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Welcome to TVBR's Daily Epaper
Volume 22, Issue 240, Jim Carnegie, Editor & Publisher
Friday Morning December 9th, 2005

TV News®

TV down 3.4% at Gannett
November TV station revenues were down 3.4% at Gannett as the company dealt with the last month of tough comps from last year's election spending. Including Captivate, pro forma broadcast revenues were down 3.2% to 67.6%. At the station level, Gannett said local revenues were up 4.3%, while national fell 14.5% for the month. Based on current pacings, the company says to expect Q4 TV revenues to be down in the mid-teens. Gannett's pro forma newspaper revenues were down 3.3% in November to 445.6 million, with local down 2.7%, national off 8.3% and classified down 1.8%.

NY Times declines to give 2006 guidance
The advertising outlook is so uncertain that the New York Times Company says it can't provide Wall Street with earnings guidance on 2006, although it expects to provide Q4 guidance later this month (when the quarter is essentially over). "The media marketplace has been challenging in 2005 and we expect it will continue to be next year. To address the issues that we face and to take advantage of opportunities we see, we have aggressively strengthened our print, online and broadcast platforms as demonstrated by the acquisitions of About.com and KAUT-TV, as well as our investment in Metro Boston. We continue to develop innovative, new products that target specific audiences at both our traditional and online properties and to provide advertising solutions across our platforms. We also remain very committed to operating more efficiently and using technology to decrease expenses. The combined effect of all of these actions will benefit us in 2006," said CEO Janet Robinson. For November, NY Times Co. reported TV revenues up 0.5% to 12.1 million, with revenues from recently acquired KAUT-TV Oklahoma City offsetting the lack of political revenues from a year earlier. News Media ad revenues (newspaper/Internet/radio) rose 3.4% to 192.4 million for the month.

Cable losing ground to satellite
The Television Bureau of Advertising (TVB) calculates that satellite and other alternate delivery systems (ADS) now deliver television programming to 20.8% of US Households, up from 19.2% a year ago, based on Nielsen NTI data. That means that cable MSOs lost 1.4 million subscribers over the past year, with Household penetration dropping to a 13-year low of 71.4 million, or 64.8% of Households. As you'd expect, TVB is making the information available for its member stations to use in competition with ad sales by local cable systems. "Advertisers who buy cable locally need to know that local wired cable systems' ability to deliver commercials continues to erode. In fact, 42 markets now have ADS penetration of 30% or more," said Susan Cuccinello, Senior Vice President, Research, TVB. "Local cable commercials are not seen in ADS homes, and so local advertisers need to deduct the ADS percentage of the audience if they are included in the cable systems' submissions." ADS now claims more households than wired cable in four markets: Springfield, MO, Idaho Falls-Pocatello, ID, Missoula, MT and Twin Falls, ID.
| Here are the markets with the heaviest ADS penetration: |


Menendez expected to
move into NJ Senate seat

John Corzine is now sitting behind the governor's desk in Trenton. We have a deadline to deal with so we don't know for sure, but by the time you read this it is possible that Rep. Robert Menendez (D-NJ) will be named by the new Gov to take over his seat in the US Senate. Menendez is currently leader of the Democratic Caucus in the House, so his exit will leave a few ripples there. In the Senate, the son of Cuban immigrants will be the third Hispanic legislator, along with Mel Martinez (R-NJ) and Ken Salazar (D-CO), both freshman as of the 2004 election. If Menendez takes over the entire Corzine workload, his committee assignments would not include the two which most frequently impact broadcasters - - Commerce and, to a lesser extent, Judiciary. Corzine was a member of Banking, Housing and Urban Affairs; Intelligence; Energy and Natural Resources and Budget.

TVBR observation: Martinez has appeared on broadcast radar screens a few times in recent years, primarily as a vocal opponent of the merger of radio group Hispanic Broadcasting Corp. into multimedia Hispanic giant Univision. He even sponsored legislation which would have required that the Hispanic media market be treated as being separate from the mainstream market when assessing whether the resulting market concentration would be diverse enough following the merger, a measure sponsored in the Senate by Ted Kennedy (D-MA). Menendez also joined efforts to kick Rush Limbaugh off of Armed Forces radio broadcasts and to stop Sinclair Broadcast Group from airing a Vietnam documentary many felt would be critical of Democratic presidential candidate John Kerry (D-MA).

PTC calls for compromise
The Parents Television Council says that a three-pronged plan may provide a resolution to the problem of indecency on the public airwaves - - and wires. It says its compromise proposal doesn't give anybody everything they may want, but it does give everybody something. President Brent Bozell asks that first, the vastly upgraded fines for indecent broadcast, taking them from 32.5K to 500K, be enacted swiftly. Second, PTC says it will concede on a point of law - - that cable programming is not subject to the same decency requirements that broadcast programming is, and will without objection allow programmers to exercise their artistic freedom over the wires, provided that: third, cable is forced to allow a la carte channel purchases by subscribers so that those who neither want certain channels and further, do not want to subsidize them in any way, are not forced to do either. Bozell put forth the proposal in a letter to Senate Commerce Committee heads Ted Stevens (R-AK) and Daniel Inouye (D-HI). "This solution doesn't give all parties everything they want," he wrote. "But what does it give? It gives the vast majority of Americans, deeply offended by such wretched programming, the right not to have this filth pouring out of their television sets, and paid for by them. And it gives the industry the ability to continue producing and airing this material to satisfy what they say is a market demand. This is the practical solution and the right solution. Anything less would be unacceptable to us. Anything more is unnecessary to address this impasse."

TVBR observation: Nice try, but this compromise does nothing to clarify the vast and murky gray area that exists in the very definition of the crime of indecency - - and at a half-a-million clams a pop, it's definitely upgraded to a de facto criminal matter. It doesn't take into account the fact that while many people recognize possibly indecent content, there are other studies which show that many still don't want the government tramping about in First Amendment territory anyway. It doesn't take into account broadcasters' belief that they need for a level content playing field with basic cable. It doesn't take into account cable's firmly held belief, seconded by minority and religious groups, that a la carte could inflict serious damage on its business model and ultimately hurt small programmers and even the consumer. Bottom line: PTC would get its big fines and its a la carte, while cable gets content freedom. PTC gets two things it wants, cable gets one thing...hey, wait a minute...that it already has. Doesn't sound like much of a compromise to us.

Liberal group joins the battle over Alito
The ongoing accounting of the SCOTUS air wars by the Brennan Center for Justice at New York University School of Law and the Justice at Stake Campaign has turned up a first: a new liberal organization opposed to the Samuel Alito nomination has entered the fray and in the period between 11/21/05 and 12/4/05, almost doubled the expenditures of the only conservative group currently taking to the air in Alito's support. IndependentCourt.org, which Brennan says is actually a group of liberal groups, spent about 131.6K in a sharp attack on the nominee at a time when Progress for America was spending 74.4K in his defense. Still, those are relatively modest totals, but Brennan's Jeremy Creelan noted the tone is getting sharper and more spending is likely on the way. "In the last two weeks, the opposition to Judge Alito has become more pitched. As the confirmation hearings approach, we expect more Americans will be bombarded with television advertising from both sides of this debate."


Adbiz©

Internet ad spending to double share by 2010
Spending on Internet advertising will account for 10% of total U.S. ad dollars in 2010, doubling from 5% in 2004, according to "The Changing Face of Advertising in the Digital Age," a new report from Parks Associates. This increase represents a CAGR (compound annual growth rate) of 14% over the next five years. The report also finds that almost 21% of Internet users consider Internet advertising as the most relevant ad format for them, outscoring more traditional media formats such as newspapers, magazines, and radio. "In the next few years, the Internet will become a mainstream ad platform and attract top dollars from advertisers," said Harry Wang, research analyst at Parks Associates. "Because the Internet is an interactive and versatile platform and offers rich consumer usage data, advertisers can improve their ad targetability and achieve better results." Such benefits are extremely important to advertisers, who have been plagued by audience and media fragmentation and a lack of in-depth media consumption data from traditional ad formats. Many large companies with familiar brands, including Anheuser-Busch, Procter & Gamble, Verizon, and Wachovia, have been moving money out of network TV and to the Web, demonstrating advertisers' growing confidence in Internet advertising. "Traditional media companies are fully aware of this ongoing change in the advertising industry," Wang said. "The Internet has altered the standard for the entire ad world, and traditional media have to respond by making their media platforms more interactive and results-oriented." The report is based on an Internet-based survey instrument of 2,084 U.S. consumers in households with Internet access, including 270 teenagers ages 13-17.

Agencies chime in on
HD Digital Radio Alliance

RBR/TVBR asked a few agency folks about the recently announced HD Digital Radio Alliance (12/7 RBR #238), a coordinated industry effort to compete with the format variety of satellite radio. The alliance is the industry's means to coordinate the HD roll-out in each market, develop programming for multicast (HD-2) channels, create HD and HD-2 awareness ads (200 million bucks worth next year alone), and work to get HD manufacturers moving on multicast receivers and the automakers as well for OEM deals. Participating groups so far include Bonneville, Citadel, Clear Channel, Cumulus, Emmis, Entercom, Greater Media and Infinity.
| Read More... |

TVBR observation: Indeed, it may take a while to get HD-2 in the hearts, minds and then hands, of listeners. Another issue, they've marketed a whole generation of HD receivers that didn't have the HD-2 capability. It's going to take a whole new cycle of manufacturing, retailing and purchases. It's almost like starting all over again. Thankfully, some HD receivers can be updated to HD-2 by a software download.


Media Business Report
"Theatrical-to-Video Interval" compresses again in 2005
The window between theatrical and video will shrink by 15 days this year, in comparison to 2004, due to piracy worries, a desire to accelerate revenue and attempting to catch more theatrical marketing buzz. Kagan Research newsletter Motion Picture Investor estimates the average is 129 days from theatrical premier to video release in 2005, versus 144 days in the prior year. While the home video industry may not lament the shrinking windows, Kagan Research analyst Wade Holden believes the gap will stabilize at roughly the current 4.6 months window. "If it shrinks significantly more, it would encroach on the box office," he believes. "And that would be counter-productive to the distributors' total economic returns because what's lost in theatrical probably won't be fully made up in home video." Films with 10-29 million in domestic box office went into video on average in 115 days during 2005, no surprise given that such lackluster box office results in truncated theatrical runs. Films that grossed over 30 million in domestic theatrical box office averaged 132 days or longer to video, according to Kagan Research. Of nine film genres tracked by Kagan, action films were the fastest to go to video, averaging 119 days in 2005. The longest window was for documentaries that averaged 158 days, a result of their long theatrical runs in few theaters.


Media Markets & MoneyTM
Sagamorehill adds another brick for the WALL
Louis Wall's Sagamorehill Broadcasting is doubling up in the Montgomery AL DMA with a 2M deal for WBMM-TV Channel 22. The independent station hails from Tuskegee, and will pair up with ABC WNCF-TV Channel 32. The seller, Montgomery 22 Inc., is headed by Gregory W. Fess and is a subsidiary of Equity Broadcasting Corp.


Washington Beat
Latest station totals
The FCC has put out its latest accounting of broadcast licenses. There are 4,758 AM stations and 8,841 FMs, 2,626 of which are noncommercial. Add in 3,920 FM translators and 598 LPFMs and you've accounted for all the radio sticks. On the commercial TV side, the VHF/UHF breakdown is 589/781, with a 126/253 split on the noncom side for a total of 1,749. There are 593 Class A TVs, 2,117 LPTVs and 4,503 TV translators.

TVBR observation: Now take all the full power stations and, accounting for the wild new world of digital which is possibly in our near future, multiply by six. Will it be an evolutionary enhancement or a seismic disruption? Are you all ready for the CPP implications? All we can say is hang on, kids - - this should be one wild ride.


Programming
NBC has "Conviction"
The New York Post reports that filming has begun on Dick Wolf's latest crime project for NBC - - "Conviction" - - in Astoria, Queens on the same set previously used by the short-lived "Law & Order: Trial by Jury." But Wolf is said to bristle at any suggestion that "Conviction" is another L&A spin-off. NBC announced that Stephanie March has joined the cast as head of a team of young Assistant District Attorneys tackling tough cases. She previously appeared as an Assistant DA in "Law & Order: Special Victims Unit." Other cast members include Eric Balfour, Anson Mount, Jordan Bridges, Julianne Nicholson, Milena Govich and J. August Richards. Look for the show to be added to the NBC schedule as a mid-season replacement in early 2006.

BET goes wireless in with Motricity
Add BET to the daily-increasing list of wireless content deals, but this time it's more about games and ringtones - - at least for now. BET is expanding into wireless data and applications in conjunction with its mobile solutions provider, Motricity. The new BET wireless service will be marketed under the "BET Mobile" brand, and will include popular ringtones, graphics, games, alerts and social networking features. BET will give viewers direct access to tailored and BET-branded mobile content via their mobile phones and the Web. By texting 'BET' to BETTV (23888) viewers will be able to access the BET Mobile storefront. In addition, viewers will be able to access popular ring tones and other mobile content via short message service and text message codes displayed during music videos and other programs or by visiting BET.com. The vision, says BET, is to start with ring tones and progress into other personalized entertainment such as full-track music and videos. "BET viewers are sophisticated and heavy users of the latest mobile devices, services and content. For us to extend our programming and presence into the wireless market is the perfect next-stage evolution for the BET brand," said Debra Lee, BET CEO. The new offering will be promoted with in-show mentions on BET's most popular music video shows 106 & PARK, BET'S TOP 10 LIVE and RAP CITY. Dedicated advertising is also planned on both BET and BET.com. The BET Mobile offering will immediately be accessible by subscribers using Cingular/AT&T Wireless, Sprint and T-Mobile wireless services. In the first quarter of 2006, customers using Verizon and Alltel will be able to access BET's wireless content.


Ratings & Research
Oprah on top
It was a strong week for Oprah Winfrey as she topped the syndicated TV ratings, according to Nielsen Media Research data provided by the Syndicated Network Television Association (SNTA). KingWorld claimed five of the top 10 spots with its strong stable of shows.
| View the Chart |

A Charlie Brown Christmas ratings winner again
On the holiday classic's 40th anniversary, ABC's annual rebroadcast on 12/6 of A Charlie Brown Christmas won its time period across the board, leading in all demos. The 1965 animated Peanuts special beat its nearest competition (CBS) in the 8 o'clock hour by 1.1 million viewers and by 62% in Adults 18-49. The show produced its best numbers ever on ABC, surpassing its previous highs (set last year) by 1.7 million viewers and by 15% in Adults 18-49 - - it's been airing on the net since 2001. The show also generated ABC's strongest non-sports Total Viewer and Adult 18-49 numbers in the hour in more than 2 years and the Network's highest Kids 2-11 rating in the slot in over 4 years.

Letterman tops Leno
In a milestone week, Late Show with David Letterman topped "The Tonight Show" in key measures for the first time in nearly six years. Late Show posted a 4.6/12 in households with an average of 6.50m viewers, up +24% in households (from 3.7/10) and +30% in viewers (from 4.98m) from the same week last year. Late Show was up +30% in adults 25-54 (2.6/10 from 2.0/08), +24% in adults 18-49 (2.1/09 from 1.7/07) and +14% in adults 18-34 (1.6/07 from 1.4/06) compared to the same week last year. This is Late Show's best weekly households and viewers delivery since the week ending 2/25/00 (when Letterman returned from heart surgery), in adults 18-34 since 11/19/04, in adults 18-49 since 9/21/01 (the first week of broadcasts after 9/11) and in adults 25-54 since the week ending 1/11/02 (the week of the "Survivor: Africa" finale). Late Show topped "The Tonight Show" for the week in households (vs. 4.2/11), viewers (vs. 5.99m), adults 25-54 (vs. 2.4/09) and adults 18-49 (vs. 2.0/08). This is the first time Late Show topped "The Tonight Show" with first run episodes starting on time for both programs since the week ending 2/25/00 in those measures.


Profiler
Una Vez Mas
(from October's RBR/TVBR Solutions Magazine)
Una Vez Mas is the largest television affiliate group for Azteca America here in the states. It began with a single LPTV in Las Vegas three years ago and has grown to 15 signals in 13 key Hispanic markets. UVM expects to be in 11 additional markets over the next 12-18 months. The company is concentrated in heavily populated Southwest markets with a large Mexican base. Azteca America parent TV Azteca launched 12 years ago in Mexico when the Mexican government opened up the airwaves to competition. Previously, Televisa had been the broadcast monopoly for 70 years there. In that 12-year period, TV Azteca has garnered a 40% share of the Mexican TV audience. Three years ago they decided to come north into the U.S. and start Azteca America, which targets the Mexican American audience. We spoke to UVM's Randy Nonberg, President/COO ("RN") and Bob Hyland, President of Television ("BH").
| Read More... |


Stock Talk
Oil prices hurt stocks, Westwood plunges
Worries about oil prices hurt stock prices once again. The Dow Industrials fell 56 points, or 0.5%, to 10,755.

TV stocks were mixed. News Corp. was strong, up 2.4%. Time Warner fell 2%.


Stocks

Here's how stocks fared on Thursday

Company Symbol Close Change Company Symbol Close Change

Acme

ACME

3.80

-0.01

Media General

MEG

49.59

-0.32

Belo

BLC

21.36

-0.05

Meredith

MDP

50.86

+0.25

Clear Channel

CCU

32.41

-0.54

News Corp.

NWS

16.42

+0.38

Disney

DIS

25.05

-0.35

Nexstar

NXST

4.25

-0.07

Emmis

EMMS

19.91

-0.19

NY Times

NYT

27.13

-0.28

Entravision

EVC

7.20

-0.04

Paxson

PAX

0.97

+0.04

Fisher

FSCI

45.26

+0.04

Saga Commun.

SGA

11.02

+0.02

Gannett

GCI

60.32

-0.01

SBS

SBSA

4.50

+0.03

Gen. Electric

GE

35.35

-0.22

Scripps

SSP

47.00

+0.12

Granite

GBTVK

0.22

unch

Sinclair

SBGI

9.71

-0.14

Gray

GTN

9.56

+0.06

Time Warner

TWX

17.76

-0.36

Gray, C1. A

GTNa

9.30

+0.22

Tribune

TRB

30.89

-0.12

Hearst-Argyle

HTV

23.95

-0.11

Univision

UVN

30.30

-0.37

Jeff-Pilot

JP

55.33

+0.20

Viacom, Cl. A

VIA

34.48

-0.52

Journal Comm.

JRN

13.86

+0.13

Viacom, Cl. B

VIAb

34.48

-0.55

Liberty Corp

LC

47.09

+0.21

Wash. Post

WPO

745.85

+5.60

LIN TV

TVL

13.06

-0.22

Young

YBTVA

2.54

-0.07

McGraw-Hill

MHP

53.28

+0.08

-

-

-

-

-


Bounceback

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TV Media Moves

Legal beagle for Fisher
Judith Endejan has been named Sr. Vice President and General Counsel of Fisher Communications, joining the company from its outside counsel, Graham & Dunn. Fisher's announcement notes that Endejan had a career in journalism before heading to law school back in the 1970s.


Below the Fold

Ad Biz
Internet ad spending
To double share by 2010...

Media Markets & Money
Sagamorehill adds another
Doubling up in the Montgomery AL..

Programming
NBC has "Conviction"
Dick Wolf's latest crime project...

Washington Beat
Latest station totals
Latest accounting of broadcast licenses...

Ratings & Research
Oprah on top
Strong week for her as she topped the syndicated TV ratings...


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

iPod downloads boost
broadcast viewership
Disney CFO Tom Staggs said there hasn't been any audience erosion. "In fact, we expected it to be the opposite and so far that seems to be the case. The ratings of the shows that are covered by that deal have actually increased since we've done that. Now, there's been 800 and some thousand downloads, so it's not like we've sold one to every man, woman and child in the country, but we think the economics hold up even if it isn't market-expanding, and it looks like it is. As for the current talk on a la carte Staggs says it doesn't make sense. TVBR observation: Bottom line - people will only do what is best for their personal pockets and for their company.
12/08/05 TVBR #239

CBS bringing content
to Verizon Wireless
Yet another mobile wireless content deal: CBS News, "CSI," "Survivor," David Letterman. This deal with Verizon Wireless represents a major step for us into mobile entertainment and another point of contact with the consumer to promote our great content brands. TVBR observation: 23 years of publishing we say it again - Content is King, Presentation Queen and Distribution at value is a solid Ace. It is business so understand it or get a career change.
12/08/05 TVBR #239

It's about content,
not "old" or "new" media
Viacom, CFO-to-be Fred Reynolds isn't buying the idea that he's signed on for a stint with an "old media" but looking at CBS across all of our assets, we're really about content first and then distribution second. He says our view is that it's more opportunity for us to get paid for our content. TVBR observation: Reynolds stated on being paid for content - 'we're really about content first and then distribution second' and 'we make money on everything we air' - now go back to 12/01/05 TVBR #234 and re-read Hearst-Argyle renews CBS affiliations and Network comp to end to the tune of almost 1 million next year. Did you hear the other shoe drop on the words 'make money on what we air.' Do not be surprised in the future to see CBS ask for money if you want their programming almost like - a la carte.
12/07/05 TVBR #238

NBC Universal to sell shows on Apple's online iTunes store
More than 300 episodes from NBC-TV prime time, late-night, cable nets and classic TV shows are now available for 1.99 each. Programming spans from the 1950s to the present. NBC also recently signed a deal to begin selling replays of its most popular shows on an on-demand basis through DirecTV and last month announced a deal with Sprint Nextel to make Leno's monologues and sketches available on its mobile service. TVBR observation: Think we just read this above as where CBS says they make their money selling what they air. ABC got their first but NBC just checked one up with more content. Do not be surprised what the consumer will pay for if they find the Apple under their tree this year. Why? Because it is there and they too want to be first to say they have the content to show their friends.
12/07/05 TVBR #238

Gloomy on ad outlook 2006
Universal McCann guru Bob Coen expects more of the same in 2006, with total ad spending up 5.8%, vs. 4.6% this year. Other than the cyclical boost from political and Olympics advertising, he doesn't see anything coming in '06 to light a fire under radio and TV advertising. While expecting the economy to be "reasonably healthy" in 06, he doesn't see anything on the horizon to drive advertising demand, other than some upward pressure on TV rates created by political advertising pressuring inventories. Once again, the most robust growth is expected for Internet and cable TV, along with direct mail. Coen is looking for network TV to be up 6.5%, national spot 8.5% and local spot 4.5% next year - decent growth, but not extraordinary for an Olympics/political year.
TVBR observation: Much as we'd like to see more growth in 2006, we can't disagree with Coen's basic projections. His outlook for television is only slightly more pessimistic than the TVB's forecast while being slightly more bullish on cable.
12/06/05 TVBR #237

Arbitron chief
downplays VNU buyout
CEO Steve Morris noted that while lots of people have suggested that his company is a buyout prospect for Nielsen owner VNU, he doesn't see it happening. Given its (VNU) current internal turmoil, he doesn't see VNU acquiring anything. Noted that having Nielsen do a Portable People Meter (PPM) joint venture with Arbitron would be a lot more efficient way to get access to the PPM technology than trying to buy Arbitron. TVBR observation: Upbeat Morris or trying to put a smile on the face as many had hoped for and still do that Nielsen would acquire Arbitron. People inside Arbitron would make a few dollars and forward motion into the balance of this decade would move at a quicker pace. Now both ratings firms are treading water: VNU/Nielsen in limbo for months as this company is in play and Arbitron wishing to Santa to get bags of support from radio on PPM. Not happening except one thing - both ratings companies will have to continue to spend money on research and forward motion with little light at the end of the tunnel into next year of grand participation from broadcasters.
12/06/05 TVBR #237

ZenithOptimedia lowers
global ad Outlook
Online up - lowered its projections for ad spend in 2006, predicting U.S. spending will grow only 2.9%, compared with a 3.6% gain it predicted in October. Worldwide ad spend is now expected to grow only 4.8%, compared with its previous forecast of 5.2% growth. However, it upped its online ad spend prediction for 2005: up to 4.6% from 4.3%. It also predicted that by 2008 online will account for 6.4% of global ad spend, and from 2005-2008 inclusive, 15.8 billion new ad dollars will be created, or 17% of total global ad growth. TVBR observation: In other words if you are not fully engaged into the new media world that the consumers are participating in you are out and we me out. Media executives had three years to improve and grow with the technology but many have just been sitting on their thumbs going into a new year. Too late and it will be shown next year TVBR was right - Technology waits for no one.
12/06/05 TVBR #237

Analyst sees TV down and Radio flat
For spot TV, a big impact from the two-year cycle of elections and Olympics, with '05 down 7%, then up 9% with next year's political/Olympic spending. For all of television (network, spot and syndication combined), ad revenues could be up 8.5% next year. - Radio - RAB's reported 7% October drop in radio revenues has made it impossible to have a positive number for Q4, Harris Nesbitt analyst Lee Westerfield is projecting that radio revenues will be flat for 2005 and then rise 3% in '06. TVBR observation: Bottom line - if you do not have your, ah, stuff together now you are in deep.
12/05/05 TVBR #236

Clear Channel sets CCE spinoff
December 21st Clear Channel Communications will be out of its unhappy venture into the concert business. The spin-off of Clear Channel Entertainment will be completed by distributing stock of CCE Spinco to existing Clear Channel shareholders. TVBR observation: Get your calculators ready. Come December 22nd we'll have a Wall Street valuation of what the Entertainment unit is worth - - and how much of Clear Channel's 4.4 billion investment has simply vanished into thin air.
12/05/05 TVBR #236


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