|
|
|
|
|
Volume 24, Issue 59, Jim Carnegie, Editor & Publisher
|
Monday Morning March 26th, 2007
|
|
|
Radio News ®
|
 Clear Channel buyout opponent makes its case
With less than a month to go, the shareholder vote on whether Clear Channel Communications will be taken private is too close to call. The indication that Highfields Capital Management, a hedge fund, was preparing to oppose the buyout (3/19/07 RBR #54) is now a certainty. Although hedge funds seldom speak publicly about anything to do with their investments, Highfields issued a public statement opposing the Clear Channel deal. "In response to recent news stories mentioning Highfields Capital, we wish to state clearly and simply where we stand on the proposed sale of Clear Channel Communications Inc. We will vote our entire position of nearly 25 million shares against the proposed transaction. Our reason is simple: we believe that with a properly managed business and capital structure, Clear Channel will deliver to long-term shareholders significantly greater value than 37.60 per share. The public debate on this transaction makes it clear that our view is shared by many other institutional shareholders, both large and small. Our opposition to this transaction has been long-standing and consistent. In private meetings with Clear Channel directors and management over many months, we have stated unequivocally that we would vote against the transaction. We have repeatedly expressed our strong preference to remain shareholders of a public Clear Channel, and allow the Company time to unlock for all shareholders the same higher values targeted by the private buyers. Finally, at all times we have made it clear to Clear Channel and other involved parties that our opposition would not be changed by either the prospect of short term stock price declines, or any invitation to join as buyers in this undervalued transaction," Hatfields stated. Meanwhile, Clear Channel management continues to try to rally shareholders to vote for acceptance of the 26.7 billion bucks buyout. But the opposition by the company's largest shareholder, the Fidelity mutual funds group, and Hatfields, now the 3rd largest shareholder after #2 Lowry Mays, the company co-founder, makes it difficult to get to the required two-thirds acceptance. Combined, it appears that Fidelity and Hatfields own at least 13% of Clear Channel. Shares not voted count as "no" votes, so opposition by only a few other large institutional investors would add up quickly to enough to sink the deal.
RBR observation: It appears quite certain that the 37.60 bid is not going to be raised, although some Wall Street analysts are still holding onto that as at least a slight possibility. Scott Sperling from Thomas H. Lee Partners went on CNBC a few days ago to defend the bid as "a very, very strong price" and poured cold water on any suggesting that his company and Bain Capital would offer more. Rather, he indicated that Clear Channel shareholders might have to settle for less if they reject the deal that is on the table. "If those debt markets become choppier you can't pay anywhere near 37.60 and I think that is a more likely outcome if the deal gets turned down," he said.
|
|
|
 NY Times raises dividend
Under pressure from shareholders to improve the company's stock price, the board of directors at the New York Times Company has boosted its quarterly dividend. The company generally raises its dividend once a year, but this time the jump is a hefty 31%, from the previous 17.5 cents per share quarterly to 23 cents. "This dividend increase, which is another important step in creating value for our shareholders, puts our dividend yield and payout ratio significantly above that of the S&P 500 and others in our industry," said Chairman Arthur Sulzberger Jr. "The strong cash flow of the company and our current financial position, with the upcoming sale of our broadcast unit and radio station, give us the ability to return more capital to shareholders. Recognizing that the media marketplace is in the midst of an extraordinary transformation, we will continue to exercise strong financial discipline as we execute on our business strategy and allocate capital. We value our shareholders' support and continue to be focused on improved performance," Sulzberger added. Although the company just reported that soft ad sales continued in February (3/22/07 RBR #57), it will have plenty of cash available to pay the higher dividend. It has transactions pending to sell its TV group to Oak Hill Partners for 575 million and WQEW-AM New York to Disney for 40 million.
RBR observation: Does this move really make sense? An increased dividend isn't going to make money manager Hassan Elmasry at Morgan Stanley go away, since his main complaints have been about the two-tiered stock ownership structure and whether the interests of the controlling Ochs-Sulzberger family are aligned with those of other shareholders. At a time when the company is offering early retirement buyouts and cutting costs elsewhere, a big dividend increase is hardly going to reassure the remaining troops and make them want to work harder. By the way, bondholders aren't going to be pleased either. As soon as the dividend hike was announced, S&P put NY Times Co. on its Credit Watch list for a possible ratings downgrade.
2008 primary frontloading continues
Last week we learned that California has moved its primary election up near the front of the line, scheduling the political match for 2/5/08. As was widely anticipated, New York has done the same thing in a move that some see as a nod to its own candidates, Sen. Hillary Rodham Clinton (D-NY) and former New York City Mayor Rudy Giuliani (R). However, Florida has moved to leapfrog both states and schedule its own primary a week earlier, on 1/29/08. CQPolitics.com says the Florida House of Representatives overwhelming supported the move, which awaits affirmation by the state's Senate and governor. On top of the trend toward earlier primaries, there is another trend toward early voting via mail or some other method. The Associated Press reports that some states - it mentions California, Montana and Oregon - could begin accepting ballots as early as 1/5/08. The effect is to force early attention on those locations, and may lead to a strategy of locking in core supporters early and focusing on swing voters late (perhaps after it's too late for the base to change its mind).
RBR observation: It's all further evidence that a ton of cash is going to have to be spent in the last quarter of 2007 if candidates hope to survive the early 2008 gauntlet.
|
|
|
 Rehr maintains full court press
against merger
The National Association of Broadcasters has made no secret of its desire to keep satellite audio services XM and Sirius separate and in competition with one another. NAB President/CEO has followed up a seemingly good week in the Senate with a letter to FCC Chairman Kevin Martin and his colleagues. With three bouts over XM/Sirius already on the books over at Capitol Hill, much of Rehr's arguments against the merger have been aired. Rehr mentioned a couple of things which grabbed our attention, nonetheless. First, he called Sirius CEO Mel Karmazin's proffer of controlled prices a "hollow promise," explaining that, "Any price concessions offered by the merger parties will clearly be temporary in nature, unlike their monopoly power, which inevitably will lead to price increases in the future." He also noted the power a merged satellite service would be able to block broadcasters from quality programming. "Exclusivity is already the hallmark of satellite radio programming arrangements," said Rehr. "With monopoly power, satellite radio will exclude other media from access to premium sports and entertainment programming." He reminded Martin of a recent precedent, the denial of a similar merger between the top two satellite television services.
| Full text of Rehr's letter here |
House Democrats gearing up to defend '06 hotspot gains
Conventional wisdom holds that seats in the House of Representatives which changed hands are among the ripest for changing again during the very next election, barring a major associated case of gerrymandering. House Majority Leader Steny Hoyer (D-MD) is wasting no time fortifying the chances of nine members of his freshman class. Hoyer is using his own leadership political action committee (PAC) to give a boost to the group. Actually, four of the group are sophomores, but all but one are in districts that voted for George W. Bush in 2004. The group includes Jason Altmire (D-PA); John Barrow (D-GA); Melissa Bean (D-IL); Kirsten Gillibrand (D-NY); Baron Hill (D-IN); John M. Sprat (D-SC); Ed Perlmutter (D-CO); Zack Space (D-OH); and Michael Arcuri (D-NY).
RBR observation: It goes without saying that the Republicans are also aware that this is a vulnerable group. They will most likely make some investments of their own, making the district of each one of these legislators prime advertising battleground turf during the 2008 elections.
|
|
|
|
|
Ad Business Report TM
|
 Six Flags strikes marketing alliance with Johnny Rockets
Six Flags and Johnny Rockets today announced a multi-year strategic relationship under which Johnny Rockets will become a Six Flags Corporate Alliance Partner and pay Six Flags an annual sponsorship fee; Six Flags will open and operate Johnny Rockets locations throughout its parks; and the companies will collaborate on marketing and promotional initiatives at all 200+ Johnny Rockets restaurant locations nationwide. Six Flags will open 26 Johnny Rockets locations in its parks over the next three years, with the first six opening this year at parks in Chicago, Dallas, Los Angeles, New Jersey, San Antonio and St. Louis. Six Flags and Johnny Rockets will also implement a number of co-marketing offers in the next several years aimed at driving Six Flags attendance, including:
* Six Flags on-table flip chart advertising at all Johnny Rockets restaurants nationwide;
* Six Flags coupons offered with every restaurant receipt for admission savings at any U.S-based Six Flags park;
* Six Flags branding of the Johnny Rockets kids' activity menu;
* Six Flags-branded check presenters at all Johnny Rockets restaurants;
* Website and email advertising;
* A special Six Flags-branded milkshake, available in-park and at all Johnny Rockets locations.
Radio Mercury Awards deadline extended
The annual Radio-Mercury Awards for the best in radio commercials and PSAs extended its deadline for entries again, until 3/30. Creators of the best radio creative of 2006 will compete for the 100,000 Grand Prize, plus 70,000 in additional prizes.
|
|
|
|
| Media Business Report TM |
Focus on attorney journey to unemployment line
We are fairly amazed that the case of the fired US attorneys dominated the news for the week of 3/11-16/07, according to the ongoing weekly Project for Excellence in Journalism study. It just seems so "inside the Beltway." It indicates that both the media and the public are paying attention in a way that is diametrically opposed to the recent focus on Anna Nicole Smith. At any rate, PEJ noted the news media gave the story 16% of its time, and talkmeisters ramped that up to 21%. The same pattern held for #2 story Campaign 2008, with the news giving it 9% and talk ramping it up to 13%. The break came with the Plame case, which fell to 2% in the news but was still commanding 8% of talker time. The biggest talk topic not on the news top 10 was Halliburton's HQ move to Dubai, in at 5%.
|
|
|
|
| Media Markets & Money TM |
Davidson spins four
Saying he wants to concentrate on stations where he's established Hispanic formats, Peter Davidson and his Davidson Media Group are selling off some radio properties. The total value of the package, according to broker John Pierce, is 7.1M. Pierce handled the sale of WDJR-AM Detroit, WCXN-AM Charlotte (Hickory NC) and KXLQ-AM Des Moines IA to Sima Birach, who gets a third station in Motown and new territory via the other two. Broker Michael Bergner also had a hand in moving WAKX-FM Providence (Narragansett Pier RI) to noncommercial Ocean State Public Radio. But wait, there's more. Ocean State, which according to reports out of New England, is changing its name to Rhode Island Public Radio, and is also said to be acquiring non-com AM WRNI-AM from Boston College's WBUR-FM. WBUR-FM will hang around for five years to provide program and engineering services, and will receive 2M for the station spread out over 10 years. Both WRNI-AM and WAKX-FM will affiliate with National Public Radio.
|
|
|
|
| Washington Media Business Report TM |
 Holy oversight, Batman!
You have to hand it to the new Democratic majority in Congress. They promised increased scrutiny of communications issues, and they are staying right on task. We already knew about the plans of John Kerry (D-MA) to look into sports program exclusivity in relation to the deal struck between Major League Baseball and DirecTV. That'll take place Tuesday 3/27/07 at the Senate Commerce Committee. Ed Markey (D-MA) and his Subcommittee on Telecommunications and the Internet will also be right back at it the next day, Wednesday morning 3/28/07, with further inquiry into the status of the DTV transition, which is pegged to a 2/17/09 deadline. Neither panel has identified its witnesses yet.
RBR observation: Democrats have frequently expressed the opinion that the 1.5B or so allocated for digital-to-analog converters is inadequate, and that much more money needs to be spent on public awareness. They are also keen to attach specific public interest requirements to digital licenses. We expect these to be key topics when the Telecom Subcom sits down this week.
|
|
|
|
| Engineering Business Report TM |
 IBOC: FCC move draws
raves from iBiquity, NPR
It should come as no surprise that HD radio prime developer iBiquity Digital was thrilled with the FCC's action last week legitimizing the service. President and CEO Bob Struble said, "iBiquity Digital commends the FCC for its decision today to authorize the use of two additional HD Radio services - multicasting and datacasting - and allow AM HD Radio stations to begin nighttime broadcasting. Today's decision reinforces the Commission's support for the HD Radio system and provides automakers, broadcasters, receiver manufacturers and retailers with the certainty of formal adoption of critical HD Radio services. We anticipate this action will also prompt a surge of activity from companies in each of these industries as they look to capitalize on the continuing momentum of the HD Radio rollout." The sentiments were echoed by National Public Radio, which had a huge hand in the development and adoption of the technology. "The public demand for public radio is at its highest point ever in our history, and today's approval of full multicasting authority opens doors we only dreamed of six years ago," said Mike Starling, CTO/Executive Director, NPR Labs. "NPR stations pioneered multicasting and are now poised to lead in the creation of new public services, including the exciting potential of radio accessibility for the hearing-impaired and other underserved audiences." 230 NPR affiliates have adopted the technology and 60 are said to be experimenting with multicasting applications.
|
|
|
|
| Internet Media Business Report TM |
"Tap It" helps stations tap new music
From digital MP3 players to online music communities, from boomers to tweens, technology is transforming the way people listen to music. And as today's music consumers are enjoying more customized options and more control than ever, traditional media outlets like radio are looking for innovative ways to keep pace. Through patent-pending technology, Tap It helps stations launch "brandable" interactive entertainment sites where listeners can: sample and purchase music by independent and popular music artists from all over the world; find out about radio-sponsored events; and interact one-on-one with DJs and music artists. "What if emerging MySpace artists could promote and sell their music through radio station Web sites, or if iTunes featured news on local concerts and entertainment events? That's the experience Tap It helps stations bring to their listeners!," says Jonathon Alexander, Tap It CEO. " The Tap It model focuses on generating revenue and exposure for radio stations, music artists and record companies by:
1. Giving stations the back-end technology for a "ready-to-launch" interactive entertainment site that can be customized to fit a station's existing brand identity and incorporated into the station's web site. The site gives radio stations the ability to supplement their on-air playlists with emerging artists and an interactive, online community where listeners can engage with DJs and local artists as well as learn about radio-sponsored events and artist performances.
2. Partnering with stations to share revenue generated through artist subscriptions to the digital entertainment sites and site advertising, or providing licenses that enable stations to retain all revenue generated.
3. Providing music artists with an online outlet for promoting and selling their music--the only available outlet that features, for a low monthly subscription, built-in exposure through station sites.
Since launching this interactive entertainment module, Tap It has worked beta sites including All Pro Media, Lieberman Broadcasting, Riviera Broadcasting and Greater Media. Tap It is also partnering with Big Champagne to support its Fame Tracker mechanism--a reporting tool that allows radio stations and artists to collect extensive demographics about their audiences and receive real-time statistics regarding listener trends. |
|
|
|
| TVBR TV News |
|
 Networks win round with Cablevision
A federal judge in New York has sided with TV networks and Hollywood studios and barred Cablevision from rolling out a new DVR which would store programming on a central computer for its cable customer. Cablevision is considering an appeal. The broadcasters and studios sued last year (5/26/06 TVBR #104), claiming that the centralized computer system violated copyright law. Cablevision insisted that it qualified under the exception for home viewers recording programs for their own use, since each individual cable subscriber had access only to what it chose to store on the central repository. US District Judge Denny Chin agreed with the broadcasters and studios. "The RS-DVR is clearly a service, and I hold that in providing this service, it is Cablevision that does the copying," the judge ruled. What's next? Cablevision issued a statement insisting that its position was right. It is likely to appeal to a higher court, since the centralized storage system would be considerably cheaper than deploying individual DVRs to cable customers.
|
|
|
|
| Transactions |
975K WNPL-AM CP Fort Myers-Naples FL (Golden Gate FL) from Intermart Broadcasting Collier County Inc. (James E. Martin) to Fort Myers Broadcasting Company (Brian A. McBride). 50K escrow, balance in cash at closing. Superduopoly with WINK AM & FM, WPTK-AM, WTLQ-FM. Cross-ownership with WINK-TV. CP is for Class B in 1460 kHz with 7 kw-D, 2 kw-N, DA2. [File date 3/5/07.]
975K WINK-AM Fort Myers-Naples FL (Fort Myers FL) from Fort Myers Broadcasting Company (Brian A. McBride) to Meridian Broadcasting Inc. (Joseph A. Schwartzel). Cash. Superduopoly with WARO-FM, WUSV-FM, WTLT-FM, WNOG-AM and cross-ownerhsip with WTVK-TV. LMA 1/1/07. [File date 3/5/07.]
|
|
|
|
| Monday Morning Makers & Shakers |
|
Transactions: 2/5/07-2/9/07
It's easy to set records for the year in the early going, and the first full week of February has now become the one to beat for station volume. The 45 stations changing hands blows away last week's total of 26. But the total dollar value pales in comparison, lacking a mega-market swap like Bonneville/Entercom. Chris Devine accounted for 31 of the stations traded all by himself, helping Clear Channel with its small market divestiture.
|
|
Total
|
|
Total Deals
|
9
|
|
AMs
|
18
|
|
FMs
|
25
|
|
TVs
|
2
|
| Value |
66.315M
|
| Complete Charts |
|
Radio Transactions of the Week
Devine clears out portfolio
| More... |
|
TV Transactions of the Week
Youngstown TV parked with Parkin
| More... |
|
|
|
|
|
| Stock Talk |
Market up...just barely
An unexpected jump in home sales helped stock prices on Friday, but the market didn't move much. When the day was done, the Dow Industrials were up 20 points to 12,481.
Radio stocks were mixed. The Radio Index was down 0.576, or 0.4%, to 155.585. Salem moved the most, down 2.5%. Lincoln National, which is primarily an insurance company, rose 1.1% as the best performer on our daily list.
|
|
|
|
| Radio Stocks |
Here's how stocks fared on Friday
| Company |
Symbol |
Close |
Change |
Company |
Symbol |
Close |
Change |
|
Arbitron
|
ARB
|
|
47.41
|
-0.54
|
Journal Comm.
|
JRN
|
|
13.10
|
+0.03
|
|
Beasley
|
BBGI
|
|
8.97
|
-0.03
|
Lincoln Natl.
|
LNC
|
|
68.99
|
+0.76
|
| CBS CI. B |
CBS |
 |
30.46
|
-0.29
|
Radio One, Cl. A
|
ROIA
|
|
6.73
|
-0.01
|
| CBS CI. A |
CBSa |
|
30.46
|
-0.25
|
Radio One, Cl. D
|
ROIAK
|
|
6.76
|
+0.01
|
| Citadel |
CDL |
|
9.73 |
-0.02 |
Regent
|
RGCI
|
|
2.97
|
+0.02
|
|
Clear Channel
|
CCU
|
|
35.41
|
-0.23
|
Saga Commun.
|
SGA
|
|
9.83
|
+0.03
|
|
Cox Radio
|
CXR
|
|
13.68
|
-0.04
|
Salem Comm.
|
SALM
|
|
13.21
|
-0.34
|
|
Cumulus
|
CMLS
|
|
9.39
|
+0.09
|
Sirius Sat. Radio
|
SIRI
|
|
3.35
|
+0.01
|
|
Disney
|
DIS
|
|
34.99
|
-0.34
|
Spanish Bcg.
|
SBSA
|
|
4.10
|
-0.04
|
|
Emmis
|
EMMS
|
|
7.94
|
-0.12
|
SWMX
|
SMWX
|
|
0.85
|
unch
|
| Entercom |
ETM
|
|
28.20
|
-0.14
|
Univision
|
UVN
|
|
36.15
|
+0.01
|
|
Entravision
|
EVC
|
|
9.18
|
+0.01
|
Westwood One
|
WON
|
|
6.67
|
+0.07
|
|
Fisher
|
FSCI
|
|
47.95
|
-0.02
|
XM Sat. Radio
|
XMSR
|
|
13.49
|
unch
|
|
Hearst-Argyle
|
HTV
|
|
26.77
|
+0.27
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
Bounceback
|
 We want to
hear from you.
This is your column, so send your comments and
a photo to [email protected]
|
|
|
Below the Fold
|
|
Ad Business Report
Six Flags marketing alliance
With Johnny Rockets becomeing a Corporate Alliance Partner and...
Washington Media Business Report
Holy oversight, Batman!
You have to hand it to the new Democratic majority in Congress...
Media Markets & Money
Peter Davidson spins four
To concentrate on stations where he's established Hispanic formats...
Internet Media Business Report
SBS re-launches lamusica.com
Re-brands radio station websites...
"Tap It"
Helps stations tap new music...
|
|
|
Stations for Sale
|
Mississippi AM-FM
Recently Merged, Profitable Now
Significant Upside Remains
Gordon Rice Associates
(843) 884-3590
[email protected]
NorthEast FM's For Sale
Clusters, standalones, sticks
8x - 12x BCF, 950K - 7.2M
[email protected] or
781-848-4201
10 TX, AZ, NC, and GA
FM radio stations at an exceptional value offered for sale. Broker cooperation encouraged. Please visit www.toweritrust.com for complete information including pricing.
 Market your Stations For Sale
in our daily epapers.
Contact
June Barnes
[email protected]
|
|
|
Radio Media Moves
|
Red Zebra
names new CEO
Bruce Gilbert, ESPN Radio GM, has been named the new Red Zebra CEO. He replaces Bennett Zier, who resigned last week. Redskins owner Dan Snyder owns Red Zebra, which O&O's DC area's Triple X ESPN Radio trimulcast.
 Schwab
is Free
Veteran Philadelphia radio sales pro John Schwab is back in town as General Sales Manager of CBS Radio's WYSP-FM "Free FM 94.1." In recent years Schwab had held a number of management positions with Metro Networks.
Better get an
alarm clock
Beasley's "B103.9" WXKB-FM Ft. Myers-Naples announced that longtime on-air personality Drew Steele will move from afternoons to the station's morning time slot, introducing "The Drew Show." Steele will kick off his new time slot, weekdays from 6 to 10 a.m., with a search for B103.9's Next Radio Star, a listener's chance to audition for a position as The Drew Show's co-host.
|
|
|
More News Headlines
|
SBS re-launches
lamusica.com;
Re-brands radio
station websites
Spanish Broadcasting System announced upgrades to its portfolio of Internet properties, including the re-launch of its leading entertainment portal www.lamusica.com, as well as the re-branding of all of the company's radio station websites. Lamusica.com is a \destination for up-to-the-minute Hispanic news and entertainment information. As part of the \ re-launch, SBS has completely revamped the site's user interface, including new and improved Internet graphics and links, as well as an upgraded video player, all of which more closely represent the Web site's dynamic appeal. In line with these upgrades, SBS named former "Mira" magazine photo editor Gabriela Ordonez to head-up the photo department at lamusica.com. In addition, lamusica.com has unveiled a new slate of online print, video and music content that more effectively leverages SBS's radio and TV programming and its pool of entertainment and news talent. In-line with this initiative, SBS has appointed esteemed journalist Rene Solorio to lead lamusica.com's entertainment news division. He will oversee the development of the site's news and entertainment content, while also serving as an editorial contributor to SBS's Miami television station.
Nielsen exec Bob Krakoff dead at 72
The Nielsen Company announced that Robert Krakoff, President and CEO of Nielsen Business Media, died unexpectedly Thursday at his home in Boston. He was 72 and had been in the Nielsen post only since last August. Nielsen Business Media properties include such publications and Radio & Records, Billboard, The Hollywood Reporter and Adweek.
Another boarding
for Powell
Cisco has added itself to the resume of ex-FCC Chairman Michael K. Powell, by adding him to its board of directors effective 3/22/07, which is interested in his knowledge of the potentials of convergence. Powell is listed as a Senior Advisor of Providence Equity Partners, Chairman of the MK Powell Group, on the Board of Trustees for RAND Corp. and Aspen Institute, on the boards of ObjectVideo and CMWare (the latter appointment was announced last week), and is Rector of the Board of Visitors of the College of William and Mary in Virginia.
Radio exec indicted
A federal grand jury in Phoenix has indicted CBS Radio Regional VP Brian Ongaro along with eight other men in what federal prosecutors charge was a mail fraud and money laundering scheme. Some 40 million bucks was allegedly raised from more than 300 people who were persuaded to invest in medical outpatient businesses for which the financial prospects were deliberately inflated. Ongaro, who is based in Dallas, did not respond to an email from RBR seeking comment.
Tony Snow to undergo surgery today
White House press secretary and former Fox News/Fox News Radio host Tony Snow announced Friday he will undergo surgery today to remove a small growth from his colon but said there were no indications that it was cancerous. Snow underwent treatment for colon cancer in 2005. He became White House press secretary in May 2006.
|
|
|
RBR Radar 2007
|
|
Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.
|
New lender for small media loans
RBR has reported time and time again that it is extremely difficult to find radio and TV financing below the 10 million bucks level, so it is always big news when a new lender enters that end of the market. Three members of the lending team for the former small media lending operation at Wells Fargo Foothill, which shut down a few months ago, have landed at Gladstone Capital to open the media lending unit. Dave Meier and Brian Eick are in Chicago tell RBR that they will be focusing on senior debt placements from three million to the 10-12 million area. Gladstone, a publicly traded company (Nasdaq: GLAD), can also do subordinated debt and that may be incorporated into the media side as well. In addition to radio and television, the media lending unit at Gladstone will also be making loans to publishing, cable TV, outdoor advertising and tower companies.
RBR observation: This is the best news media broadcasters have heard in a long time. The Gladstone team not only becomes a leader in this area but from what RBR sees so far is willing to make a partnership with broadcasters that are the backbone of the media business today.
03/23/07 RBR #58
24 mice welcomed into the Citadel
The deal sending 24 large market radio stations from Walt Disney Co.'s ABC Radio to Citadel Broadcasting Company received a unanimous public blessing from the FCC, in a rare Commission use of the open meeting forum for consideration for transaction approval. None of the stations are in markets where Citadel already has a presence, and since there will be structural changes in Citadel's ownership, 11 stations in its existing portfolio will lose grandfathered status.
RBR observation: If there was a loser, it would appear to be Red Wolf Broadcasting, which has had some local collisions with Citadel in Connecticut and has been scrupulously challenging Citadel license renewals. Nobody from the Media Bureau so much as breathed a word about the issue, nor did a single commissioner, and the FCC announcement of the action taken made no mention of the objections. For complete outlined details review this issue of RBR.
03/23/07 RBR #58
IBOC pushed ahead
Digital, in-channel on-band (IBOC) radio broadcasting received a technical booster shot from the FCC as the commission took steps to speed it further along its developmental path. The key actions included streamlining procedures by allowing FMs to use digital multicasting and make other technical decisions/changes without getting authority; allowing AMs stations to begin using hybrid analog/digital operation at night; and allowing FM translators, boosters and LPFMs to adopt digital broadcast. Local digital must have as-good-or-better quality than analog, but if broadcasters meet that standard, they have flexibility as to bandwidth use, whether it be for HD, multicast or date delivery. (Complete outline in RBR)
03/23/07 RBR #58
|
|
|
|
 |
Hard finding that key person
to fill the important position at your organization? Media HeadHunters is the place that key media firms use to get results. See Media HeadHunters and get results with service--Period.
Need assistance
contact Cathy Carnegie
|
 |
|
|
|
|
Help Desk
|
__EMAIL__ :
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
|
|
|
|
©2007 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
|
|
