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Volume 23, Issue 91, Jim Carnegie, Editor & Publisher
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Tuesday Morning May 9th, 2006
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Radio News ®
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Smulyan is saying bye-bye to
Wall Street pressures
There had been widespread speculation that if Jeff Smulyan didn't win the bidding for the Washington Nationals baseball team, he might turn his personal resources toward taking Emmis Communications private. Sure enough, the Nationals were sold to another bidder last week and before the stock market opened on Monday, Smulyan had announced a bid to buy out Emmis' public shareholders (RBR/TVBR Bulletin 5/8/06). Smulyan's offer is to buy the 83% of Emmis' stock that he doesn't already own for 15.25 per share. That was a 13.6% premium to the closing price on Friday, but it appears some shareholders are betting that Smulyan will up that bid before the deal goes to closing. The stock price shot up Monday and closed at 16.25. The Board of Directors at Emmis has formed a special committee of independent directors to evaluate the buy-out bid. The committee will hire its own financial and legal advisors. As it stands, the bid would have Smulyan's new ACC Acquisition Inc. pay about 470 million to cash out the public shareholders. In all, including debt and preferred stock, the bid values Emmis at about 1.4 billion. As the buyout bid was announced, Emmis also announced deals to sell WKCF-TV (Ch. 18, WB - - to be CW) Orlando, to Hearst-Argyle for 217.5 million and KKFR-FM Phoenix to Bonneville International for 77.5 million. (See today's Media, Markets & Money for details).
RBR observation: Smulyan isn't saying how he will fund the nearly half-billion bucks stock buy. He doesn't have to - - that's the beauty of being a private company. His announcement did say that his new company is getting financial advice from The Blackstone Group, Banc of America Securities and Deutsche Bank Securities. Its legal advisor is Paul, Weiss, Rifkind, Wharton & Garrison.
So, who's next? In the depressing Wall Street environment that they've had to endure for the past couple of years, no doubt nearly every public broadcasting group CEO would love to be able to take his/her company private and escape The Street's quarter-to-quarter scrutiny and demands. Few, however, have access to the cash to do that. As we've previously noted, the most likely candidates are Hearst-Argyle Television and Cox Radio, whose majority shareholders - - Hearst Corp. and Cox Enterprises, respectively - - have ready access to plenty of cash to do such a deal. Anyone else would need some outside backing, as Smulyan apparently has, which brings new pressures of its own.
Going private sounds good to Alarcon
"I am frustrated by the share price," Spanish Broadcasting System CEO Raul Alarcon said in his quarterly conference call - - and several times stated that after seeing Jeff Smulyan make a bid to take Emmis private, Alarcon will look at the possibility of doing the same with SBS. "Obviously we've had thoughts and discussions regarding this," Alarcon said, but the Emmis deal seems to have spurred him to get serious about the possibility of no longer having to deal with Wall Street undervaluing his stock and resisting his move to diversify the radio company into television. Another possibility, he noted, is to somehow spin Mega TV off from the publicly traded SBS, but without sacrificing any of the talent-sharing and cross-promotional benefits.
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Stevens uses GAO report to sell telecom bill
According to the Government Accountability Office, only 28% of US households have a broadband Internet connection, and 41% are not connected to the Internet at all. All of which is a reason to support Ted Stevens' (R-AK) "S. 2686, the Communications, Consumers' Choice and Broadband Deployment Act of 2006." Stevens said, "The disparity of broadband deployment between rural and urban America cited in the GAO report raises serious concerns. High-speed Internet access is absolutely essential to all Americans, whether you live in Manhattan or a remote village in Alaska. Numerous provisions in the Communications, Consumers' Choice, and Broadband Deployment Act of 2006 focus on addressing this broadband deployment problem." The bill is similar to the House version in that it would establish a national franchising regime to speed the entry of telcos into the MVPD business - - even while MVPD suppliers go into competition with current Internet access engines. Stevens' bill also addresses some, but not nearly all concerns pertaining to the DTV transition.
RBR observation: Unlike the Telecom Act of 1996, legislators seem to be staying far, far away from any discussion of broadcast ownership caps. Fred Upton made a speech awhile back in which he mentioned upping radio caps again, even though TV hasn't even gotten a turn yet. Any move to do so would certainly cause a very noisy protest, so it appears the minions of Capitol Hill will be happy keep tabs on Kevin Martin across the Mall at the FCC and see if he has anything up his sleeve.
Six Flags, Home Depot holding hands
National theme park operator Six Flags and hardware retailer Home Depot has entered into a mutually beneficial back-scratching arrangement which could potentially spill into the broadcast arena thanks to the ever-broadening business portfolio of Washington's Dan Snyder. Under the terms of the arrangement, Home Depot will supply construction and maintenance materials for all Six Flag locations, and will become another point of purchase for tickets. In exchange, the retailer will have access to the parks for its own promotional needs, including signage and product demonstrations. The two companies will also collaborate in building 1K playgrounds in cities near the parks.
RBR observation: Do you think it'd make sense to extend the Home Depot relationship to the NFL Washington Redskins? It seems that there may be demo marriage possibilities, which would then extend to Red Zebra Broadcasting. The cross-promotional possibilities are endless...
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Entercom nails down Red Sox
The new deal is for 10 years and Entercom CEO David Field said that the agreement was nailed down just shortly before his quarterly conference call on Monday. Field confirmed what was reported in yesterday's RBR, after Greater Media's surprise withdrawal from bidding on Friday, that most - - but not all - - Boston Red Sox games will be moving next season to News/Talk WRKO-AM, while some will remain on Sports/Talk WEEI-AM. Field told analysts that the baseball play-by-play will help build revenues for WRKO, which has been underperforming its ratings. Entercom officials declined to divulge any specifics of the 10-year Red Sox deal, but confirmed that the renewal price is higher than before - - while noting that it will also create new revenue possibilities for Entercom. CFO Steve Fisher said Entercom "paid a fair price" for the Red Sox rights.
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| Wall Street Media Business Report TM |
Q1 2006 Conference Calls
Spanish radio is still hot in soft ad market
Most English-language competitors can only drool over the results that Spanish Broadcasting System reported for Q1. Net revenues were up 7% to 37.8 million, with radio net revenues up 6% - - largely due to local and national gains for SBS' stations in Puerto Rico, San Francisco and Chicago. Same station operating income shot up 41% to 11.4 million. The company's newly acquired TV station in Miami, called Mega TV, added its first revenues, 400K, but lost 5.1 million. Looking ahead, SBS is projecting that radio revenues will be up in the low single digits for Q2, with radio operating income flat. The start-up TV operation is expected to post a 5-6 million net loss.
Field sees signs of improvement for Entercom
We have witnessed a business surge over the past two weeks across most of our markets, which is promising, albeit far too short-lived to rely upon at this time," said Entercom CEO David Field as he concluded his commentary on market conditions in his quarterly talk with Wall Street analysts. Field is also upbeat about increasing advertiser demand for 30-, 10- and 15-second spots, saying there has been a "sea change" in advertisers' attitude toward spot lengths. But Entercom's guidance is still on the gloomy side for Q2, projecting that same station revenues will be down in the mid single digits. Look for a pickup in the second half of 2006, Field said. For Q1, Entercom's revenues were down 3% to 91.1 million. On a same station basis, Field noted, Entercom's stations were down 4%, while their markets were down 5%. How about going private? Field sidestepped those questions, but did announce that Entercom's board has authorized another 100 million bucks buyback, saying the stock is still undervalued.
Salem still grows in tough ad market
Religious and Conservative Talk formats aren't as impacted by a soft advertising market as mainstream radio stations, but Salem Communications CEO Ed Atsinger says they aren't immune either. He told analysts that Salem's Q1 performance was muted by the tough ad market, so Salem's same station revenues grew only 1% - - still better than those who posted negative numbers. Atsinger said there were bright spots in the quarter, with the company's News/Talk stations and national sales performing well. All in all, net revenues were up 3.8% to 49.3 million for the quarter. However, station operating income (SOI) decreased 1.8% to 17 million. Same station SOI was flat. For Q2, Salem is telling Wall Street to expect same station revenue growth in the low single digits and SOI up in the low to mid single digits.
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Ad Business Report TM
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NJBA invests in 100 RAB Academy online sales
training programs
In an arrangement with the RAB, the New Jersey State Broadcasters Association (NJBA) has underwritten a large portion of the cost for 100 online sales training courses from the Gary Fries RAB Radio Training Academy. NJBA member Radio stations will pay 150 dollars for each online course.
Based on the RAB's heralded Academy training program in Dallas, Texas, the 17-module online course is designed to deliver sales training anytime and anywhere there is a computer with Internet connectivity. The online sessions provide an interactive learning experience including quizzes, roll-play and immediate feedback to sales managers.
BMW's "Company of Ideas" launches
New campaign in the U.S. challenges conventions in automotive advertising as it launches its first creative collaboration with its new advertising partner, Austin-based GSD&M. The campaign, "Company of Ideas," underscores the automakers peerless independence and freedom to pursue innovative ideas. "Company of Ideas" kicked off 5/8 and appeared nationally in newspapers, magazines, primetime television finales, national cable, outdoor billboards and the web. The dynamic campaign is aimed at the consumers who share many of BMW's principles: an independent spirit, a drive to challenge conventional wisdom and an appreciation for a brand's ability to offer both substance and style. With references to everything from BMW's Leipzig, Germany plant designed by architect Zaha Hadid to the BMW plant in South Carolina, the ad spotlights the fact that more than 50% of the energy used is derived from methane piped from a landfill more than nine miles away.
The print ads are all text, featuring simple but bold copy without any vehicle photos. Along with this unconventional print campaign, BMW and GSD&M have also decided upon a well thought out and untraditional media buy. The ads will be placed in lifestyle publications specific to art, design, luxury, environment, travel and sports and includes a presence in magazines such as Architectural Digest, Dwell, GQ, Vogue, Vanity Fair, The Economist, Fortune and Forbes and newspapers such as The New York Times, USA Today and The Wall Street Journal.
Four TV ads will air on network and cable, including the season finales of most of the top network shows. The ads highlight the same theme as "No" print ad by portraying the kinds of personalities that create barriers to inspired thought with levity and humor. Each of these ads will conclude with a shot of the state-of-the-art BMW plant in Leipzig designed by Zaha Hadid. Hadid won the coveted Pritzker Prize in 2004 for the creation of the "Central Building," which is the nerve center of the entire factory.
Addirect announces rollout of AddMirror
Ambient media company, Addirect announced its international expansion plans for its advertising product, The AddMirror. Working exactly like a regular mirror, The AddMirror reveals up to six A4-sized "hidden" advertisements using pre-set lighting sequences. The rationale behind The AddMirror is that it's a dynamic medium for advertisers that compels audiences to engage with their creative work. Simply put, people looking in washroom mirrors cannot fail to see their adverts. Moreover, AddMirrors are strategically located in sites that guarantee high visitor traffic. Building on the existing great success of the AddMirror, currently operated in 300 high end style bars and nightclubs in London, the company is currently establishing partnerships with several international media owners to ensure the global rollout of the concept. Addirect installs its AddMirrors into the washrooms of high end bars and nightclubs with very good levels of traffic. This enables advertisers to reach the elusive 18-34 year old high spending demographic. Toby Heiser, Media Buyer at Manning Gottlieb OMD, commenting on a recent
Columbia Tristar campaign, said: "The AddMirror has proved a very effective advertising medium - people cannot help but look at our adverts. It gives Colombia Tristar high visibility among its target audience, primarily young professionals with high disposable income."
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| Media Markets & Money TM |
Emmis goes into spin cycle
Emmis Communications is liquidating some of its assets as it prepares to put Wall Street in the rear view mirror. It took its Phoenix radio dealings with Bonneville to their logical conclusion, closed on a spin-off with Radio One in St. Louis, and at long last it found a buyer for its Orlando TV. Emmis already sent a trio of radio stations to Bonneville in Phoenix - - KTAR-AM, KMVP-AM & KKLT-FM in a cash-swap for WLUP-FM Chicago valued at 210M. For 70M, Bonneville gets the final piece, KKFR-FM. It has no other stations in the market, making this a double-duopoly of the sort common between 1992 and 1996. Emmis also closed on its sale of WRDA-FM to Radio One. It beams into the St. Louis market from the Illinois side of the Mississippi. It gives Radio One a second FM to use in its Urban match-up with Clear Channel. Emmis retains four FMs in the market. The TV spin will send Orlando WB affiliate WKCF-TV to Hearst-Argyle for 217.5M. The station is one of those headed for the upcoming CW network, and pairs up with H-A's WESH-TV, which has the local NBC franchise. It becomes H-A's fifth large market TV duopoly, joining Boston, Sacramento, Kansas City and Baltimore.
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| Washington Media Business Report TM |
Intramural battle in the House
Joe Barton (R-TX) and his Committee on Energy and Commerce usually get first crack at broadcasting and communications issues which come before the House of Representatives. However, according to the National Journal, Judiciary Committee Chair James Sensenbrenner (R-WI) wants to review the 2006 update of the Telecom Act. Sensenbrenner finds a number of areas which he feels comes under his committee's purview. His committee has at least one hearing scheduled on a related topic. It'll consider "Music Licensing for the Digital Age" on Tuesday 5/16/06. Barton does not wish to have any help from Judiciary and deliberately crafted the bill to keep it out of Judiciary's jurisdiction. The decision on whether or not Sensenbrenner gets a crack at Telecom rests with Speaker Dennis Hastert (R-IL).
RBR observation: Although bill sponsors all speak confidently of getting Telecom measures through the legislative process this year the Capitol Hill odds makers do not seem quite so sure. Telecom issues are by nature complex, and there are huge dollar amounts on the table for parties of interest like cable and telco companies. Democrats are feeling their oats and may well make a stand over the issue of network neutrality and service area build-out requirements. In what figures to be a real dogfight for control of Congress, survival instinct is likely to shove all but the most pressing of issues on to the back burner. If Sensenbrenner gets his way, it's one more tea leaf with the message "not this year."
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| Transactions |
15M KUTF-TV Salt Lake City (Logan UT) from Logan 12 Inc., a subsidiary of Equity Broadcasting Corp. (Lori E. Withrow, sec) to Univision Television Group Inc. (A. Jerrold Perenchio). Stock/cash. Deal also includes K45GX-LP Salt Lake City. Duopoly with KUTH-TV Provo. KUTF-TV is Telefutura affiliate on Ch. 12; KUTH-TV is Univision affiliate, also on Ch. 12. [File date 4/13/06.]
200K WSDT-AM Chattanooga (Sody-Daisy TN) and WRAG-AM Carrollton AL from Willis Broadcasting Corp./Birmingham Christian Radio Inc. (Levi E. Willis) to Kingdom Radio of Chattanooga LLC(Harold S. Vogt, Sharon Vogt, Claudia Methvin). 10K escrow, balance in cash at closing. [File date 4/13/06.]
50K WMLC-AM Monticello MS from WMLC LLC (Wirt A. Yerger Jr.) to Walking By Faith Ministries Inc. (James L. Black, Bobbie Black). 5K deposit, balance in cash at closing. [File date 4/13/06.]
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| Stock Talk |
Radio stocks jump on Emmis buyout bid
The broader market didn't move much yesterday, but Jeff Smulyan's bid to take Emmis private excited some Wall Street interest in radio stocks. The Dow Industrials rose only seven points, less than 0.1%, to 11.585. But the Radio Index shot up 6.866, or 4.4%, to close at 164.139. Emmis led the way, jumping 21%. But it wasn't alone. Entercom was up 8.4%. Radio One saw its Class A rise 6.4% and Class D 5.7%. SBS rose 4.8%.
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| Radio Stocks |
Here's how stocks fared on Monday
| Company |
Symbol |
Close |
Change |
Company |
Symbol |
Close |
Change |
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Arbitron
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ARB
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36.58
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+1.18
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Hearst-Argyle
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HTV
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23.33
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+0.19
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Beasley
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BBGI
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8.21
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-0.14
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Journal Comm.
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JRN
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11.86
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+0.15
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| CBS CI. B |
CBS |
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26.60
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+0.22
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Lincoln Natl.
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LNC
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59.06
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+0.27
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| CBS CI. A |
CBSa |
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26.60
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+0.23
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Radio One, Cl. A
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ROIA
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8.35
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+0.50
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| Citadel |
CDL |
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10.56 |
+0.21 |
Radio One, Cl. D
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ROIAK
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8.35
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+0.45
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Clear Channel
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CCU
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29.92
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+0.45
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Regent
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RGCI
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4.32
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+0.11
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Cox Radio
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CXR
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15.57
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+0.52
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Saga Commun.
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SGA
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9.80
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+0.04
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Cumulus
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CMLS
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11.74
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+0.77
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Salem Comm.
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SALM
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15.07
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-0.19
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Disney
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DIS
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28.77
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-0.32
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Sirius Sat. Radio
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SIRI
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4.72
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-0.01
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Emmis
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EMMS
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16.25
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+2.82
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Spanish Bcg.
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SBSA
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5.50
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+0.25
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| Entercom |
ETM
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29.93
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+2.31
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Univision
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UVN
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36.03
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+0.20
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Entravision
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EVC
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8.99
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+0.22
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Westwood One
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WON
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9.16
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+0.29
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Fisher
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FSCI
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44.25
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+0.08
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XM Sat. Radio
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XMSR
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17.48
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-0.49
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Gaylord
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GET
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46.65
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-1.02
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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]
In response to Mr. Scott's "Less Clear Channel is More for radio" (5/5/06 RBR #89):
I don't know what world that Mr. Scott is living in, and I definitely don't fear a future that only exists in the faulty beliefs traveling through his mind, but he does have the right to voice those thoughts and I respect that.
But, I do not agree with anything he writes.� In an industry that was going the way of the dinosaur, Clear Channel has cut a path through the fog that has given light to an industry heading for the shadows of death.� Everything that Clear Channel has done is based in radio and results in solidifying radio's foundation as a viable media outlet not only now, but in the future. Whether HD Radio, cutting of on-air clutter, inventory management systems or format content, Clear Channel represents the risk-taking progressive side of this business that is forging into tomorrow.�
This company has met enormous challenges face to face, while followers and skeptics, unwilling to embrace even the possibility of change,�continue on in their mediocrity.�
I am proud to be a part of the magical world of radio.� I am also very proud to be aligned with the most professional, creative and progressive minds in this industry�who are working together on a daily basis to keep that magic alive and growing.� Dreams become reality through tenacity, faith and perseverance.� For an industry that arguably should be dead, Clear Channel has become an environment where those of us who bleed radio and breathe it through our souls can collect our dreams and bring them into reality.
Thank You,
Scott Winchell
Local Sales Manager
Clear Channel Radio
WUBT-FM/101.1 The Beat
Nashville
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Below the Fold
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Wall Street Media Business Report
Spanish radio is still hot
In soft ad market as SBS
sees net revenues up 7%...
Improvement for Entercom
Guidance is still on the gloomy side...
Media Markets & Money
Emmis goes into spin cycle
View the detailed analysis...
Ad Business Report
"Company of Ideas"
BMW's new campaign in the U.S. first
creative collaboration with its new ad partner...
Washington Media Business Report
Intramural battle in the House
Many want to review the 06 update
of the Telecom Act...
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Radio Media Moves
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Meltzer on the move
Former Clear Channel Regional VP and Cleveland Market Manager Jim Meltzer has moved to CBS Radio as VP/GM of WDSY-FM, WZPT-FM and WRKZ-FM Pittsburgh.
Midday shift in LA
Former KYSR-FM "Star 98.7" LA midday personality Lara Scott has moved cross town to Salem's KFSH-FM "The Fish," also in mid-days.
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Stations for Sale
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25,000w FM Station
Low price opportunity, profitable station w. huge upside. Small town, NEast by interstate, county seat.
595K. Lv. msg. @ 781-848-4201 or
email [email protected]
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More News Headlines
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Universal McCann adds new Director of Consumer Insights
Universal McCann announced the appointment of Graeme Hutton as SVP, Director of Consumer Insights and Research for the US. Based in New York and reporting to US President Mary Gerzema, Hutton will be responsible for ensuring that all appropriate proprietary and syndicated research tools and resources are applied in the development of consumer insight strategies, which inform the efforts of UM and its agency partners. Most recently, Hutton was Integrated Communications Director at the Media Kitchen in New York, where he managed and oversaw all agency research initiatives for clients such as Limited Brands (Victoria's Secret), Liberty Mutual and Panasonic. Prior to the Media Kitchen, Hutton spent 3 years in San Francisco at ZenithOptimedia as SVP, Strategic Resources.
Initiative launches entertainment division
Alec Gerster, CEO, Initiative Worldwide, announced a dedicated entertainment department that will house the CBS and Showtime business. The new group, Initiative Entertainment, will be overseen by Alan Cohen, EVP/Managing Director, Innovations and Entertainment. Cohen will continue to manage the Initiative Innovations group based in LA. The new practice assures CBS and Showtime a dedicated unit focused on their strategic positioning. It will be staffed with seasoned professionals from the industry who will work jointly with Initiative's key departments to ensure a distinctive blend of the company's best resources.
In addition, Cohen announced that John Nuzzi and Greg Castronuovo have accepted positions as SVP/group account director, and VP/group account director, respectively. They will serve the CBS and Showtime national accounts as bi-coastal leaders and will report to Cohen.
Celebrity offshore challenge a sell-out
The Broadcasters' Foundation reports that its annual Celebrity Offshore Challenge, taking place May 19-21 in the Bahamas, is a sell-out. All 56 spots on 14 charter boats are reserved for the game fishing tournament. Celebrity participants this year include Steve Harvey, Taj Mahal, Sammy Blue and Steve Cropper. If you're not already signed up, you'l miss out on the kick-off reception at the beachfront home of Roberts Broadcasting Television Chairman Mike Roberts. Skip Finley of ICBC Holdings is heading up this year's event.
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RBR Radar 2006
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Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.
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RBR News Analysis
Less is still less for radio
The trends are clear. Big markets, particularly New York and LA, suffered from weak advertising demand for the quarter, but smaller markets, while better, still were not rolling in dough. The overriding problem is much bigger than radio. Advertising demand is just soft, and it will likely remain so until consumer confidence gets a lot better and people start buying more big ticket items, particularly cars and trucks. Clear Channel Radio is still trying to catch up to where it was in 2004, but at least it is better positioned to lead the industry with reduced spot loads and less cluttered programming.
RBR observation: Local sales staffs deserve credit for keeping radio business from tanking.
05/08/06 RBR #90
Susquehanna flows into Cumulus
The 1.2B acquisition of the radio properties of Susquehanna Pfalzgraff Company by Cumulus Media Partners (CMP) is official. The group is not officially part of Cumulus Media Inc. (CMI), but is closely related.
RBR observation: It should come as no surprise that the merger of these two groups has stranded numerous employees on the beach. The reputation of Susquehanna Radio is of the highest order, which is testimony to the value of those who find themselves, through no fault of their own, with a surplus of leisure time. Bottom line: This is a great time for other radio companies to be on the hunt for top-quality talent.
05/08/06 RBR #90
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