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Volume 24, Issue 99, Jim Carnegie, Editor & Publisher
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Monday Morning May 21st, 2007
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Radio News ®
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 CCU board endorses boosted bid;
Vote delayed
If you've booked airfare to San Antonio tomorrow to vote on the Clear Channel buyout, you'll have plenty of time to stroll the River Walk and enjoy some quality Tex-Mex cuisine. There will still be CCU's annual shareholders meeting, to reelect board members, certify the outside auditors and such, but the buyout vote is on hold. For the second time, an increase in the offer from Thomas H. Lee Partners, Bain Capital and the Mays family has been endorsed by the CCU board of directors. The latest increase was only 20 cents, to 39.20 per share, but it appears that the more important change is a provision that will allow current shareholders to take stock in the new Clear Channel rather than cash. That offer was initially rejected by the board, but it apparently did the trick with a couple of major holdouts from the 39 bucks offer - Highfields Capital and Fidelity Investments. They and others put pressure on the independent directors to reconsider the cash/stock offer. CCU announced Friday that the increased bid had been endorsed by the board, necessitating yet another delay in the buyout vote. Because the cash/stock deal is more complicated than the all-cash once, it may take a couple of months to work out the details, send out the new proxies and schedule the vote. But, it looks like this is the deal that will get the shareholder vote past the two-thirds required by Texas corporate law.
RBR observation: The stock instead of cash option is capped at 30% of the new Clear Channel. We would expect it to be oversubscribed, so the issuance of new stock to current shareholders who want it will be on a pro rata basis. Still, Highfields, Fidelity and other big shareholders who really don't want to cash out will be able to convert most of their holdings to shares of the new Clear Channel. That means they will still be on hand to pressure Mark and Randall Mays to increase returns to shareholders. There is opportunity ahead, but also risk, as summed up by Bank of America analyst Jonathan Jacoby: "Given the plan to use approximately six dollars of debt for every one dollar of equity, the newco equity could realize a fantastic return if the firm value increases. We estimate that a 20% increase in firm value would more than double the value of the newco equity and turn 39.20 into approximately 42.50. Of course, a 15% decline in the firm value would make the newco equity essentially worthless."
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 Illinois joins Super Duper Tuesday
February 5, 2008 was already destined to be an extremely important date, and the important baggage is only piling on. A growing number of states, including just about a third, have designated that date as the day for their presidential primary or are seriously thinking about it, with Illinois being the latest into the 2/5/08 pool. The reason so many states are pursuing this course is to make sure they are not rendered irrelevant to the process by a primary season with a clear winner in place before a given state's citizens have had a chance to weigh in. According to CQPolitics.com, the Illinois decision is also thought to be, at least in part, a move to help favorite son Barack Obama (D-IL), just as the recent move to the 2/5/08 date by New York aids Hillary Clinton (D-NY) and Rudy Giuliani (R-NY). On the Democratic side, according to the latest Wikipedia snapshot, five state have events on four different days prior to Super Duper Tuesday: The Iowa caucus is 1/14/08; the Nevada caucus follows on 1/19/08; the first primary in New Hampshire is 1/22/08; and then South Carolina and Florida will hold primaries 1/29/07. The 2/5/08 lineup currently includes Alabama, Arizona, Arkansas, California, Colorado, Delaware, Georgia, Idaho, Illinois, Missouri, New Jersey, New York, Oklahoma, Tennessee and Utah. The Republican lineup has only minor differences. Add Wyoming 1/22/07; delay South Carolina until 2/2/08; on Super Duper Tuesday, delete Colorado & Idaho, and add Michigan, New Mexico, North Dakota & West Virginia.
RBR observation: If this widespread battleground fails to identify a standard bearer for either or both parties, it's going to be tough to generate any momentum with the shrinking number of states left to go. It's also going to cause a highly concentrated media blitz in each and every one of them up until a consensus candidate HAS finally been identified. Should be a wild ride.
ABC News staffers killed in Iraq
Two Iraqi nationals working for ABC News are the latest journalists to be killed in Iraq. ABC said Friday that cameraman Alaa Uldeen Aziz and soundman Saif Laith Yousuf were ambushed by gunmen Thursday evening while driving home from work at the Baghdad bureau of ABC News. "Today we've lost two family members, and it really hurts," said ABC News correspondent Terry McCarthy on "Good Morning America." He said the Iraqi nationals working for the news organization are its eyes and ears in Iraq. "Without them we are blind," he said.
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What came first, the show or the violent crime?
Is it true that "there is overwhelming evidence that exposure to violence on television causes aggression..., that there is no longer any legitimate debate about this, and that the effect is as strong as the effect on smoking and cancer?" University of Toronto's Jonathan L. Freeman says a lot of people want you to believe that, but it simply is not true. He notes the a Surgeon General's report "...concluded that exposure to television violence causes a short-term increase in aggression, but went on to say that television violence has little or no role in causing real violence." Freeman said in its report to Congress on violence, the FCC was correct in noting that there are competing viewpoints on the effects of media violence, but it then curiously and without providing evidence or an explanation, simply declares it believes there is a relationship. "This is not the way science should work," he argued. "It is not a popularity contest or a matter of consensus. It is or should be the research findings that matter...," but then charges that the FCC seems to have ignored the evidence entirely. Much of the research that is available is being misused, he says. For example, there is a weak correlation between aggressive children and the habit of watching violent programming, but it is not at all clear if the television causes the aggressiveness, or if violent programming is simply favored by naturally aggressive children. This relationship supports neither one side nor the other. In analyzing the studies that have been done, he argues that the combined results are inconclusive and much of the methodology is questionable. There is a direct line between smoking and lung cancer. Violence in television, supposedly on the upswing right now, is coinciding with a decrease in real violence in society. Freeman wants to know just where the evidence is to restrict programming.
 A snapshot of Generation X
Charles Schwab Corporation has an interest in the 27-42 demographic, commonly known as Generation X. They'd like to sell financial products to the members of this age group, and to that end commissioned some research. Since this is a core portion of key broadcast targets 18-49 and 25-54, we thought you'd be interested to know that according to Schwab's study, this age group isn't composed of the slackers and spendthrifts as has been the stereotype. Schwab says they're actually hard workers, but the new economy has left them making less than there parents were making at the same age, while at the same time new must-have technology (computers, cell phones, etc.) has presented them with higher monthly expenses. According to a Reuters report on the Schwab study, the stereotypical cynicism of this group IS for real. They are facing a reality in which their bills match or exceed their income, and would be grateful for someone they can trust to get their current and future financial houses in order.
RBR observation: A great many stations are perfectly capable of delivering a nice-sized chunk of this key demographic. The Schwab study offers some insight that can be of great use to advertisers. The GenX default is mistrust; for any message to get through, particularly when it's about a fairly complex product or service that is the key hurdle that must be cleared. If you can help your clients get over this hump, there's a good chance they'll enjoy a nice ROI in exchange for doing business with your station, they will keep doing business with your station.
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| Wall Street Media Business Report TM |
Radio One gets 2nd notice from Nasdaq
Radio One is still working to resolve the issue of past accounting for it stock option granting practices and restate its past financial statements. Until that is done, the company is not able to file its most recent annual statement for 2006 and its quarterly statement for Q1 of 2007. It has now received a second notice from the Nasdaq staff about the delay in the Q1 filing (the first was for the late annual report). Radio One said it requested an extension when the Nasdaq Listing Qualifications Panel held a hearing May 3rd and that decision is still pending. Meanwhile, Radio One's stock continues to trade on Nasdaq as before.
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Ad Business Report TM
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 New GM campaign showcases OnStar
Celebrities are accustomed to special treatment and so are OnStar customers. The "OnStar treatment" is available to drivers of most GM vehicles, whether or not they happen to be famous. A new GM campaign created with Deutsch LA featuring OnStar launched yesterday on shows such as the NBC and CBS Sunday night movies. The online component will appear on the MSN homepage and other major websites. In two 60-second spots, each featuring three celebs, the stars are juxtaposed with "everyman" characters, demonstrating that you don't have to be a star to receive the OnStar treatment. A series of 15-second vignettes will debut the week of 6/4 featuring golfer Tiger Woods and NASCAR driver Jeff Gordon. The campaign will also feature vehicles from all eight GM brands: Chevrolet, Pontiac, GMC, Buick, Cadillac, Saturn, Hummer and Saab. Each of the stars receives the "OnStar treatment" via OnStar services such as unlocking a door, Remote Vehicle Diagnostics or stolen vehicle location assistance. The campaign also highlights OnStar services such as Hands-Free Calling, OnStar Vehicle Diagnostics e-mail messages and Turn-by-Turn Navigation. OnStar will become standard on nearly all GM retail vehicles in the United States and Canada by the 2008 model year.
RBR observation: Interesting radio didn't play a role in this effort, as OnStar's previous radio campaigns won awards/accolades and did some tremendous work with awareness and brand emotion.
New owners "re-launch" Air America with campaign
Air America Radio last week released a new website and ad campaign in conjunction with the official "ReLaunch" of Air America 2.0 today. All 12 Air America hosts starting on the 21st will air some 30+ taped interviews with prominent headliners (who discuss their thoughts on the Iraq war, campaign finance reform and the '08 election, among other topics. The network's hosts will begin to regularly blog on the 21st ReLaunch, along with Nancy Scola, who has been chosen as Air America's chief blogger. The network also kicked off a new "I'm an Air American!" campaign featuring Paul Newman, as well as a series of talent-based ads beginning with Lionel, who joins the network from 9a-12p. The two new weekday shows include "Lionel" and "The Air Americans" hosted by veteran Mark Riley, with correspondents Robert F. Kennedy, Jr., Mike Papantonio, David Bender and Laura Flanders, airing at 8p-12a weeknights. The new weekend shows include "Seder on Sunday" from 4-7p Sunday and "7 Days in America" 6-7p Saturdays, a week-in-review show with Arianna Huffington, Mark Green, Bob Kerrey and Bob Shrum.
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| Media Business Report TM |
Talkers stray from the headlines
Well, they strayed somewhat. Most weeks, since the Project for Excellence in Journalism has been tracking both news and talk show focus, the talkers tend to latch onto the biggest news stories and amplify them, giving them a much larger percentage of available time. That was true at the top of the chart for the week of 5/6-11/07. Iraq policy claimed 14% of the news hole, but that focus was only mildly enhanced by talkers, to 21%. Talkers showed their independence by making Campaign 2008 #2 with 14%, compared to its #4/6% showing on the news. PEJ noted a dichotomy on other stories. Conservative talkers were interested in the NJ terror plot, propelling it to #3/8%, but the story was ignored by liberal talkers. The opposite effect prevailed on the fired US attorney story, propelled to 4% of the talk hole almost exclusively from the left perspective. We note that Don Imus was still getting 3% of the talk hole, despite failing to appear on the top ten news list.
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| Media Markets & Money TM |
Radio One sells ten in two for 76
We now have a price for the deal sending five stations apiece from Louisville KY and Dayton OH from Urban specialist Radio One to Dan Savadove's Main Line Broadcasting. Main Line will pay about 76M for ten stations in two markets, including five FMs in Louisville and an AM and four FMs in Dayton. Radio One pegs the multiple at 12X 2006 station operating income. Radio One's Alfred C. Liggins III confirmed RBR's speculation on some of the motives behind the sale. In addition to reducing the company's leverage and strengthening the balance sheet, Liggins noted "Louisville and Dayton are actually the smallest of all of our markets in terms of the actual population of African-Americans. Additionally, there are several non-Urban stations among the 10 stations being sold in this transaction." Sounds like a perfect definition of "non-core properties" to us. Peter S. Handy of brokerage firm Star Media Group represented Radio One in the transaction.
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| Washington Media Business Report TM |
 People aren't buying
Pentagon Internet policy
Rep. Ed Markey (D-MA) remained on the Pentagon's case last week, noting that it was continuing with its policy of blocking certain Internet sites from personnel stationed abroad, and was joined by YouTube co-founder Chad Hurley. YouTube and MySpace are among 13 sites being blocked. According to Associated Press, Hurley claimed, "They said it might be a bandwidth issue, but they created the Internet, so I don't know what the problem is." Markey said, "I still have not heard a sound defense of this decision by the Pentagon to completely cut off access to web sites that provide a critical link between deployed solders and their family and friends back home." He said he understands to need to protect classified information, "But I do not see how preventing a soldier of Marine from sending a video message to Mom, to a spouse, a child, or a friend improves our national security."
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| HD RADIO 2007 |
Mexico makes move toward HD Radio
iBiquity Digital commended Cofetel, Mexico's FCC, for a proposal that, when approved, will allow radio stations along the country's northern U.S. border to voluntarily begin broadcasting with HD Radio technology. The proposal applies to stations located within 200 miles of the border. "Mexico is poised to join a rapidly expanding list of countries around the world that are leveraging HD Radio technology to transition from analog to digital broadcasting and, in the process, revitalize the airwaves with exciting new content options," said iBiquity CEO Bob Struble. "We look forward to working with our partners to provide Mexican AM and FM broadcasters with a seamless and cost-effective solution for their digital radio needs."
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| Entertainment Media Business Report TM |
Bernard McGuirk
 to audition on WRKO
Entercom's WRKO-AM Boston plans to audition Don Imus' ex-sidekick Bernard McGuirk to co-host "Finneran's Forum" morning talk show, to try and bring up the show's ratings. McGuirk will audition Wednesday-Friday. Former House Speaker Tom Finneran was the most powerful lawmaker in Massachusetts until he resigned from the Legislature in 2004 during a federal investigation. He began his news and politics talker this February, a few weeks after he pleaded guilty to obstructing justice for lying about his role in a redistricting plan that diluted the clout of minority voters. He was fined and put on 18 months' probation, reported The AP. Finneran said he was looking forward to working with McGuirk.
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| Internet Media Business Report TM |
Microsoft buying aQuantive for 6 billion
Microsoft announced Friday it is acquiring online ad agency aQuantive in a six billion cash deal, to throw its hat in the hot online ad space and compete with rivals Yahoo and Google. "This deal takes our advertising business to a new level," said Microsoft COO Kevin Johnson during a call with analysts Friday. "This allows us to take a bigger piece of that 40 billion pie that is still growing." Microsoft execs reportedly said the deal was important, because many online services that the company is offering, from software to video games, become more dependent upon online ad revenue. There were recent reports Microsoft was interested in purchasing rival Yahoo in a deal that might be worth 50 billion, but that apparently didn't pan out.
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| Ratings & Research |
 Nielsen launches Brand3 brand-management consulting service
The Nielsen Company announced the launch of Brand3 - Brand Cubed - a new approach to managing brand performance and growth. Brand3 connects retail market measurement data, household panel info and customized survey research to provide clients with an integrated perspective of brand equity. In essence, the beliefs consumers hold about a brand together with shopping style, purchase behavior and category performance. The service enables clients to evaluate brand sales and positioning, diagnose problems, identify opportunities, alter or adjust their marketing programs and monitor the results. Brand3 is a flexible service that each client will be able to customize to address specific marketing situations. For example, to evaluate disappointing results from a recently launched product, the steps in a Brand3 implementation might include: Recommendations about how to invigorate a stagnant category or stem declining category sales; An integrated analysis that probes whether the product is achieving sales that are consistent with its brand equity; Development of brand-building strategies that link increases in brand equity among consumers to market-share growth; Insights into promotional strategies, such as whether the brand has been over-promoted and would benefit from a larger investment in long-term brand building; Strategies to engage shoppers pre-store and in-store to drive brand growth; Consumer segmentation analyses to link consumers' attitudes and purchasing behavior.
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| Monday Morning Makers & Shakers |
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Transactions: 4/2/07-4/6/07
The first week of April was just about exactly on par with the first week of March, which also came close to a total trading value of 33M. In March, though, the bottom dropped out during the second week, which failed to crack the 10M barrier, and it was a long gradual slog back to this week's matching total. We can say that this pattern will not be repeated in April, when the dealing starts to pick up somewhat. But wait for May. That's when Clear Channel action starts to kick in.
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Total
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Total Deals
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13
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AMs
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9
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FMs
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9
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TVs
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4
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| Value |
32.995M
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| Complete Charts |
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Radio Transactions of the Week
Devine adds in the west
| More... |
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TV Transactions of the Week
Schurz doubles in Wichita
| More... |
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| Transactions |
17.5M WJCL-TV Savannah GA from Piedmont Television of Savannah License LLC, a subsidiary of Piedmont Television Holdings LLC (Paul Brissette) to NVT Savannah Licensee LLC, a subsidiary of New Vision Television LLC (Jason Elkin). 1.75M escrow, balance in cash at closing. Includes standing JSA/purchase option with WTGS-TV, which is also being sold. WJCL is an ABC affiliate on Ch. 22. [File date 4/30/07.]
17.5M WTGS-TV Savannah GA (Hardeeville SC) from Bluenose Broadcasting of Savannah LLC (Paul Brissette) to Parkin Broadcasting of Savannah License LLC (Todd Parkin). Cash. Will remain in JSA with WJCL-TV, which also will hold purchase option with price increasing 500K on each one-year anniversary through the fourth (to 19.5M) upon which it will be determined by independent fair market value appraisal. [File date 4/30/07.]
475K FM CP Paxton NE and FM CP Sutherland NE from College Creek Media LLC (Chistopher F. Devine) to Legacy Communications LLC (Joseph Jay Vavricek). 24K escrow, balance in cash at closing. LMA until closing. Stations have identical parameters. Paxton CP is for Class C1 on 93.5 MHz with 100 kw @ 753'; Sutherland CP is for Class C1 on 100.7 MHz with 100 kw @ 753'. [File date 4/25/07.]
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| Stock Talk |
Record high for the Dow
Corporate M&A activity sent stock prices higher. Yes, there was news on the M&A front in broadcasting, from Clear Channel and LIN Television, but it was big deals by GE (reportedly selling its plastics division) and Microsoft (buying aQuantive) that really excited traders. The Dow Industrials hit another record high, closing at 13,557, up 80 points, or 0.6%.
Radio stocks also rallied. The Radio Index gained 3.076, or 2%, to 160.542. Cox Radio surged 5.4% and Salem gained 4.5%.
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| Radio Stocks |
Here's how stocks fared on Friday
| Company |
Symbol |
Close |
Change |
Company |
Symbol |
Close |
Change |
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Arbitron
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ARB
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49.62
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+0.82
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Hearst-Argyle
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HTV
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25.85
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+0.10
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Beasley
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BBGI
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8.98
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-0.02
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Journal Comm.
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JRN
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13.74
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+0.19
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| CBS CI. B |
CBS |
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32.55
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+0.54
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Lincoln Natl.
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LNC
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74.00
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+0.37
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| CBS CI. A |
CBSa |
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32.56
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+0.51
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Radio One, Cl. A
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ROIA
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7.38
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+0.17
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| Citadel |
CDL |
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8.35 |
+0.22 |
Radio One, Cl. D
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ROIAK
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7.40
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+0.21
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Clear Channel
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CCU
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38.23
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+0.44
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Regent
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RGCI
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3.33
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-0.06
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Cox Radio
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CXR
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15.31
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+0.78
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Saga Commun.
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SGA
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9.49
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+0.06
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Cumulus
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CMLS
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9.45
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+0.13
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Salem Comm.
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SALM
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11.97
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+0.52
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Disney
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DIS
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36.02
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+0.03
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Sirius Sat. Radio
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SIRI
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2.73
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+0.01
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Emmis
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EMMS
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10.76
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+0.31
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Spanish Bcg.
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SBSA
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4.23
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+0.11
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| Entercom |
ETM
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26.96
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+0.10
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SWMX
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SMWX
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0.25
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unch
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Entravision
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EVC
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9.55
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-0.02
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Westwood One
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WON
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7.39
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+0.19
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Fisher
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FSCI
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49.28
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+0.44
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XM Sat. Radio
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XMSR
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10.86
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+0.26
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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]
 Great read once again this morning. However I take issue with your comment that WPLY "failed" as an Alternative station in Philadelphia (5/17/07 RBR #97). As most radio industry observers will note, WPLY as "Y100" was discontinued because the station was acquired by Radio One and they made a decision at the corporate level to take all of their non-Urban stations and convert the properties to formats that best fit the company's mission statement - no matter how foolhardy or contrary to market research the moves proved to be. Had Y100 continued, it would have enjoyed respectable ratings and revenue - comparable to that of the many Jacobs Media-consulted Alternative radio stations across the U.S. that are presently experiencing ratings erosion to due a lack of focus and no desire to embrace much of the high-quality product coming out of the U.K.
Best regards,
Adam Jacobson
Associate Editor
Hispanic Market Weekly
Coral Gables, FL
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Below the Fold
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Ad Business Report
New GM campaign
Showcases OnStar. Interesting Radio didn't play a role in this effort...
Media Markets & Money
Radio One sells 10
In 2 for 76. We now have a price for the deal sending five stations apiece...
Entertainment Media
Business Report
Bernard McGuirk to audition on WRKO on Imus' ex-sidekick to co-host "Finneran's Forum"...
Ratings & Research
Nielsen launches Brand3
Brand-management consulting service...
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Stations for Sale
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CA Coastal Class A
Rated Market $1.5M
CO Rated Market C.P.
Class C1 $400K
Brett Miller - 805.543.3466
[email protected]
 Market your Stations For Sale
in our daily epapers.
Contact
June Barnes
[email protected]
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More News Headlines
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Dump button gets workout in Chicago
F-bombs were flying Friday when Chicago White Sox manager Ozzie Guillen called Mike North's WSCR-AM sports talk show to complain about an interview with a benched player. The heated exchange ended with Guillen hanging up, but only after his repeated use of profanity. Local news reports claim that some of the f-bombs made it onto the airwaves, but audio recordings by listeners which have been posted on YouTube indicate that the repeated use of the dump button was successful, which should bring a sigh of relief from CBS Radio CEO Dan Mason.
Discovery closing
retail stores
Discovery Communications is getting out of the brick and mortar retail business, moving to partnerships and e-commerce to sell products related to its cable/online networks. All of the remaining 103 Discovery Channel Stores - both standalone and mall locations - will be shut down by the end of Q3. The company says that will eliminate approximately 1,000 full- and part-time employees, or about 25% of the global workforce of Discovery Communications. "By eliminating our owned and operated brick-and-mortar storefronts, which are cost-intensive and complicated businesses, Discovery can focus its efforts on high-growth e-commerce and licensing operations. While retail is historically not the core competency of global media companies, there is strong consumer demand for Discovery's branded product lines. The company's e-commerce operations posted record growth and sales for 2006, and to realize the full value of our quality content, Discovery must also sell through large retailers who have more stores and provide more exposure to a greater number of consumers," said David Zaslav, President and CEO of Discovery Communications. Going forward, Discovery will focus on ecommerce, with its own DiscoveryStore.com and partnerships with such outlets as Amazon.com and eBay. The company said its e-commerce operations posted record growth and sales for 2006 and are up 144% YTD over last year. It will also continue its catalog business as a core sales outlet. Discovery will continue its licensing partnership with transportation retail specialist Hudson Group, which operates Discovery Channel Airport Stores in top airports across the United States and Canada. Discovery will continue the Animal Planet successful relationship with Toys "R" Us, which has generated great brand exposure, and the company said it will also develop long-term programs with key manufacturers to translate Discovery's content in a wide array of merchandising opportunities.
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RBR Radar 2007
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Radio News you won't read any where else. RBR--First, Accurate, and Independently Owned.
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Radio One spins 10 to Main Line
Wall Street has been expecting for some time now that Radio One would sell off some of its non-core properties - and now the company is selling 10 stations in two markets. The buyer is Dan Savadove's Main Line Broadcasting, which will acquire the Radio One clusters in Louisville, KY and Dayton, OH. That will boost recently launched Main Line to 19 stations in four markets. (for complete station list see RBR)
RBR observation: Easy to see why these markets are non-core to a company that calls itself "The Urban Media Specialist." There are a lot of non-Urban stations in these clusters because they aren't big enough for a company of the size of Radio One to operate only in the Urban formats. So, Alfred Liggins and his crew at Radio One can forget about dealing with Country, Sports and such to focus on their problems in Los Angeles and on growing their other big market Urban properties.
05/18/07 RBR #98
Nexstar on the auction block
After winning the retrans battle and clawing back out of penny stock hell, Nexstar Broadcasting Group CEO Perry Sook and his board have retained Goldman Sachs to review strategic alternatives, including a sale of the company. Nexstar said there was no assurance that any transaction would occur and it said the company would have no further comment on the matter until the process is completed. Bear Stearns analyst Victor Miller quickly upgraded the stock to Outperform.
TVBR observation: Private equity rules these days, so we will be shocked if the 49 stations that Nexstar owns or has virtual duopolies with end up with another public company. Likely buyers include Oak Hill's Local TV LLC, which bought the New York Times TV group, and Providence Equity Partners, which bought the Clear Channel TV group, but there are lots of other equity players chasing TV deals. Nexstar offers potential bidders a solid platform of network affiliate stations with strong positions in medium and smaller markets. Nexstar's stock bottomed out below four bucks last October. But as revenues from retransmission consent became real, not just a promise, the stock began a steady climb which took it out of penny stock status and recently into double digits.
05/18/07 TVBR #98
What's Emmis worth?
Emmis' stock may be trading around 10 bucks a share, but Bank of America analyst Jonathan Jacoby is telling clients the company is wroth twice that. He pegs the breakup value at 20-25 bucks. He figures the US radio stations alone are worth 1.8-2 billion, plus the value of the magazines, the overseas radio investments and the one remaining TV station. But, is CEO Jeff Smulyan likely to do anything to unlock that value?
05/17/07 RBR #97
2007-08 Pre-Upfront
Programming Report
CW: The CW's main goal during year one was to generate awareness for the newly created network among its core target audience of Adults 18-34. The CW relied on the strongest programming product from the since defunct WB and UPN in order to populate its primetime schedule. Unfortunately ratings performance for The CW was unable to outperform the sum of its parts. The nascent network is in sixth place across all major demographic groups behind Spanish language network, Univision. Read More in this special page report in TVBR.
05/17/07 TVBR #97
Citadel peeved at Peak
Peak Broadcasting CEO Todd Lawley has a court battle on his hands with his former employer, Citadel Broadcasting. Citadel has sued Peak, Lawley, four Peak employees and a series of potential John/Jane Doe defendants, charging that they have engaged in a conspiracy to purloin proprietary information and trade secrets from Citadel. RBR has obtained a copy of the lawsuit. In it, Citadel charges that "At least as early as July 2006, some four months prior to his resignation and while still serving as a Regional President, unbeknownst to Citadel Broadcasting, Defendant Lawley initiated a scheme to raid the ranks of Citadel Broadcasting employees...
RBR note: There is more to this legal battle in RBR.
05/16/07 RBR #96
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Radio Business Report -- 2050 Old Bridge Road, Suite B-01, Lake Ridge, VA 22192 -- Phone: 703-492-8191
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