RBR's Daily Morning Epaper

Volume 23, Issue 66, Jim Carnegie, Editor & Publisher

Tuesday Morning April 4th, 2006

Radio News ®

RAB: Good news, more good
news and...oops
According to the latest Radio Advertising Bureau/Miller Kaplan & Arase numbers, February national radio sales made gains over the same month in 2005. And non-spot revenue enjoyed a double-digit surge. However, the categories were not strong enough to overcome a 3% drop in local business and prevent an overall plunge into the red ink. National was up 4% and non-spot was up 12%, but local is the key category - - the weakness there brought the month home with a 1% loss. Year-to-date, local has lost 2%, off-setting a 5% gain in national and an 11% gain in non-spot, putting total revenue on par with the first two months of 2005.

RBR observation: Weak February results were no surprise if you've been listening to quarterly conference calls. It didn't seem like anybody at all was happy with the way the month was going. There was more optimism looking ahead, but others see more gray clouds. It's going to take hard work and out-of-the-box thinking to turn this around - - maybe the silver lining will be lessons learned will ultimately strengthen the industry.

Most radio stocks fell in Q1
With radio pacings still struggling against what were supposed to be easy comps from 2005, it's hardly surprising that the public radio stocks didn't perform well in Q1 of 2006. Of the 28 terrestrial and satellite radio stocks in RBR's chart, only six were up for the quarter. Each has a special story to make it an exception, so the rule for the quarter was a down trend for radio stocks. The best performer was Entravision, up nearly 29%, which stands to become the biggest Hispanic media stock play once Univision is sold. Univision itself rose over 17% as it began to take buyout bids. Disney struck deals to sell its radio operation and buy Pixar, resulting in a stock gain of over 16%. SBS rose over 8%, benefiting from excitement over Spanish media stocks. Fisher rose 8% after announcing its first Spanish TV buy. And Gaylord's 4% rise had noting to do with its single radio station, since it is now almost exclusively a hotel company. For all other radio stocks, Q1 was a downer, with sluggish growth holding back the entire sector. RBR's Radio Index, comprised of 14 stocks whose main business is radio, was down nearly 17% for the quarter. Of the issues not in the penny stock category, Westwood One was the poorest performer, down over 32% after changing CEOs and projecting further revenues declines.
| Read the chart if you dare |

Soft sales for XM
Q1 net subscription adds for XM satellite Radio were below Wall Street expectations at 568,000, pushing the company just over the 6.5 million subscriber mark. Most analysts had expected at least 600,000 additions for the quarter. XM still insists it will hit its target of nine million by year's end. "The first quarter represented another solid quarter of growth in XM subscribers, and is consistent with our goal of nine million subscribers by year end. More importantly, our subscriber growth was achieved economically, with a substantial reduction in the cost to acquire a new subscriber as compared to the fourth quarter of 2005," said XM CEO Hugh Panero.

RBR observation: Amazingly, XM's stock price was up for a while in trading after the disappointing subscriber numbers - - apparently because of Panero's statement that costs per subscriber had gone down in the quarter. They'd better have, after XM by its own admission boosted spending in Q4 to counter Sirius' big push ahead of Howard Stern's launch. But after seeing the subscriber numbers come up short in Q1, can XM really get them back on track in Q2 and Q3 and then have a Christmas sales blow-out in Q4 without pushing spending back up again? And don't forget...the company has promised to be cash flow positive by the end of this year. We wait and watch.

Spitzer fuming at FCC settlement talks
New York Attorney General Eliot Spitzer is hot under the collar after reading reports that the FCC is in talks with major radio groups to settle play-for-pay allegations - - which Spitzer calls "corporate payola" - - for payments of around a million bucks per company (4/3/06 RBR #65). Even so, the FCC's talks with Clear Channel, CBS, Citadel and Entercom have reportedly hit a snag because the companies first want to see all of the evidence Spitzer turned over to the feds to see if there's really anything that might be construed as a violation of federal law or the FCC's regulations. Spitzer, meanwhile, fumed to the Associated Press that the potential FCC settlements "would be a substantial evisceration of the negotiations we're involved in." In other words, he thinks the radio groups should pay much bigger fines. He's been demanding 20 times as much in his talks with the radio groups - - and apparently hitting a brick wall. So far, he's sued Entercom after failing to reach a settlement and is still talking with other groups.

RBR observation: Let's get this straight. Spitzer, who has no authority to enforce the federal payola law or the FCC's commercial sponsorship rule, is upset that the people who actually do have that authority are doing their job - - and not asking for his permission to do so. Isn't it about time that the federal courts got involved and put Spitzer in his place?

Jeff-Pilot/Lincoln National merger closes
There's now a major new player in broadcasting - - Lincoln National Corporation. The Philadelphia-based insurance company yesterday completed its 7.5 billion bucks cash and stock acquisition of Jefferson-Pilot Corporation (10/11/05 RBR #199). Although the driver behind the combination was Jeff-Pilot's insurance lines, Lincoln National CEO Jon Boscia has said he likes the radio and TV businesses and intends to keep them. So, what had been known as Jefferson-Pilot Communications is now Lincoln Financial Media and the production and syndication business is now called Lincoln Financial Sports. Lincoln Financial Media, still based in Greensboro, NC, owns 18 radio stations in five markets and three TV stations. Boscia continues as Chairman and CEO of the combined company. Former Jeff-Pilot President and CEO Dennis Glass is now President and COO of Lincoln National.

VNU tender set to end May 5th
The soap opera surrounding VNU, the parent company of Billboard, The Hollywood Reporter and the Nielsen TV ratings firms, among others, enters a new phase today as the public tender for the company's shares begins today and is set to conclude May 5th. Over that one month and one day period, the management of VNU and the equity funds offering a nine billion bucks buyout will be facing an uphill battle to convince reluctant shareholders to accept the offer and tender their shares. The equity group - - AlpInvest Partners, Blackstone Group, Carlyle Group, Hellman & Friedman, Kohlberg Kravis Roberts and Thomas H. Lee Partners - - is offering 28.75 euros per share, but VNU's stock has lately been trading down around 27 euros because investors don't expect the buyout to succeed. To become effective, the tender must draw at least 95% of VNU's outstanding shares. There are indications, though, that as little as 50% will be tendered, with several of VNU's largest shareholders insisting that the company is worth considerably more than is being offered. That's put them on a collision course with management for the second time in a year - - the first being the company's aborted takeover of IMS Health - - and a mass resignation of the executive and supervisory boards was threatened last week (3/31/06 RBR #64). Look for the annual shareholders meeting on April 18th to be a hot affair as VNU's management makes a last-ditch appeal to salvage this deal.

RBR News Analysis

Is Stern missing the point?
In Howard Stern's just-released interview with Entertainment Weekly, he was asked if it bothered him that most of his fans haven't followed him to Sirius from terrestrial radio? He responded: "It's insulting to me that everyone hasn't come with me. I take it personally...I want to say to my audience in this article, ''F--- you! You haven't come with me yet? How dare you?'' We, and a few others, found that statement to be a bit insulting as well. In a recent conversation with an industry observer, it was noted that Stern always positioned himself as the anti-hero. But now he's become a victim and it's hard for his audience to have empathy for a victim who's making all this money.
| Read More... |

Wall Street Media Business Report TM

Q4 Conference Calls
Interep breaks out Q4
After filing its full year 2005 results with the SEC (4/3/06 RBR #65), Interep has now issued a press release with its Q4 numbers broken out. Commission revenue decreased 7.2% to 20.8 million. That was blamed on the loss of Cumulus and Radio One as clients and to the lack of political revenues in the off year of the federal election cycle. Operating income before depreciation and amortization in Q4 was 2.5 million, compared to 5.6 million a year earlier. But while Q4 was down, Interep emphasized that its results were up for the full year. As we reported yesterday, commission revenues rose 2.1% for all of 2005 and operating income before depreciation and amortization gained 12.4%. "We are pleased to report that despite the loss of Cumulus and Radio One in 2005, our commission revenue for the year increased over 2004. This is a very positive statement on the performance of our sales team on behalf of our client radio stations, as well as our success in signing on new clients at improved revenue rates per contract, and the significant growth in new business development produced by the Interep Marketing Group. As we projected in our last earnings release, however, the fourth quarter proved more challenging since it was the first quarter that fully reflected the contract terminations discussed above. We will continue to try to offset these losses though increased sales for on- going stations, continued new station acquisitions and further streamlining of our operations," said CEO Ralph Guild.

Ad Business Report TM

More from Miller, Kaplan's Top 100 advertisers
More from Miller, Kaplan, Arase & Co.'s "Radio's Leading Advertisers" profile of spending by the Top 100 advertisers in U.S. Radio. The study composites data from 732 radio stations and aggregates radio advertiser expenditure data from 33 U.S. markets (including 24 of the top 25) accounting for 60% of U.S. Nationwide spot radio revenues. It also profiles the nationwide spot radio spending trends of leading advertisers alphabetically, by rank, and by station. The Top 50 advertisers in each of 21 formats are also listed. More charts from Q4 '04 data-Number four advertiser SBC Communications; Number five advertiser State lotteries; The CHR/Pop format and CHR/Rhythmic format.
| See charts here |

Millward Brown has new ranking
of world's most powerful brands
A new ranking of the world's most powerful brands was unveiled by global marketing research firm Millward Brown. Developed by Millward Brown Optimor, the company's specialist financial and ROI arm, the BRANDZ Top 100 Most Powerful Brands study utilized BRANDZ data that provides brand equity measures for more than 30,000 brands. The new brand ranking is unique because it is the first to combine consumer research with public financial data to measure the contributions brands make to the bottom line. Additionally, it is the only ranking to quantify consumer sentiment about a brand's momentum and future prospects, and the first to focus on "market facing" brands as opposed to corporate brands.
| Read More... |

Media Business Report TM

America Online is history
The official name had long been played down in favor of initials, particularly as the company expanded overseas, but now the Time Warner subsidiary has officially jettisoned the words attached to the initials. 15 years after blazing the Internet trail, the company is now simply AOL. "Our company long ago accomplished the mission implied by our old name ... we literally got America online," said Jon Miller, Chairman and CEO of AOL. "Our new corporate identity better reflects our expanded mission - - to make everyone's online experience better. Plus, consumers in the US and around the world already know us by our initials," he added.

Media Markets & Money TM

Metter places his 'BET below Boston
BusinessTalkRadio.net is expanding its operations with an AM acquisition in Brockton MA, a town about 10 miles south of Boston. Headed by Michael Metter, it's getting News-Talker WBET-AM 1460. According to Media Services Group's Robert Maccini brokered the deal - - and as a party of interest in the seller, he certainly had the inside track for the listing. The price is 1M cash. The buyers add the station to their two networks, BusinessTalkRadio.net and Lifestyle TalkRadio Network, O&O WGCH-AM serving Stamford-Norwalk CT, and an LMA/option with WLIE-AM serving Nassau-Suffolk. Metter says his company is in acquisition mode, and expects to announce more deals in the coming weeks.

Foundation being built
for Air America
Sheldon and Anita Drobny were instrumental in the formation of progressive radio network Air America. Now they're taking steps to build a sturdy platform to help keep it up and running well into the future. The Paradigm Group financiers have started up a new company, Nova M Radio LLC, which seeks to acquire radio stations upon which to air progressive Talk programming. The "opportunity" they see is already spelled out on the Nova M website: It believes that the stunted growth of progressive radio "...can be circumvented by directly purchasing underperforming radio stations at or below market value prices and replacing existing formats with progressive content leveraging our unique relationship with the Air America Network brand." In their hunt for investors, they note the relative safety of this enterprise. "Radio stations are a very limited commodity," they point out, saying the assets should be easy to liquidate for any reason. They talk about generating cash flow, however, and even mention the possibility of an IPO. The venture has been spurred by Air America's loss of an outlet in Phoenix when the station upon which they were airing was sold out from under them to an owner with programming plans of its own. According to reports, Nova M already has a deal for an LMA in the Arizona city. The New York Times says the group is hoping to pick up 20-25 stations this year and perhaps 100 or more over the next three years.

Washington Media Business Report TM

Fast track for Barton-Rush
Rep. Fred Upton, chair of the House Subcommittee on Telecommunications and the Internet, has proven as good as his word. He said they'd be putting the Joe Barton (R-TX)/Bobby Rush (D-IL) Communications Opportunity, Promotion and Enhancement Act of 2006 through its initial markup this week, as it is now on the schedule. Members of the subcommittee will deliver opening remarks today at 5PM eastern, and the actual work - - adding amendments and tallying votes - - will begin Wednesday at 10AM.

RBR observation: Look for Democrats to attempt to add provisions to safeguard network neutrality, and to require MVPDs to build-out their systems to the entire community served. They will likely fail, and will then vote against the bill, which should nevertheless make it intact to the full committee for its final markup - - if Upton keeps it on schedule, before Congress takes its spring break.

NAB Day Time Planner

	The following will be attending the NAB. Call or email to make your appointment in advance.

EQUIPMENT Les Kutasi, Sales Manager; Stainless, Booth #C2447, 215-631-1313, [email protected] BROKERS Todd Fowler/David Reeder/Gene Ferry, American Media Services, Bellagio, 843-972-2200, [email protected], [email protected], [email protected] Cliff Gardiner, Clifton Gardiner & Company, 303-758-6900, The Wynn Hotel, [email protected] Andy McClure/Dean LeGras, The Exline Company, The Wynn Hotel, 415-479-3484, [email protected] Frank Boyle, Frank Boyle & Co., LLC, Hilton Grand Vacations Villa, 703/765-8300, [email protected] Gordon Rice, Gordon Rice Associates, 843-884-3590, Treasure Island, [email protected]	John L. Pierce, John Pierce & Company LLC, Mirage Hotel, 859-647-0101, cell 859-512-3015, [email protected] Jamie Rasnick, John Pierce & Company LLC, Mirage Hotel, 859-647-0101, cell 513-252-1186, [email protected] Dick Kozacko/George Kimble, Kozacko Media Services, The Wynn Hotel, office 607-733-7138, cell 607-738-1219, [email protected] Elliot Evers/Brian Pryor/ Adam Altsuler/Tim Beach Media Venture Partners, LLC, 415-391-4877, [email protected], [email protected] Larry Patrick/Greg Guy, Patrick Communications, Bellagio, 410-740-0250, [email protected] Glenn Serafin, Serafin Bros., Aladdin Hotel, office 813-885-6060, cell 813-494-6875, [email protected]

Entertainment Media Business Report TM

CBS Radio LA adds Dodgers on HD-2
KFWB "News 980" and KLSX "97.1 Free FM" LA announced the Dodger Radio broadcast can be heard on Free 2 HD. Since 2003, KFWB NEWS 980 has been the flagship home of the Los Angeles Dodgers. "When the Dodgers are on the radio, listeners come from all over the dial. Now, fans can hear Vin Scully, Rick Monday and Charley Steiner on the next generation of the radio dial on HD Radio," said KFWB's General Manager Pat Duffy.

Ratings & Research

NAB awards 2006
broadcast research grants
The NAB announced has awarded six research grants to academic scholars as part of its annual "Grants for Research in Broadcasting" program. Each year, this competitive program attracts research proposals from broadcast scholars throughout the country. Through the program, first initiated in 1967, NAB has awarded more than 300 research grants approaching 1 million in support of academic studies.
| This year's recipients and their research topics are |

Integrated newspaper audience metric gains momentum
Scarborough Research released a new analysis of "Integrated Newspaper Audience," a measurement that combines the audience of traditional printed newspapers with the audience of their websites in their local market. Nine months ago, Scarborough released its first analysis of this new metric. Scarborough continues to find that when online readers are considered, the story of newspaper readership for many papers transforms from one of slow and steady decline to one of vibrancy and growth.
| Read More... |

Transactions

600K WZFM-FM Narrows VA from Old Dominion Communications Inc. (H. Edward Hale) to WZFM LLC (Edward A. Baker, Alison M. Baker, Diane E. Baker). 30K escrow, balance in cash at closing. Duopoly with WPIN-AM Dublin VA (PAR), WKNV-AM Fairlawn VA (Base Communications). LMA 2/28/06. [File date 3/13/06.]

366,689 WLMN-AM Olean NY (Kane PA) from Beech Tree Broadcasting Company (Chuck Crouse) to Colonial Radio Group Inc. (Jeffrey Andrulonis). 10K escrow, 235K cash at closing, 131,689 note. [File date 3/13/06.]

Stock Talk

A roller-coaster Monday
It was an up market for a while Monday, with enthusiasm from economic news that might indicate that inflation isn't a problem, so the Fed can stop raising rates. But then traders started cashing in profits and the day ended mixed. The Dow Industrials closed with a gain of 36 points, or 0.3%, at 11,145, but the Nasdaq Composite was down slightly.

Broadcast stocks were mostly lower, with no particular news for the sector. The Radio Index fell 1.634, or 1%, to 162.986. The biggest drops were by Emmis, down 3.3%, SBS, off 3.4%, and Entravision, which fell 3.1%. Moving the other way was CBS, with its Class B up 3% and Class A up 2.6%.

Radio Stocks

**Here's how stocks fared on Monday**
Company	Symbol	Close		Change	Company	Symbol	Close		Change
Arbitron	ARB		33.44	-0.38	Hearst-Argyle	HTV		23.30	+0.01
Beasley	BBGI		11.82	-0.31	Journal Comm.	JRN		12.38	-0.02
CBS CI. B	CBS		24.70	+0.72	Lincoln Natl.	LNC		55.07	+0.48
CBS CI. A	CBSa		24.72	+0.62	Radio One, Cl. A	ROIA		7.69	+0.21
Citadel	CDL		11.08	-0.01	Radio One, Cl. D	ROIAK		7.67	+0.21
Clear Channel	CCU		29.33	+0.32	Regent	RGCI		4.70	+0.09
Cox Radio	CXR		13.44	+0.02	Saga Commun.	SGA		9.48	-0.19
Cumulus	CMLS		10.99	-0.27	Salem Comm.	SALM		14.80	-0.21
Disney	DIS		27.94	+0.05	Sirius Sat. Radio	SIRI		5.06	-0.01
Emmis	EMMS		15.48	-0.52	Spanish Bcg.	SBSA		5.34	-0.19
Entercom	ETM		28.39	+0.47	Univision	UVN		34.54	+0.07
Entravision	EVC		8.88	-0.28	Westwood One	WON		11.00	-0.04
Fisher	FSCI		44.69	-0.06	XM Sat. Radio	XMSR		22.20	-0.07
Gaylord	GET		44.41	-0.97	-	-	-	-	-

Bounceback

Send Us Your Opinions We want to
hear from you.
This is your column, so send your comments and
a photo to [email protected]

And from the "Unintended Consequence Department" comes the news that growth in radio is not keeping up with the economy. This follows the recent bulletin questioning whether radio advertising is as effective as in the past. It's no surprise that 10 years of forcing humongous amounts of spots down the throats of our listeners has made their attention span toward commercials diminish. By being so focused on share rather than rate, the industry opened the door to "subscription radio" which touts no commercials, and we've also lowered the value of our own product. Selling for share and not rate takes the short view rather than the long one. We are catering to stock price so much that we're indeed killing the chicken that lays the golden eggs. It appears that there is nothing anyone can say that will change the direction of those in management most interested in maintaining stock prices for the short run. As far as the long run goes, our actions today, will dictate the viability of the industry tomorrow.

Russ Oasis

Below the Fold

Wall Street Media Business Report
Interep breaks out Q4
Commission revenue decreased 7.2% blamed on the loss of...

Ad Business Report
World's most powerful brands
A new ranking unveiled by global marketing and #1 is ...

Media Business Report
America Online is history
company is now simply AOL and this is called Re-Branding...

Washington Media Business Report
Fast track for Barton-Rush
Rep. Fred Upton has proven as good as his word...

Arbitrends

Radio Media Moves

Can he
count stripes?
Red Zebra Broadcasting announced that Robert W. Gast, Jr. will be joining the company as Chief Financial Officer. He comes to Red Zebra from being CFO of NorthSouth Productions.

Stations for Sale

Central Oregon Coast AM
Portland to Eugene Coverage
Northeast Utah Profitable FM
Move-in to Rated Market Possible
Cliff at Clifton Gardiner & Co
(303)758-6900
[email protected]

CA Central Coast Class A
Rated Market. Asking $1.5M
Nevada Class C1
Dual Market. Asking $950K
Brett Miller-MCH Enterprises, Inc.
(805) 237-0952
www.mchentinc.com

9 Station Cluster
Upstate New York
9x cash flow $6.5m
George Kimble - Kozacko Media
520-465-4302
[email protected]

More News Headlines

FTC blesses
ABC Radio sale
The US Federal Trade Commission has given Citadel's acquisition of ABC Radio early clearance from antitrust review. The move isn't surprising, since the ABC Radio assets that Citadel is acquiring from Disney in the 2.7 billion bucks deal have not a single market overlap with Citadel's stations.

Beasley changes auditors
Beasley Broadcast Group has changed auditors from KPMG LLP to the lesser-known Crowe Chizek and company LLC, telling the SEC it made the move after a competitive bid process. KPMG provided a letter stating that it agreed with Beasley that there had been no adverse opinions from the previous auditor or any disagreements on financial reporting matters.

BMI: US ringtone
sales to hit 600
million this year
BMI released its annual projection for U.S. ringtone sales in 2006. It predicts the music ringtone market will surpass 600 million in retail sales, up from 500 million in calendar year 2005. BMI pegged the market at 245 million in 2004 and 68 million in 2003, respectively. BMI's estimates are based on more than 360 million individual, detailed ringtone transactions analyzed by the organization over the past seven consecutive quarters. BMI tracks census sales data on more than 325 outlets for the sale of mobile entertainment in the US. "We see the market maturing in 2006 with growth fueled by an increase in multimedia handsets and more aggressive marketing by wireless carriers," said BMI Vice President of Business Development, Richard Conlon. "We believe that the market will grow by 20% for the ringtone sector alone in '06. We also see 2006 as the make or break year for the ringback tone market, which is still in the novelty phase in the United States. Additional music-based revenues should be realized from mobile subscription music services, which have just begun US roll out."

RBR Radar 2006

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

Slow growth? Get used to it
Radio revenues will grow more this year than last year's almost no-growth pace, but only 2.2%. if you're waiting for radio to return to "normal" growth in the mid single digits, he doesn't see that happening any year this decade. Blaming it on increased competition for listeners and, in some cases, advertising dollars, from iPods, satellite radio, the Internet and other new digital devices - - a trend is expected to continue.

RBR observation: Recommendation is to track your pacing is always to compare comparable markets. Review the data and print the chart from this report.
04/0/3/06 RBR #65

Will radio pay for payola settlement?
According to reports, four of radio biggest companies - - Clear Channel, CBS, Citadel and Entercom - - have been in very hush-hush negotiations with the Commission on a settlement. Hush-hush remains the operative word - - nobody seems to want to go on the record - - but it would appear that the consent decree approach is the avenue being pursued. According to the New York Times, Clear Channel is said to have upped the ante to 1.5M-3M after prior bids in the 500K-1M range were rebuffed. There was no speculation on amounts for other smaller groups.

RBR observation: If a consent decree is indeed the way this goes down, it will allow the FCC to come to the aid of its country by getting its clientele to help defray the national debt. The radio companies themselves would at least cap their legal expenses, and, on the major plus side, would not be, in essence, "confessing" to any crimes or misdemeanors. (There is more)
04/0/3/06 RBR #65

Diaries aren't going away
Arbitron Radio Advisory Council notes that diaries are going to be around for some time in many markets. So, Council members were also focused on diary ratings quality. The Council was unanimous in agreeing that MRC accreditation is critical before PPM can go forward.

RBR observation: Yes to the Advisory Council for getting all this brooHaHa of recent headlines and massive PR blitz by Cinderella knockoffs in some perspective and setting a focus on reality for the entire radio business dealing with ratings. Ratings for right now and for tomorrow demonstrating the best interest for the total medium. Arbitron also gets the congrats for listening and demonstrating the willing to work with instead of against their clients best interest. This is what your Advisory Council is for and they did their job for ya radio.
03/31/06 RBR #64

Advisory Council puts
MRC hold on PPM
Arbitron Radio Advisory Council insisted that Media Ratings Council (MRC) accreditation is absolutely essential before Arbitron's Portable People Meter (PPM) can be commercially deployed for radio ratings in the US. Arbitron has accepted that position and agreed not to begin using PPM as a ratings currency until it gets the MRC stamp of approval. That could mean that Arbitron's announced plan to launch PPM commercially this July in Houston will be delayed.

RBR observation: But then, Arbitron is far ahead of its would-be competitors in the Next-Generation Electronic Ratings Evaluation Team as far as the MRC is concerned. The Media Audit/Ipsos has just begun the MRC accreditation process, while PPM is well along in Houston. Mediamark Research hasn't yet scheduled a US test which could be used for MRC auditing. This is good common sense thinking and decisions on all sides of this table for Arbitron and the radio business.
03/30/06 RBR #63

California looking at
new alcohol ad bill
S.B. 1180 is getting its hearing in the California legislature making it illegal to advertise any beverages containing alcohol in any manner that encourages consumption by minors. Since that is a difficult standard to define, it would make any ad legal if it is in a media that has a 15 % or less "youth" audience based on industry data.

RBR observation: Trouble - Trouble and more Trouble if this gets a green light for all broadcasters.
03/30/06 RBR #63

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