Good Morning - Gain a personal edge on today's business day. Are you reading this from a forwarded email?
New readers can receive our RBR Morning Epaper for the next 30 Business days!
SIGN UP HERE
Welcome to RBR's Daily Epaper
Volume 23, Issue 38, Jim Carnegie, Editor & Publisher
Thursday Morning February 23rd, 2006

Radio News ®

Looking ahead at Entercom
One of the biggest stories Entercom President/CEO David Field had to tell was a tale that never happened - - the acquisition by the group of ABC Radio. He said his group made a sober, disciplined decision, deciding to go ahead and blink when Citadel put an extra 100M on the table. Entercom thought that took the deal out of the sensible range. He also said things are starting out very slowly in Q1 of 2006, a fact he was not happy about. "We are paid to deliver results and overcome adversity and this quarter we are not getting it done." Part of the current difficulties are attributable to tough comps due to prior strong Q1 performance, along with continued woes in New Orleans. That is expected to be no more than a 1% drag on the bottom line by Q2, when its stricken Oldies FM is expected to return to the air, and then will perhaps become a boomtown as reconstruction begins to take off. The group is all the way in for LIM. Said Field, "We need to steward an evolution to shorter commercials." He's looking for :30s, :10s, and :05s to maximize income while reducing the amount of time dedicated to commercial messages. Also by year's end, he expects that anywhere from 67%-75% of the group's stations will be doing something with HD multicast. He's looking for a turnaround in Q2, when political returns, the Olympics go away, new formats start to mature and New Orleans (which used to represent 6% of the group's revenues) starts coming back. Look for dividends this year - - ""We are pleased to announce the initiation of regular quarterly dividends," said Field. "Based on the closing price of Entercom's Class A common stock on February, 21, 2006, the dividend represents an annualized yield of over 5%." Look for acquisitions, too, if they make sense.

RBR observation: So what categories sell in a disaster zone? Entercom EVP/CFO said that the slowly developing New Orleans rebound isn't really category-driven, but there are three areas in particular where the company is doing a lot of business: Home repair, insurance and help wanted. As we've said in the past, ladies and gentlemen, this ain't necessarily rocket science. And last the slow first quarter we are hearing from many broadcasters so Entercom is not alone they are in good company. Think it is going to be a long year.

FMC wants FCC to attack payola
Before the FCC gets around to examining Rep. Fred Upton's (R-MI) proposal to further loosen local ownership caps, the Future of Music Coalition wants it to examine and act on evidence provided by New York State AG Eliot Spitzer. FMC believes the latest incarnation of payola may be inextricably tied to consolidation. FMC executive director Jenny Toomey said, "The payola laws are clear. Stations that engage in this practice are putting their licenses at risk. What is unclear for musicians and citizens, however, is whether the laws will be enforced. We hope that the FCC will take the evidence gathered in numerous proceedings and by New York Attorney General Eliot Spitzer to fully investigate these practices and hold bad actors accountable." FMC has its eye on the move to HD multicast radio. Noted FMC policy director Michael Bracy, "Congress is working on a revision to the 1996 Telecommunications Act. The FCC is about to re-start media ownership proceedings. Terrestrial radio stations just launched dozens HD radio stations in key markets. We need to make sure that the public airwaves are managed in a way that benefits musicians and citizens." FMC holds that consolidation in both the radio and record businesses made payola-like practices both easier and murkier. It favors more noncommercial radio, including LPFM, and no further loosening of ownership caps or cross-ownership.

And now from the PR wars
that brought you NRA/Code Pink...

...it's more strange bedfellows. Broadcast/communications issues certainly lead the league in odd weddings of convenience between otherwise diametrically opposed groups. This time a band of organizations representing business groups, consumers, unions and educators are making a case before the FCC in favor or issue ads. They all want to be able to buy time with soft money whenever - - whether an election is imminent or not - - and they want to be able to mention a candidate's name when necessary. According to Forbes.com, a group which lists as members such outfits as the Chamber of Commerce, the AFL-CIO, the NEA and the Alliance for Justice want the Federal Election Commission (FEC) to compose some rules which allow them to continue to run issue ads without regard to the election calendar. The issue involved ads run by a right-to-life group in Wisconsin urging the state's US Senators - - one of whom was up for re-election - - to avoid a filibuster on an issue of interest to the group. The Supreme Court recently sent the case back down to appeals.

RBR observation: Forbes.com goes on to mention a group of publicly-traded radio and TV operators which stand to benefit if the latest consortium of watchdogs is able to pry open some loopholes. We say nonsense. This issue-ad battle represents a very small slice of the election advertising pie, and no matter what laws they enact the cash always seems to find broadcasters regardless. And they say nothing whatsoever about the downside of the political category, like dealing with controversial material, LUR, choking regular clients off the air...


Wall Street Media Business Report TM
Entercom suffers Q4 dip
The standard odd-year downturn in political advertising, lingering aftereffects of Hurricane Katrina, the growing pains of key format flips and the failure of MLB's Boston Red Sox to repeat their glorious 2004 championship run all combined to knock radio group Entercom Communications into the Q4 red ink bucket. However, it booked modest gains for the year. The numbers for Q4: * Net revenues decreased 6% to $103.7 million and station operating expenses decreased 5% to $61.0 million. * Same station net revenues decreased 5% to $102.1 million and same station operating expenses decreased 2% to $59.5 million. * Same station operating income decreased 10% to $42.6 million. * Net income per share decreased 13% to $0.35 from $0.40. The company said the losses inflicted by Katrina, few/no elections and no Red Sox amounted to 4M. For the year, though, things were better: * Net revenues increased 2% to $432.5 million and station operating expenses increased 1% to $248.2 million. * Same station net revenues increased 2% to $429.6 million and same station operating expenses increased 2% to $245.6 million. * Operating income increased 5% to $153.0 million. * Net income increased 4% to $78.4 million. * Net income per share increased 13% to $1.70.

RBR observation: We used to only hear a lot of talk about the political category from television groups. It is more and more becoming a topic of discussion on the radio side now. Looks like campaign managers are wising up - - the rapid turnaround, targetability and relative economy of a radio buy make perfect sense for someone in the heat of an election battle.

Cox Radio Q4 revenues down 2.1%;
FY was flat

Facing the same tough Q4 comps as the rest of the industry, net revenues for Cox Radio's Q4 '05 were 108.9 million, down 2.1% from Q4 '04. Local revenues decreased 0.7% and national revenues decreased 10.4%. Whole CXR stations in Miami, Orlando, and Tampa delivered solid growth in Q4, they were offset by results of stations in Atlanta, Jacksonville, Long Island, Richmond, Birmingham, Dayton and Louisville, where revenues were down for the quarter. Operating income in Q4 was 22.7 million, a decrease of 15.1 million, mostly due to a 14.4 million non-cash write-down of impaired goodwill in CXR's Birmingham market. Net income for Q4 was 5.5 million, a decrease of 12.8 million. Capital expenditures for the Q4 '05 totaled 2.6 million. Said CXR CEO Bob Neil in the conference call: "While 2005 proved to be a challenging year for the radio industry, I'm pleased to report that Cox Radio continues to do what we do best-operating locally-oriented radio stations, programming and content that superserve both our loyal listeners and our advertisers...While I'm a bit disappointed that our revenues were down 2% for the quarter, that performance was once again better than the industry, which was down 3% for the quarter. And there were a number of unfavorable comps for the fourth quarter."
| Get more color here |


Ad Business Report TM

Publicis Groupe launches "Denuo"
Publicis Groupe announced the launch of Denuo, a new strategic initiative designed to anticipate and exploit the rapidly changing digital, interactive and mobile communication environment. Denuo is a stand-alone business -- but is not based on any pre-existing industry model. Denuo's model rests on three pillars, and will function simultaneously as a strategic consultant, an inventor of solutions and as an investor in partnerships. The unprecedented new venture ["denuo" = 'afresh', 'anew' in Latin] will be led by Rishad Tobaccowala, chief innovation officer of Publicis Groupe Media (PGM).

As PGM Chairman/CEO Jack Klues tells us in a OneOnOne interview for the March issue of RBR/TVBR Solutions Magazine, Tobaccowala is a highly-valued member of the PGM team. He may have hinted at Denuo's launch: "I think [Tobaccowala] is brilliant in his perceptions of the future media behaviors and the like. He said to me years ago, and we've been often toying with how to get at this project, but it's like 'MRI reverse engineering.' MRI is about people reporting their product consumption and then they also have some media habits. But you kind of use MRI to determine some of your targeting and your media selection based upon reporting of your heavy user, light user, etc. What if you could start better defining people, where the targeting was lead by their media behavior versus their product consumption? So as media options become more abundant to you and me as consumers, therefore you should be able to better understand and distinguish Carl from Jack. I think it's possible and what I've always been impressed with is that it wasn't me thinking that three or four years ago, it was one of my guys."
| Read More... |

Radio ads increasing in China
CRI Online reports a market report shows radio ad spend in China was up 35% last year, compared with 19% growth for TV there. The latest report by media research specialist CTR says the increasing radio coverage has driven up ad spend in the medim. "This is partly thanks to daily traffic jams, which have helped boost the popularity of radio stations specializing in traffic reports," says Tian Tao, VP/CTR Market Research. "On the other hand, radio management has been developed in a modern way, with an effective strategy to attract the attention of young people and people traveling." China's advertising market is growing at a stunning speed, at a rate of 18% last year. TV and newspaper ads still dominate the market, but a downturn has become obvious to newspaper companies as their advertising market share slipped by 3%. "Advertisers used to set aside only a meager part of their budget for radio, about one% or so," says Chen Ningxuan, media director at Yuanchuan Radio Advertising, which conducts business with over 100 radio stations across China. "But now more and more companies are interested in spending money on radio advertising. Branded products have been creating a stronger presence since 2003, and advertising spending on radio for these products is increasing at a speed of 20 to 30% every year." Chen Ningxuan says cars and auto-related products like tires and lube oil are among the radio advertisers there. Financial products and telecommunications advertisers are also showing high expenditure. The CTR report says, last year, China Mobile spent 7.9M US on radio advertising, up a whopping 62%. Tian Tao says there is a healthy variety of contribution from advertisers: "Among the top ten spenders on radio advertising are telecommunication companies, credit card companies, and home appliance retailers -- that makeup indicates sustainable development for radio advertising. We believe the market will continue to grow in 2006."

RBR observation: As media agencies such as Carat Asia Pacific continue setting up shop in this vibrant market, advertisers will have more and more ways to reach the Chinese consumer. And as media continues to be opened to advertising and outside programming, the consumer choices will proliferate.


Media Markets & Money TM
One seller finds two buyers in Santa Rosa
The result of a round of dealing in Santa Rosa will be a new Hispanic duopoly and an enhanced in-market superduopoly cluster as Results Radio inks agreements with Lazer Broadcasting and Maverick Media. Media Venture Partners handled borkerage chores for both deals, which have for now kept the price under wraps. Lazer will get KMHX-FM and KSRT-FM. "Santa Rosa is another great emerging Hispanic market in Northern California, which will complement our existing group of stations," said Lazer President/CEO Alfredo Plascencia. Maverick is getting KRPQ-FM, which will cluster with KFGY-FM, KVRV-FM, KXFX-FM and KSRO-AM. "We are delighted to add KRPQ to Maverick's already-dominant cluster in Santa Rosa; this is a perfect addition for us," said Maverick President/COO Gary Rozynek.


Washington Media Business Report TM
Agree to decree
The FCC and NBC Washington O&O WRC-TV 4 have agreed to drop a 16K NAL after coming to an understanding about the events of 5/25/04. The events were thunderstorms. The FCC felt that WRC failed to alert hearing-disabled viewers to imminent danger, and proposed the 16K penalty based on two separate findings of apparent liability. NBC will instead make a voluntary contribution to the US Treasury of 12K, and will take a laundry list of steps to assure that close captioning is a prominent feature of any future broadcasts in time of emergency. For its part, the FCC will not put a black mark next to NBC's name in the files, nor will it pursue the matter any further.

RBR observation: Consent decrees provide wiggle room. They've been a prominent feature of the indecency wars, but can be used for other types of disputes as well. They allow the FCC to make its point firmly (and help defray, ever so slightly, the national debt), while the licensee keeps its record as smudge-free as possible.


Entertainment Media Business Report TM
Greenstone Media introduces FM Talk for Women;
Hilliard running it

Seattle-based GreenStone Media has launched a new talk format for FM expressly for women, by women - to radio stations across the US beginning in March. Leading the effort is EVP/COO Edie Hilliard, former Broadcast Programming President. "We've created a foreground talk format to engage today's woman, Hilliard says. "We'll be contemporary and relevant, talking about the issues and events that real women talk about every day. It's a fresh approach--smart, engaging, funny hosts delivering entertainment and information in a lecture free, inclusive way that respects our callers and listeners." GreenStone has spent more than a year researching the marketplace, talking with women from all walks of life, seeking input from industry decision makers, acquiring high profile talent, and building programming that best appeals to the audience most valued by radio advertisers, women 25-54, skewed 35-44. The company will announce its lineup in the next few weeks, beginning with three daypart shows, morning drive, midday, and afternoon drive, plus weekend programming. GreenStone Media has offices in New York City, Los Angeles, Washington DC, and Seattle.


Ratings & Research
BIGresearch Profiles MP3 Users
Who is listening to the over 50 million MP3 players sold last year? BIGresearch's Simultaneous Media Survey (SIMMVII) provides a look at the users of MP3 players and the picture is a good one. The basic demographic profile of MP3 users is: Male 64.4%; Female 35.6%; Average for Years of Education 14.5%; and Income $67,854. 52.1% are from homeowner households. MP3 users are big technology users and more likely to subscribe to cable TV, have high speed internet access, satellite RV, access streaming video on their cell phones and use voice over internet telecoms services. Favorite leisure time preferences of MP3 users include: 1. Surfing the internet; 2. Listening to music; and 3. Watching TV. And when they watch TV, MP3 users are more likely to be engaged in some other activity with over 50% saying they regularly or occasionally also go online, read magazines, newspapers, mail or engage in other activities.
| The top 5 consumption profiles for MP3 users look like this |


Programming Business Report TM
"Tell us about your HD-2 Programming"
Tom Owens, EVP Programming, Clear Channel Radio:
"The selection process was a simple one. Each Alliance member submitted a list of formats appropriate for each market. A telephonic conference call was held with all members represented during which formats were selected for specific frequencies. There were very few disagreements over which formats should be included and even fewer over the allocations. If anyone later wished to modify a format all Alliance members had to approve. HD2 formats are largely music intensive with few exceptions. They will eventually be fully produced with air talent. In the HD3 rollouts we expect to see much more spoken word selections. All Alliance members have committed terrestrial inventory to the promotion of HD which is likely to include retailers, car manufacturers etc. Each CC Radio station is promoting its HD1 simulcast and its HD2 side channel several times per hour. We are streaming all of the formats off each stations web site by way of demonstrating formatic variety in a manner that is accessible to all today."

Tony Coles, CC Radio Regional VP/Programming:
KKRZ HD2 - UNDIE 100: Undie is Portland's Underground/Independent Rock station. We wanted a format that would be compatible with the Adult 18-34 target of Z100 (HD1), and would also be compelling enough that it would move consumers to buy HD radios. Portland has long had a great underground rock scene and our concept to offer a radio station driven by local artists has been well received. Within a week of launching, we've already received primetime TV news coverage, and the submissions by local, independent artists are filling our mailboxes. We are excited to offer Portland listeners a radio station dedicated to new, undiscovered music.

Shellie Hart, PD, KUBE-FM Seattle:
KUBE HD2 - KUBE2 "EXTREME": KUBE2 "Extreme" is Seattle's Underground/Street Hip-Hop Station. A format compatible with the KUBE 93 target audience of adults 18-34 that not only will be more aggressive on new music and emerging artists, but will feature club hits and additional album tracks from current KUBE 93 artists. KUBE2 "Extreme" will also serve as a platform to showcase local DJ's with mixtapes and exclusive remixes. And for the traditionalists, timeless oldschool west-coast street rap from Hip-Hop from artists like 2Pac, Ice Cube, Dr. Dre and Snoop Dogg. KUBE2 "Extreme" is a product found nowhere else on the dial, and in many cases will feature hard to find songs as well remixes not available anywhere else..except for HD of course. KUBE 93 is excited as we extend our Hip-Hop brand to listeners. Through on-air endorsements and direct marketing to our database we'll educate the listener about our new product, more choices...no monthly fees, that in itself we think is compelling enough to drive consumers to purchase HD Radio's. KUBE2 "Extreme" is a radio station that serves as the ultimate source for new and upcoming lyricists and artists, club hits, DJ remixes and the timeless classics. It's KUBE 93 with and edge.


Transactions
450K WDID-AM St. Louis (Highland IL) from New Life Evangelistic Center Inc. (Lawrence W. Rice Jr.) to Entertainment Media Trust (Dennis J. Watkins). 50K escrow, balance in cash at closing. [File date 2/3/06.]

120K WZFB-AM Fair Bluff NC from Solomon Radio Partners INc. (Dave Solomon) to Rama Radio of North Carolina Inc. (Kris Persaud, Claudia H. Methvin, Anthony Lee). 10K escrow, 2K interim operating payment, 108K note. [File date 2/3/06.]


Stock Talk
Blacking out is a good thing
Broadcast issues were a happy lot for the most part yesterday. Just enough red ink was spilled to provide some contrast to the black that flowed copiously in most corners of the broadcasting section of Wall Street. Let's keep it coming.


Radio Stocks

Here's how stocks fared on Wednesday

Company Symbol Close Change Company Symbol Close Change

Arbitron

ARB

38.96

+0.32

Hearst-Argyle

HTV

24.06

+0.11

Beasley

BBGI

13.61

-0.34

Interep

IREP

0.24

+0.09

CBS CI. B CBS

25.22

-0.08

Jeff-Pilot

JP

60.74

+0.62

CBS CI. A CBSa

25.24

-0.02

Journal Comm.

JRN

12.71

+0.15

Citadel CDL
11.52 -0.06

Radio One, Cl. A

ROIA

10.10

+0.10

Clear Channel

CCU

28.56

+0.36

Radio One, Cl. D

ROIAK

10.14

+0.17

Cox Radio

CXR

14.15

+0.28

Regent

RGCI

4.55

+0.02

Cumulus

CMLS

11.75

-0.05

Saga Commun.

SGA

9.87

-0.02

Disney

DIS

27.46

+0.30

Salem Comm.

SALM

14.00

-0.16

Emmis

EMMS

16.99

+0.30

Sirius Sat. Radio

SIRI

5.29

+0.11

Entercom

ETM

28.85

+0.15

Spanish Bcg.

SBSA

5.74

+0.01

Entravision

EVC

7.20

+0.11

Univision

UVN

34.31

+0.56

Fisher

FSCI

42.80

+0.31

Westwood One

WON

14.55

+0.19

Gaylord

GET

44.63

+1.73

XM Sat. Radio

XMSR

21.95

-0.01

Bounceback

Send Us Your OpinionsWe want to
hear from you.

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




Below the Fold

Wall Street Media Business Report
Entercom suffers Q4
The standard odd-year downturn...

Cox Radio Q4
Revenues down 2.1%; FY was flat...

Washington Media Business Report
Agree to decree
FCC & NBC Washington O&O
WRC-TV 4 have agreed...

Media Markets & Money
One seller finds
Two buyers in Santa Rosa...


International

BBC resumes medium-wave broadcasts in Moscow
BBC World Service is back on medium wave in Moscow. Following a brief interruption, BBC Russian has resumed broadcasting on 1260 kHz frequency. The BBC came off air in Moscow when the technical license of its former distributor, Octode, expired in late December 2005. The Head of BBC Russian, Sara Beck said: "I am delighted by this news, as will be our medium-wave audience in Moscow. They've got into the habit of listening to BBC Russian on medium wave, and they have been letting us know just how much they were missing us. We are extremely pleased that it's business as usual, bringing international news to our listeners in Moscow." BBC Russian continues broadcasting on 1260 kHz in St Petersburg and on 666 kHz in Ekaterinburg. BBC Russian is also available in Moscow on FM via partner station, Radio Arsenal 87.5 FM. The audio of all BBC Russian programs is available via its popular website bbcrussian.com


Correction

At least we got
the initials right

Due to a synapse misfire of astronomical proportions, we named CBS Radio's Joel Hollander as an employee of Clear Channel in our coverage of the CCU's latest quarterly conference call. We of course meant John Hogan. We have promptly scheduled an appointment with our lobotomist to make sure we don't perpetrate another one like this any time soon...


RBR Radar 2005
Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.

Clear Channel says
corner has been turned
Has weathered the tough year of 2005. The loss of inventory due to its less is more (LIM) initiative caused a 6% loss in radio revenue over the course of 2005, but the positive effect has been an increase in ratings, thanks to stations with less commercials and fewer breaks. Outdoor did well but there's more on the CCU drawing board - - or to put it another way, there will be further stress placed on items already on the drawing board. In particular, CCU execs noted the increased reliance by the automotive category in the Internet.

RBR observation: Weathered the tough 2005 is correct and now the hard work begins as all clear eyes will be on 'LIM' by comparing the apples to apples. The radio medium waits for the Q1 2006 conference call results as many report that pacing for first quarter is way off in many markets and second quarter as of today is so-so.

Publisher note: Next Wednesday begins the annual 4A's ad agency conference which always brings interesting talk and various road map courses of where and what the agencies will be focusing on beside key issues they are facing in their media world. A special panel on "How to be a Media Mogul : 2006" is scheduled at the up coming 4A's, and Mark Mays will be sitting on this panel but not with other radio executives. This time co-panelists are of the like of Stephen Burke of Comcast Corporation - Mike Shaw from ABC Television Network -Tim Armstrong at Google. The moderator: Randall Rothenberg from Booz Allen Hamilton. This should be lively discussion and yes RBR will report the out come as we will be there and reporting to you - stay with us.
02/22/06 RBR #37

NAA investing 50M to push newspaper advertising
Not surprisingly, newspaper publishers think that newspapers are the most effective vehicle for advertisers to gain some ROI. The Newspaper Association of America is spending 50M to get that message out.

RBR observation: Too bad the ads are only going into newspapers and online. Maybe they'd be more effective if they used broadcast to get the word out. We personally read the newspaper yesterday, part of it anyway (some minor travel prevented as thorough a reading as usual). Hmmmmm...(chinstroke chinstroke)... we can't remember a single ad, though. What was that on the sports page, tires? Yeah, probably - - there are usually some tires there. But we're not sure. Certainly no clue which tires, if any... Don't get us wrong - - we love the newspaper. It just doesn't often get us into a particular store to buy a particular item. How about you?
02/21/06 RBR #36

If Ya Need One, Just For Laughs
Sent to the editors of RBR/TVBR a song all about the FCC. So we share, if you need a laugh this morning, FCC Family Guy
| Watch It Here |


Predictions for radio research: challenges and opportunities
2006 will be a very important and pivotal year for media research in general and for radio research in particular. In 2006, the radio industry will be given the opportunity to make some important decisions regarding research. The choices will not always be easy and some will have significant financial implications.
02/21/06 RBR #36

Hedge funds are changing the
broadcasting lending landscape
They're the new kids in town - - and these are big kids with lots of money. Over the past year or two, hedge funds have discovered the radio and television station business. They've become aggressive players in the lending market and have made other lenders become more competitive as well. All in all, it's been good news if you've needed to borrow money for a broadcast acquisition or refinancing.

RBR note: If you did not see this special report read issue
02/20/06 RBR #35

RBR Close-Up
Upton wants to loosen radio caps
Believes its time to loosen the local caps on radio station ownership, he's written a letter the FCC Chairman Kevin Martin to make his point. He also delivered substantially the same message in an address before the Media Institute. Where is the logic? But wait, there's more so read back to see the details.

RBR overview: It is no wonder that analyst after analyst forecasts anemic growth for broadcast radio for the foreseeable future.
02/20/06 RBR #35

XM director quits,
warns of "crisis" looming

Saw its stock take a hit on Wall Street. It wasn't because of any surprise in the company's Q4 numbers, which were pretty much what analysts had expected, but because the company announced the resignation of a member of its board of directors who disagrees with how the company is being run. In his letter of resignation, Pierce J. "Jack" Roberts Jr., a former Bear Stearns official, said he did not believe XM was being run in the best interests of the company's shareholders and that he had decided to resign rather than "just go along" with the current course.

RBR observation: RBR has forecasted consistently that word 'Churn' and seems 'Jack' Roberts agrees. Churn has to get under control as being a public company has responsibilities to the public not just a free ticket to due as they please. RBR means all public media companies - Period.
02/17/06 RBR #34

Howard Stern tipped
XM's hand on spending
XM CEO Hugh Panero says the company spent more on promotion than it had planned in Q4 to counter the media blitz surrounding Howard Stern as he prepared to launch in early January on rival Sirius. But that wasn't a negative.

RBR observation: The number we're most focused on is EBITDA. If XM is really going to achieve cash flow break even sometime in 2006, you'd think that its EBITDA loss would be decreasing. But, just as in the previous quarter, the EBITDA loss increased in Q4 - - from 139.7 million a year ago to 199.4 million in Q4 of 2005. We wait to see whether XM can actually achieve cash flow break-even this year.
02/170/6 RBR #34

K Street runs two ways
Lobbyists have found themselves in an unwelcome spotlight lately, joining the ranks of professions often held in disdain by the general public. But a recent article in (BWO) points out that oftentimes it is not a case of lobbyists tossing cash at politicians in return for some favor; rather it is politicians passing the hat amongst the lobbyists...

RBR observation: The news here, ladies and gentlemen, is that we can expect free airtime for politicians to rear its ugly head once again as the lobbyist issue wends its slimy way through the halls of Congress....At any rate, NAB needs to stay alert - - there's a good chance that we'll have to defend against a bevy of hungry politicians making yet another attempt to pick broadcaster pocket! s this year.
02/15/6 RBR #33


Visit MediaHeadHunters.com

Companies Looking
1. Clear Channel RSM in Twin Cities
2. Arbitron Account Manager
3. Sales Rep in Washington, DC
4. Sales Manager for Reno Reps

See Radio Careers

Find Your Radio Career

Post Your Companies Job Openings


Other Links

State Associations

Contact Us

Publisher question:
Reading RBR from a friend?
Receive your own morning copy at
www.rbr.com


Help Desk

Having problems with our epapers?
Please send Questions/Concerns to:
[email protected]

If you wish to remove your name completely from our database use this link __UNSUB__

RBR Epaper -- 108 annual
or just 9 a month

©2006 Radio Business Report, Inc. All rights reserved.
Radio Business Report -- 2050 Old Bridge Road, Suite B-01, Lake Ridge, VA 22192 -- Phone: 703-492-8191