Wednesday, April 3, 2019

| April 3, 2019

iHeartMedia Files with SEC for Initial Public Offering. As the company wends its way through the final stages of Chapter 11 reorganization, iHeartMedia files with the Securities Exchange Commission for an initial public offering of its Class A common shares.  In the SEC filing, the company set a placeholder of $100 million but didn’t disclose the size of the offering or a price range.  The company intends to use proceeds from the IPO to pay off debt. Last year’s Chapter 11 reorganization allowed iHeartMedia to trim its onerous debt from about $20 billion to about $5.75 billion and forced the spin-off of Clear Channel OutdoorGoldman Sachs and Morgan Stanley are listed as underwriters for the IPO.

Scott Mahalick to Resign from Alpha Media; Phil Becker to Assume EVP of Programming Role. After almost 10 years as the executive vice president of programming for Alpha MediaScott Mahalick is resigning from the company and handing the EVP of programming post to current vice president Phil Becker, effective April 8.  Alpha Media CEO Bob Proffitt says, “Scott’s contributions are far too numerous to mention but suffice it to say that Scott’s work ethic, competitiveness, and passion are woven into Alpha in many ways.  Scott is and will always remain a huge Alpha fan, cheerleader, and significant shareholder in the Company.”  Mahalick comments, “It’s been a pleasure to contribute to Alpha for the past decade and lead our high-performance team.  I want to thank Larry Wilson, Bob Proffitt, Donna Heffner, our regional presidents, and John Grossi for supporting my innovative crazy ideas.”  Speaking about his new role with the company, Becker says, “I can’t thank Scott enough for bringing me into Alpha and for letting me work alongside him for the last 5 years.  The two of us have accomplished some remarkable things together and I want to thank Bob for allowing me the opportunity to continue to do so.  Alpha is a ‘think differently’ kind of company and I look forward to working closer with all departments.”

Bernie & Sid in the Morning Celebrates First Anniversary at WABC, New York AM Show. Yesterday, the team of Sid Rosenberg and Bernard McGuirk celebrated their one-year anniversary as the morning show on Cumulus Media’s legendary news/talk station “77 WABC Radio” in New York.  The “Bernie & Sid In The Morning” show launched on April 2 of 2018 after the retirement of Don Imus.  Among the celebrities joining the show to celebrate the anniversary was actor Chazz Palminteri, pictured above (center) with Rosenberg (left) and McGuirk (right).  Others appearing on the show were Bill O’Reilly, Congressman Peter King, Bo Dietl, Lisa LampinelliJim Breuer, Sukanya Krishnan and Jenn Lahmers from Fox 5 NY “Early Good Day,” WAXQ’s Jim Kerr, Michael Kay, John Batchelor, FOX News Channel’s Tom Shilue, Sean Hannity, and Brian Kilmeade.  Cumulus New York VP and market manager Chad Lopez says, “We congratulate Bernie and Sid on an incredibly successful first year of what is now New York City’s destination morning talk show.  Bernie and Sid have created a great show that listeners love, with the biggest guests and the most entertaining talk in town.”  Station PD Craig Schwalb adds, “Bernie and Sid took on a huge task in replacing the legendary Don Imus.  Not only has the year been successful for our listeners and advertisers, it’s been very exciting to see it all happen.”

All-Newser KCBS, San Francisco Freshens its Image. Bay Area all-news outlet KCBS-AM/KFRC-FM, San Francisco reveals its new audio and visual “refresh.”  The Entercom news station debuts enhanced audio imaging featuring female voiceover pros Randy Thomas and Roberta Solomon as co-voices of the station along with its new logo that marks the first visual refresh in more than a decade.  Entercom San Francisco SVP and market manager Gregory Nemitz says, “KCBS is an iconic news brand and it’s only fitting that our new image is of an equal caliber.  These changes are part of the KCBS evolution that elevates our connection with our broad Bay Area audience.”  KCBS-AM will celebrate its 51st year as an all-news station in May.

Share of Ear: Pureplay Listening Accounts for 35% of Audio Consumption. Internet pureplays are gobbling up more of the audio listening pie, rising from 22% of audio consumption in 2014 to 35% of in 2018, according to Edison Research’s “Share of Ear” study.  “Pureplays” include such services as Pandora or Spotify, the streams of radio stations, streams of SiriusXM, podcasts, or music from YouTube.  Edison Research director Laura Ivey says, “While the more established modes of audio delivery, such as broadcasting and listening to owned music, remain strong, with each update we show more audio is delivered through the internet.  These trends are especially pronounced among young people.”

Entercom Promotes Six Executives. An internal memo from Entercom president and CEO David Field reveals six promotions for company executives.  Michael Martin is now SVP of programming & head of music initiatives, Tim Murphy is EVP of corporate business development, Pat Paxton takes on the new title chief programming officer, Dave Richards is promoted to SVP of programming for Seattle, David Rosenbloom is appointed VP of corporate business development, and Esther-Mireya Tejeda is now SVP and head of corporate communications.  Field states, “These are exciting times at Entercom and we are fortunate to have a highly talented team across the country leading us forward in pursuit of our transformational goals and working to capitalize on our many outstanding opportunities.”

Obamacare Vote Delayed, U.S.-Mexico Border Situation, Joe Biden Allegations, 2020 Democratic Hopefuls, Georgia’s ‘Heartbeat’ Bill, Chicago Elects Black Lesbian Mayor, Mar-a-Lago Intrusion, Brexit Chaos, NCAA Tournament, and NBA and MLB Action Among Top News/Talk Stories Yesterday (4/2). The announcement by President Trump that the vote to nullify the Affordable Care Act will wait until after the 2020 election; the migrant population status at the U.S.-Mexico border and Trump’s threat to close the border; the allegations of inappropriate touching against Joe Biden; the Democrats vying to challenge President Trump in 2020; the controversy over Georgia’s “heartbeat” bill affecting abortion access in the state; the election of Lori Lightfoot as Chicago’s first Black, lesbian mayor; the case of the Asian woman gaining access to Mar-a-Lago with a hard-drive containing malware; the political chaos in London over Brexit; the NCAA Final Four; and NBA and MLB action were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.

Music Radio News and Career Moves. A shocker in San Diego as iHeartMedia and on-air pro Bob Buchmann part ways just a year after the classic rock KGB-FM morning personality inked a new, multi-year deal.  Buchmann revealed his surprise by the move in a Facebook post: “I’d prefer you hear this from me first, as I’m a bit in shock.  My position has been eliminated at iHeartMedia San Diego as of today.  I work for wonderful people who told me I did nothing wrong and everything right. Now in my 7th year, I was made KGB-FM operations director last August.  In the afternoon drive Bob and Coe Show, the February Nielsens rank us #2 in the market.  Come to think of it, I’m not a bit in shock, I’m a lot in shock!  Thank you for being there for me day in and day out.”…..Cumulus Media names programming pro Joe Browning operations manager for its four-station cluster in Melbourne, Florida that consists of CHR WAOA (for which Browning will serve as PD and afternoon host as Joe Kelley), classic rock WROK, country WHKR and sports talk WLZR-AM.  He was most recently with Corpus Christi-based Hometown Media as corporate program director for its 16 stations. Cumulus Melbourne vice president and market manager Gary Mertins says, “We’re super excited to have Joe joining our team as operations manager.  We also look forward to having him lead our heritage top 40, known along the Space Coast as ‘WA1A.’  Joe is a tremendous talent, an experienced broadcaster, and I’m certain he will be an asset to our cluster.”

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Category: Front Page News, Industry News