pressure on Tribune's advertising revenue and operating margins from online and cross media competition and a cyclical downturn in the residential real estate market. The rating actions assume the Zell-ESOP transaction closes in 2007 as expected," Moody's noted.
Another non-media investment for Sinclair
Sinclair Broadcast Group has made another investment in real estate, putting 3.1 million into two apartment complexes. Sinclair now has a 9.75% stake in the two developments: Preston Hills Apartments in Atlanta and Lakeshore Apartments in Indianapolis. The two apartment complexes are managed by Harbor Group International. Sinclair also announced an initial three million investment in Patriot Capital II, a fund that provides structure debt and mezzanine financing to small businesses. Sinclair's eventual investment will total 20 million.
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Ad Business Report TM
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 Shell 2008 "Passionate Experts"
campaign includes radio
Building off the momentum of 2007, the Shell "Stop Gunky Build-up" campaign featuring the Shell Passionate Experts will continue in 2008 with a continued focus on the company's commitment to fuel quality. Like last year, the campaign will center around the desire to help consumers stop the build-up of engine gunk on their vehicles' critical engine parts. In 2008, Shell will continue the current TV commercials in addition to welcoming new TV spots featuring the Passionate Experts and Kevin Harvick. TV advertising will run on network TV and national cable networks throughout the year starting in January. Shell will also employ radio advertising, outdoor billboards, a new online campaign, enhanced POP materials and new promotions. All marketing components will reinforce last year's Passionate Experts program and educate motorists that "All Gasolines are not the Same." Kicking off 2008 will be the "Un-Gunk Your Car" promotion, which will aim to drive traffic to Shell stations and inside convenience stores. From 2/11 through 3/30, Shell customers who purchase a minimum of 10-gallons of gasoline will receive one free microfiber cleaning cloth formulated to help "un-gunk" the interior of their car. It'll be supported with national TV, online and POP materials.
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| Media Business Report TM |
TouchTunes launches campaign for Absolut Vodka
TouchTunes Corporation, an on-location interactive entertainment and marketing network, announced it will be featuring an ad campaign for Absolut Pears Vodka. The campaign will run from 12/20 1/4/08, on 10,000 TouchTunes music systems nationwide. Creative will include two alternating Absolut Pears billboards that will be interspersed throughout the user experience. Additionally, the campaign will have a special interactive element which will encourage users to participate in a branded survey.
Campaign settling into the top slot
With the first serious tallies of the 2008 campaign looming large on the horizon, it's going to take a major cataclysm to oust campaign coverage from the top slot on the Project for Excellence in Journalism's news coverage chart, at least until the primary process reveals the top-ticket nominees for each party. The campaign easily dominated coverage during the week of 12/9/07-12/14/07. The report from former Sen. George Mitchell on steroid use in by professional baseball players, which netted a major alleged miscreant in the person of pitching star Roger Clemens, propelled sports to an unusually high spot on the chart (indeed, any spot on the chart). The shooting tragedy in Colorado replaced the earlier one in Omaha NE, and another weather story made the list. Overall, it was an unusually tight list, with only 16 items bearing witness to general agreement among the different media categories as to what the top stories were.
| Top ten lists here |
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| Media Markets & Money TM |
Getting real in Centerville
Non-profit Aleluya Christian Broadcasting Inc., headed by Roberto R. Villareal and three other Villareals, is getting an FM in Centerville TX. Seller Gerald Proctor, head of KUZN(FM) Inc., will receive 600K cash for the station. The station is located well north of the commercial/noncommercial divide, at 105.9 MHz.
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| Washington Business Report TM |
The prank's on the station
When a KHTB-FM personality called the Utah Poison Control Center, the intention was to both play a little joke, as well as to gather some genuine information about the dangers of ingesting pepper spray. The Provo UT station, licensed to 3 Point Media and serving the Salt Lake City area, was actually giving away a can of pepper spray as part of its promotional activities. The personality called UPCC, played the joke, taped it, and aired it. But at no time was the UPCC or the person who answered the phone there informed that the call was going to be played over the air. 3 Point Media denied any foreknowledge of the prank, said it only aired once, and noted that such pranks are "specifically violative of long-standing station policy." But of course, that wasn't enough to allow the station to duck out of a 4K fine.
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| Entertainment Business Report TM |
 JRN adds "The Greg Kihn Show"
Jones Radio Networks (JRN) announced the addition of The Greg Kihn Show to its daypart personality lineup. JRN will handle both ad sales and affiliate sales for the new nighttime Classic Rock show, airing 7 PM to Midnight, Monday through Friday beginning 2/4. Hosted by KUFX (98.5 KFOX) San Jose morning man and Rock musician Greg Kihn, The Greg Kihn Show will feature the best Rock music and insight into Greg's personal experiences as a rock star over the last four decades. Kihn recorded his first album in 1976 with The Greg Kihn Band, and hit it big in the '80s with hits like "Jeopardy" and "The Breakup Song." In 1996, Kihn began his show at KFOX.
Westwood One details 2007 year-end Talk specials
Westwood One presents special 2007 year-end talk programming: 12/27 and 28 - Dennis Miller will take a look back at the major stories of 2007 with former Ambassador to the UN John Bolton. Special guests Rudy Giuliani and Duncan Hunter will talk about life on the campaign trail. 12/31 & 1/1 - The Radio Factor with Bill O'Reilly revisits some of the most important issues America faced in 2007 with commentator, social critic and former Presidential Candidate Pat Buchanan.12/20 - Lars Larson will take a look back at the major events of the year, including the race for the White House, the Democratic Congress and the troop surge in Iraq. Guests will include legal analyst Lis Wiehl and former Undersecretary of Defense Jed Babbin, among others. First Light - Week of 12/24 - NBC News anchors, including Brian Williams and Andrea Mitchell, will report on the top stories of the year, from the debates and the race for the White House to the continuing turmoil in the Mideast. America in the Morning - Week of 12/24 - Host Jim Bohannon will report on the news highlights of the year, including the tragedy at Virginia Tech, the attacks on Glasgow and JFK Airports and the conduct of the War in Iraq, plus sports and entertainment.
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| Internet Business Report TM |
Jetcast partners with Spacial Audio
JetCast now has a turn-key solution for all affiliates; combining Spacial Audio's SAM Broadcaster and StreamAds into one package. The ability to let first level users share bandwidth, which helps feed additional users, is a major reason why JetCast broadcast customers hold bandwidth costs down. Spacial Audio CEO Bryan Payne explains: "Being able to stream programming at a lower cost is required if you want to grow an internet station's audience. We see the advantages of Jetcast, and know that broadcasters will too. They add a strong image to our growing list of Spacial software resellers." Spacial software brings improvement in two areas for JetCast users. Internet broadcasters will find the simplicity of Spacial StreamAds software (bundled within the JetCast radio package) ideally suited to frame their ad sales program. By offering SAM Broadcaster and StreamAds to its affiliates, Jetcast is expanding the availability of Spacial Audio's broadcast and internet software.
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| Ratings & Research |
 One in five men haven't started holiday shopping
No matter which way you choose to look at it, procrastinators abound this holiday season, but the biggest holiday dawdlers this year are men, according to NRF's 2007 Holiday Consumer Intentions and Actions Survey, conducted by BIGresearch. The survey found that nearly one in five men (19.4%) had yet to begin their holiday shopping, more than women (13.7%) or young adults 18-24 (17.6%). An impressive 25 million consumers (11.7%) have completely finished their holiday shopping, but more than 35 million shoppers (16.5%) admit they haven't even started. Thusfar, the average person has completed about half (52.6%) of his or her shopping, compared to 53.1% at this time last year.
According to the survey, department stores are expected to be the destination of choice the week before Christmas, as 42.4% of shoppers plan to visit those stores to finish up holiday shopping. Other destinations will include discount stores (38.9%), the internet (34.9%), and specialty stores (29.9%). Clothing and accessories have been the most popular gifts this holiday season, with 44.4% of consumers (and 49.8% of women) purchasing at least one item this year. Books, CDs, and DVDs (41.9%) have also been popular choices, as are toys (35.4%). While less than a third of consumers (30.2%) have already purchased a gift card, sales of the cards are expected to jump this week as procrastinators find themselves running out of time.
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| Transactions |
300K WTLO-AM Somerset KY from Cumberland Communications Inc. (Harris Rakestraw III) to F.T.G. Broadcasting Inc., a subsidiary of Key Broadcasting Inc. (Terry E. Forcht). 30K down payment, balance in cash at closing. Combo with WYKY-FM Science Hill KY. LMA 12/1/07. [File date 11/29/07.]
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| Stock Talk |
A day of modest gains
Efforts by central banks to ease the credit crisis were somewhat reassuring to Wall Street traders, but worries about the economic future remain. The Dow Industrials managed to move up 65 points, or 0.5%, to 13,232.
Radio stocks were similarly higher. The Radio Index rose 0.568, or 0.6%, to 96.508. Entravision was the top performer, up 5.5%. Journal Communications gained 4.5%, Entercom 4.2% and Salem also 4.2%.
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| Radio Stocks |
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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41.82
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+0.96
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Google
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GOOG
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673.35
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+4.12
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Beasley
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BBGI
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5.66
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-0.75
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Hearst-Argyle
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HTV
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21.60
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-0.08
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| CBS CI. B |
CBS |
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26.07
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-0.07
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Journal Comm.
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JRN
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8.82
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+0.38
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| CBS CI. A |
CBSa |
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25.87
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-0.23
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Lincoln Natl.
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LNC
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57.08
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+0.92
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| Citadel |
CDL |
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1.99 |
unch |
Radio One, Cl. A
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ROIA
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2.01
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-0.05
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Clear Channel
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CCU
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35.95
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+1.20
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Radio One, Cl. D
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ROIAK
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2.09
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-0.01
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Cox Radio
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CXR
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11.29
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+0.09
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Regent
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RGCI
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1.49
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+0.04
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Cumulus
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CMLS
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7.69
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+0.42
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Saga Commun.
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SGA
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6.40
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+0.05
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Debut Bcg.
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DBTB
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0.90
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+0.35
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Salem Comm.
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SALM
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7.00
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+0.28
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Disney
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DIS
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33.02
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+0.03
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Sirius Sat. Radio
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SIRI
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3.22
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+0.07
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Emmis
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EMMS
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4.28
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-0.26
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Spanish Bcg.
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SBSA
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1.84
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+0.02
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Entercom
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ETM
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14.62
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+0.59
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SWMX
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SMWX
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0.01
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unch
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Entravision
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EVC
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7.65
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+0.40
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Westwood One
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WON
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2.10
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+0.02
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Fisher
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FSCI
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35.41
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-0.49
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XM Sat. Radio
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XMSR
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13.30
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+0.39
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Bounceback
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 We want to
hear from you.
This is your column, so send your comments and
a photo to [email protected]
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Below the Fold
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Wall Street Business Report
Moody's cuts Tribune ratings
In light of the expected closing of a buyout of public shareholders...
Another non-media investment
Sinclair Broadcast Group putting 3.1 million in 1 apartment complexes...
Media Markets & Money
Getting real in Centerville
Nn-profit Aleluya Christian is getting an FM...
Washington Business Report
The prank's on the station
A KHTB-FM personality called the Utah Poison Control Center...
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Stations for Sale
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Silver City, NM
Powerful Hispanic FM
Lovington, NM
Heritage AM/FM Combo
Explorer Communications
E-mail: [email protected]
 Market your Stations For Sale
in our daily epapers.
Contact
Jim Carnegie
[email protected]
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Radio Media Moves
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Saurer to
Principle office
 Bill Saurer will join Principle Broadcasting Network as President & CEO effective 1/4. He'll oversee all five of Principle's stations, which include WESX-AM and WJDA-AM Boston, WLIE-AM Deer Park, Long Island/NYC, and KFCD-AM and KHSE-AM Dallas. All stations operate with ethnic brokered time formats. Saurer was previously a VP of the Millennium Radio Group and oversaw Millennium's Shore radio stations in Monmouth and Ocean Counties, NJ.
Changes in Boston
Entercom's Talk WRKO-AM Boston announced that Reese Hopkins will join the station as its new mid-morning host replacing current personality Todd Feinburg, effective today. The company says Feinburg was offered another position at the station, but declined. Hopkins most recently worked at Sirius Satellite Radio as an Executive Producer for "Ask the King" on Howard Stern 100.
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More News Headlines
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Debut Broadcasting takes TV Guide to radio
Debut Broadcasting announced an agreement with TV Guide Network, owned by News Corp, and former American Idol finalist Kimberly Caldwell to create a daily entertainment report to be distributed to stations via the company's syndication unit, Impact Radio Networks. Caldwell, who also hosts Reality Chat and American Idol pre-show for TV Guide Network, will host the show from LA. The show will be primarily original reporting with a limited amount of re-purposed content from TV Guide Network. Impact Radio Networks will produce and distribute the content, which begins airing late December.
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RBR Radar 2007
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Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.
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Don't fire until you see the whites...
Oh, go ahead and fire
Byron Dorgan (D-ND) is not waiting around to see what FCC Chairman Kevin Martin has up his sleeve before going public against it. In fact, he's rounded up a 24-member bipartisan posse of senators, including four Republicans and one independent, informing Martin that if he goes ahead with his plan to remove cross-ownership restrictions in the top 20 markets, they will "immediately move legislation that will revoke and nullify the proposed rule.
RBR observation: Ok if you were waiting for something interesting out of DC then now you have it. RBR will keep a close on FCC boss Martin as the - you know what hits the fan.
12/18/07 RBR #245
RBR expands; Kaufman on board
RBR/TVBR publisher Jim Carnegie announces that Dave Kaufman has joined the RBR/TVBR staff in our Sales/Marketing department. Kaufman, a 36-year front line broadcast executive, most recently spent the past five years as VP of Affiliate Relations for ABC Radio Networks and, prior to ABC, seven years with Westwood One as VP/GM and VP Affiliate Relations Metro Networks/Shadow Broadcast Services. His experience also includes 25 years on the station rep side, 23 of which were with Major Market Radio Sales, a rep firm of Interep.
RBR note: For many of you that know Dave Kaufman, he can be reached at [email protected] or at 973-839-8151.
12/18/07 RBR #245
Multicultural fined
for contest violations
Demonstrating once again that the FCC is very serious about enforcing its rules about running on-air contests, Multicultural Radio's KAZN-AM Los Angeles (Pasadena, CA) has been fined 12,000 bucks for what the Commission notice of apparent liability calls its "repeated and willful violation" of the rules requiring a station to fully and accurately disclose the terms of contests and conduct the contest as advertised.
RBR observation: This is not the first time that we've seen a licensee get tripped up by a sponsor not delivering on a promised contest prize. At least in this case it was only a few TV sets and, at least by our reading of the FCC's notice of apparent liability, the station doesn't have to deliver the missing three sets because no prize winners were ever announced for them.
12/17/07 RBR #244
Broadcasters, Associations Strike Back at micromanaging from DC
No one knows yet what will be in the Proposed Rulemaking on Broadcasting Localism that FCC Chairman Kevin Martin will unveil at tomorrow's meeting, but based on what's been leaking from the Commission into press reports, broadcasters are worried that Martin wants to bring back the bad old days of excessive regulation and micromanaging by Washington bureaucrats.
12/17/07 RBR #244
Citadel looks to trim down
Citadel Broadcasting Corporation announced that it has retained Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. to serve as its financial advisors for the divestiture of some of its stations. Citadel isn't saying just what it wants to sell, but says these divestitures are in addition to those required to be divested as a result of its acquisition of ABC Radio. Including those required divestitures related to ABC Radio, Citadel said it expects to generate 75-175 million in gross sale proceeds over the next 12-24 months.
12/14/07 RBR #243
Sinclair fights
payola/plugola charge
Television group owner Sinclair Broadcast Group is fighting an FCC Notice of Apparent Liability related to an appearance by pundit Armstrong Williams on at least one of its stations. Williams was found to have accepted cash from agencies in the Bush administration to use his television appearances to plug the No Child Left Behind program. The television show in question, says Sinclair, is not one of theirs, but rather is a program they aired via a syndication arrangement. They actually paid the producer of "America's Black Forum," Uniworld Group Inc., for the rights to air the program. That would be the opposite of benefiting from Williams' arrangement with the government.
12/13/07 RBR #242
'Tis the season to CYA
Technically, it's always the season to CYA in Washington, but the looming DTV transition is making some of the natives inside the Beltway very nervous. Ed Markey (D-MA) went viral today with news of a new Government Accountability Office report on the FCC/NTIA preparations for the DTV transition in which it "...found no comprehensive plan or strategy to measure progress or results," he said. The FCC fired right back with a 99-page report noting that it has "been planning for the DTV transition for more than 20 years."
12/12/07 RBR #241
Fidelity cuts Clear Channel stake
Once the largest institutional shareholder of Clear Channel Communications, FMR Corp., parent of the Fidelity Mutual Funds group, has been selling off most of its shares. Once the owner of 9.8% of Clear Channel, FMR reported to the SEC Monday, 12/10/07, that it has cut that to 13.4 million shares, or 2.7%. That puts FMR below the 5% threshold for having to report further Clear Channel stock sales. FMR had been one of the leaders of the resistance to the initial going private offer for Clear Channel, helping push the bid up to the eventual 39.20 per share. The stock has been trading well below that, but with the closing dragging on into 2008, the mutual fund giant has apparently decided to take a lot of cash off the table now and move on.
12/11/07 RBR #240
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