Tag: "class a common stock"

Friday, June 28, 2019

| June 28, 2019

Cumulus Chief Memos Employees in Wake of WABC Sale. In tandem with yesterday’s surprise news that John Catsimatidis-led Red Apple Media is acquiring legendary New York station WABC for $12.5 million, Cumulus Media CEO Mary Berner issued a memo to employees that explains the company’s policy on sales. Specifically, Berner says the company has no plan to exit large markets.  After the sale of WPLJ and now WABC, Cumulus has one station – urban music outlet WNBM – in the New York market, and she says the company will sell that station, as well.  But staffers should not interpret the New York move as one destined for all large market holdings.  She says the company will sell when it’s advantageous and buy when it’s a fit.  “In New York’s case, we’ll be exiting a market that has been tough for us, and through these deals we will be able to realize significant value for the company – over and above what we could have generated from continued operations.  And for anyone who is still listening to rumors out there, I will say again that there is absolutely no grand plan to exit our big markets.”  She concludes, “Always remember that any actions we take to strengthen our company help to assure a brighter future for FORCE CUMULUS.  So, let’s keep building on our strong momentum and being relentlessly HABU in all of our efforts and with every one of our assets.  I am incredibly proud of our progress and look forward to continuing to deliver on our strategic goals.”

iHeartMedia Shares to Trade on NASDAQ Global Select Market. The Class A common stock in iHeartMedia has been approved for listing on the NASDAQ Global Select Market. It will trade under the ticker “IHRT.” The company says in a press release, “As previously announced, iHeart had been evaluating all paths to achieve a listing of its Class A common stock on a recognized U.S. stock exchange following emergence from its restructuring process.  iHeartMedia has determined that a listing on the NASDAQ Global Select Market is the optimal strategy for iHeartMedia and all of the company’s stakeholders.  As a result, the Company has requested the withdrawal of its previously filed registration statement on Form S-1 with the U.S. Securities and Exchange Commission. iHeartMedia’s management team will be meeting with investors the week of July 15 in advance of a listing date of July 18, 2019.”  Company chairman and CEO Bob Pittman adds, “This is an exciting time for our company and an important step in the evolution of iHeartMedia.  Our listing on the NASDAQ will provide greater liquidity for existing shareholders, allow us to diversify our investor base, and give us improved access to public capital markets in the future.”

New Installment of “The Michael Harrison Wrap” for Week of June 24-28 Now Posted.  The recently launched, one-hour weekend radio show, “The Michael Harrison Wrap: An Overview of the National Conversation,” analyzing the hot talk media topics of this past week (June 24-28) is now posted on the website of its flagship station, iHeartMedia‘s WONK-FM, Washington, DC.  It currently airs on WONK-FM in the key position of Friday at 6:00 pm as a dynamic programming punctuation mark of the week’s conversation.  Hosted by TALKERS magazine’s iconic publisher, this week’s installment (titled “Three Ring Circus!”) features a lineup of guests that includes TALKERS executive editor Kevin Casey; radio talk show hosts Michael Savage of Westwood OneSean Hannity of Fox News Channel/Premiere Networks; and Charles Freedman of KSCO, Santa Cruz; political strategist and pundit Ethan Bearman; social/political observer Victoria Jones of the DC Radio Company and John Catsimatidis, CEO, Gristedes Foods/Red Apple Group. The non-partisan-but-hard-hitting program explores multiple opinions along the spectrum of contemporary American political and social thought.   According to TalkersRadio general manager David Bernstein, the program is now available on a market exclusive basis to news/talk stations around the nation.  Bernstein says, “We began this show as an on-air extension of TALKERS magazine research to be played on TalkersRadio and the feedback has been overwhelmingly positive.  The show is nothing short of fantastic and provides a great image-setter for any news/talk outlet.  iHeartMedia picked it up for its new WONK-FM in DC where it fits that station’s mission perfectly and a number of stations have inquired about its availability.  We are in the process of figuring out where we want to go with it… whether we will put it into syndication or just make it available to a handful of stations.”   For more information about the program, call Barbara Kurland at 413-565-5413.  To listen to it in its entirety, please click here.

Kantar Media: Radio to See 6.6% of $6 Billion Political Ad Spending. Media research and consulting firm Kantar Media has issued its projection for the ad spending during the 2019-2020 political cycle and believes $6 billion will be spread across cable TV, broadcast TV, digital, and radio.  Radio’s share of the pie is predicted to be $400,000,000 – 6.6% of the total.  Who gets the most?  Broadcast television is predicted to get $3.2 billion of that.  Cable TV and digital platforms are each to get $1.2 billion, according to Kantar’s estimates.  See more here.

Beebe Promoted to Regional SVP of Sales for iHeartMedia. Sales pro Kristy Beebe is named regional SVP of sales for iHeartMedia’s Kentucky-Indiana region, effective August 1.  Beebe has been serving as general sales manager for the company’s Louisville cluster for the past two years.  She will remain based in Louisville.  She says, “I am so thankful to the iHeartMedia team for the confidence that they have shown in me.  My decades in radio have prepared me to contribute to the growth and success that has been building in these markets.  Our legendary radio brands combined with our ever expanding digital and event offerings create an unmatched marketing portfolio!  I can’t wait to dig in with our sales teams and use these amazing tools to drive success for our partners.”

Manetta Named Promotions Manager for Cumulus Des Moines. Moving from the company’s Topeka operations to its Des Moines cluster is Cassidy Manetta, who takes on the promotions manager position for the group that includes sports talk KBGG-AM “1700 The Champ” and four music-formatted stations.  Cumulus Des Moines vice president and market manager Jack Taddeo says, “Cassidy impressed me with her creativity, experience, and enthusiasm for all the things radio needs to be doing in an increasingly competitive world.  My thanks to Topeka VP/market manager Nic Merenda for graciously supporting this internal promotion to the benefit of Cumulus Des Moines.”

TALKERS News Notes. The Howie Carr Radio Network announces that Grace Curley is promoted from associate producer to executive producer of “The Howie Carr Show.”  Curley – who, like Carr, is also a columnist at the Boston Herald – has been with the network since its 2014 launch.  Howie Carr tells TALKERS, “Grace brings tremendous intelligence and communication skills to both our program and the Boston Herald and she does it with a fresh ‘millennial sensibility.’”  HCRN president Kathy Carr says, “One of the most rewarding parts of my job is discovering new talent and seeing them grow.  I’m very proud of Grace.”…..A new iHeartMedia Original Podcast launched yesterday (6/27) in partnership with Tenderfoot, titled “Monster Presents: Insomniac.”  It looks at the story of true-crime researcher Scott Benjamin, the show’s host and protagonist, and his retelling of serial killings and how it started to affect his everyday life – from tormenting him and consuming him to eventually turning him into an insomniac…..Podcaster Jessica Cordova Kramer and best-selling author Stephanie Wittels Wachs join forces to form a new podcast network, Lemonada Media, in partnership with Westwood One.  The network, launching in September, will “share an unfiltered version of the human experience, offering content that is raw and real, sorting through the ugliness, weirdness, awkwardness and darkness life can bring.”  Westwood One will distribute, sell, and market the shows to build audiences across the Lemonada network…..SiriusXM is presenting comprehensive live coverage of The Championships, Wimbledon 2019 from the opening day of play on Monday, July 1, through the Ladies’ and Gentlemen’s Singles Finals on Saturday, July 13, and Sunday, July 14.  The broadcasts will air courtesy of ESPN Audio, which is the exclusive live broadcaster of Wimbledon in the U.S., and The All England Lawn Tennis Club…..Pictured below is Westwood One News White House correspondent Bob Costantini in front of Air Force 1 in Osaka, Japan.  Costantini is there covering President Trump’s participation in the G20 Summit.

Michael Savage Is This Week’s Guest on Harrison Podcast.  One of the most famous, successful, and controversial talk radio stars of the modern era, Westwood One syndicated personality Michael Savage, is this week’s special guest on the award-winning PodcastOne presentation, “The Michael Harrison Interview.”  Harrison and Savage candidly discuss the recent story about him that ran in The New York Times by Jeremy Peters (6/18) – a piece that displeased Savage, including a specific quote attributed to Harrison with which he took particular issue.  Harrison and Savage also take an unabashedly critical dive into the inner-workings and politics of talk radio that professional practitioners of the medium and listeners alike will find fascinating.  Do not miss this podcast!  To listen to the podcast in its entirety, please click here or click on the player box marked “The Michael Harrison Interview” located in the right-hand column of the TALKERS email newsletter and on every page of Talkers.com.

Immigration Reform/Southern Border Crisis Top News/Talk Story for Week of June 24-28. The Trump Administration’s immigration reform efforts and the migrant crisis at the U.S.-Mexico border was the most-talked-about story on news/talk radio this week, landing atop the Talkers TenTM.  At #2 this week was the 2020 presidential race and this week’s Democratic Party debates.  Coming in at #3 was the G20 Summit and the various trade wars, followed by former special counsel Robert Mueller’s July 17 testimony before a House Judiciary subcommittee at #4.  The Talkers TenTM is a weekly chart of the top stories and people discussed on news/talk radio during the week and is the result of ongoing research from TALKERS magazine.  It is published every Friday at Talkers.com.  See this week’s entire chart here.

Music Radio News and Career Moves. As had been rumored, Rickey Smiley is named the successor to legendary radio host Tom Joyner on the Reach Media nationally syndicated urban AC program.  Joyner himself made the announcement on his “Tom Joyner Morning Show.”  Joyner is retiring at the end of the year and Smiley will assume morning host duties in January of 2020 from the Dallas studios.  Joyner says that Smiley has established himself as a trusted leader on-air and in the community with his current show, captivating audiences with his authentic humor but also his unique perspective on topics important to his audience.  Smiley also announced that Eva Marcille and Gary Wit Da Tea would be among the on-air cast members joining Smiley next year…..Beasley Media Group makes changes at classic hits WROR, Boston as former WLTW, New York “106.7 Lite FM” morning host Bob Bronson takes over for Loren Owens, who has been hosting the “Loren & Wally” morning solo since the retirement of Wally Brine.  Bronson starts Monday (7/1).  Beasley Boston director of programming Cadillac Jack says, “I’ve known Bob for over a decade and am excited for the ROR audience to get to know him as well.  He’s a battle-tested, hard-working winner who is a relatable storyteller and all-around wonderful person to be leading our talented morning team!”…..Across town at iHeartMedia Boston, the company re-brands urban AC WKAF-FM as “The New 97.7 The Beat of Boston.”  The station says it will broadcast pop and rhythmic hits from the 80s, 90s and 2000s, including songs from artists like Boyz II Men, Mariah Carey, Justin Timberlake, MadonnaPrince, TLC, and The Notorious B.I.G.  It plans to add new personalities to the station.  Sister CHR WXKS-FM “Kiss 108” afternoon personality Romeo is also hosting middays on WKAF.  KJ will host the afternoon show…..iHeartMedia announces Ashley Wilson is named director of country programming for the Kentucky-Indiana region, effective July 22. She was most recently program director for the company’s WNOE-FM, New Orleans.  In this role, she’ll oversee the country programming for the region’s five country stations, including WAMZ-FM, Louisville and WBUL-FM, Lexington “98.1 The Bull.”  Regional SVP of programming Michael Jordan says, “Ashley is becoming a leader in her field and we are fortunate to bring her to our region.  She brings a lot to the table and will be a valuable asset to our team.”…..Meruelo Media announces that Cece Valencia is joining KDAY-FM/KDEY-FM, Los Angeles to co-host the “Cece and Romeo” morning show. She says, “KDAY is more than a home to me, it’s a dream come true.  I’m so lucky to be able to play the music that I love on such an iconic station.  Romeo is so talented and funny.  Waking L.A. up every morning with Romeo is gonna be fun.”…..Air personality Emily Wild and Entercom part ways as Wild exits the morning show at alternative WLKK, Buffalo after a three-plus year relationship…..Albany radio pro Kevin Rush is leaving his home of almost 18 years – iHeartMedia’s hot AC WRVE “99.5 The River” next month to re-locate to Florida with his family.  Rush’s co-host Tracy Villaume is expected to remain in mornings.

Tuesday, January 14, 2014

| January 14, 2014

dollarsignJohn Hogan’s Exit from Clear Channel Cushioned with Cash.  Although the official line from former Clear Channel Media + Entertainment chairman and CEO John Hogan and the company is that he wanted to “spend more time with his family” and the time was right, a fair number of jaded industry watchers will never believe he wasn’t forced out – especially just seven months after he was moved to the company’s New York City offices to work more closely with CC Media Holdings chairman and CEO Bob Pittman.  The company’s 8-K filing details what Hogan is walking away with after his time leading the division.  Here’s what he can counthoganjohn on: $900,000, representing the amount previously earned by Hogan pursuant to a supplemental incentive plan with respect to 2012 performance; an annual bonus of $77,250 for performance during 2013; and a prorated annual bonus with respect to the days he was employed during 2014.  Pursuant to the Separation Agreement and in consideration of the extension by Mr. Hogan of certain restrictive covenants applicable to him, the vesting of 93,076 restricted shares of Class A Common Stock of CCMH granted to Mr. Hogan on October 22, 2012 will be accelerated and CCMH will repurchase 83,938 of such shares (the aggregate repurchase amount of such repurchased shares, the “Repurchase Amount”), provided Mr. Hogan does not revoke the Separation Agreement.  Additionally, in exchange for the Separation Agreement, Mr. Hogan’s release of claims and the extension of certain restrictive covenants applicable to him, and provided that Mr. Hogan does not revoke the Separation Agreement, CCB agreed to pay Mr. Hogan: $333,000, representing the remaining amount earned by Mr. Hogan pursuant to a supplemental incentive plan with respect to 2011 performance; an “equity value preservation payment” equal to $1,027,355, paid in a lump sum payment; a lump sum severance payment equal to (x) $1,538,000 minus (y) the Repurchase Amount; a severance payment equal to $3,297,000, paid over 36 months; and a payment of $1,000,000, paid over 12 months, beginning on the first anniversary of the date of separation.  Hogan is also entitled to receive continued healthcare coverage for 36 months, continued secretarial services for 6 months, $20,000 in outplacement services, and a housing allowance of $25,000 per month for up to 9 months, which amount is grossed up for certain applicable taxes; provided, that the housing allowance payments will stop if Mr. Hogan ceases to have obligations under the terms of his current lease agreement.  CCB also will pay up to $25,000 for Mr. Hogan’s reasonable legal fees incurred in connection with the negotiation of the Separation Agreement.

hannityseanSean Hannity to Air on Salem’s WDTK, Detroit.  The Motor City destination for Premiere NetworksSean Hannity show is Salem Communications-owned WDTK.  The program will air live in the 3:00 pm to 6:00 pm slot.wdtk logo  It previously was heard on crosstown news/talk WJR since its 2001 national debut.  WDTK general manager Chris MacCourtney states, “The opportunity to bring Sean Hannity aboard was one we felt we could not pass up.  Sean was an instant hit when he came to Detroit and he continues to be one of the most popular talk personalities in the market.  He will join an already solid lineup of talk talent on ‘News/Talk 1400.’”  Since the first of the year, Hannity’s program had been added to Salem outlets WIND, Chicago; WWRC, Washington; and KSKY, Dallas.

quigleyalexDouble Shot of WGN, Chicago News.  Two items from Tribune’s WGN, Chicago: First, as Chicago media writer Robert Feder reported over the weekend, assistant program director Alex Quigley has been upped to operations manager at news/talk WGN, Chicago.  Quigley worked in the market at former Emmis alternative rock WKQX as interactive program manager.  When he first came to WGN he hosted the weekend show “ChicagoNow Radio” and “Chicago Preps Plus.”  WGN vice president of creative content Todd Manley said in a memo to staffers, “This is a recognition of Alex’s role in our expanding future…He’ll be mentoring producers and searching for new talent that builds our farm system, coordinating special programming, scheduling, digging deep on ratings analysis, and dreaming big dreams.”  Second,jacobsonwalter longtime television news personality Walter Jacobson brings his “Perspective” commentaries to the station beginning this Thursday.  Robert Feder reports that the longtime WBBM-TV anchor who exited the station last February will present his 90-second feature on Thursdays during Bob Sirott and Marianne Murciano’s midday show and they will be repeated on the weekend during “The Sunday Spin: Politics with Rick Pearson” program.  Jacobson will also appear as a contributor to various shows on WGN.  Jacobson tells Feder, “Having been listening to WGN Radio since the day I became a reporter, and believing it’s the best in the business, I’m thrilled to be joining the team.  For me, it’s a perfect fit at a perfect time.  The station’s coming back, and 2014 is going to be an intriguing and exciting year in Chicago’s wild and woolly politics.”

salemcommunicationsSalem Communications Buys Eagle Publishing for $8.5 Million.  It had been reported recently that this deal was on the way and now it’s official as Salem Communications enters into a deal to purchase the assets of Eagle Publishing that includes conservative book publisher Regnery Publishing, and digital properties RedState.com and HumanEvents.com.  In a statement, Salem CEO Edward Atsinger IIIeaglepub logo says, “Eagle is one of the most influential companies in the conservative media space.  Its addition to Salem brings together a unique portfolio of conservative media properties and fits with our strategy of integrating traditional media and new media assets all serving the same target audience.  The opportunity we like most about this acquisition is that each of Eagle’s businesses matches up so well with Salem’s extensive media platform.  With 102 radio stations and a dozen major national websites all targeting the conservative community, this provides a perfect marketing platform to promote Eagle’s products to a wider audience.”  The purchase price is $8.5 million and current Eagle CEO Jeff Carneal will exit the organization as a result of the acquisition.

sternhoward‘A-List’ Talent Jon Bon Jovi and John Fogerty Added to Howard Stern Birthday Broadcast.  The January 31 birthday bash broadcast for SiriusXM’s Howard Stern just added two more “A-list” talents as Jon Bon Jovi and John Fogerty will join Steven Tyler, David Letterman and Louis C.K. for the show to be hosted by Jimmy Kimmel live from the Hammerstein Ballroom in New York City.  On his program, Stern announced, “We have told you on the music side of things that we have Steven Tyler coming by to do a little number in honor of my birthday, I’m so honored…[today] I am excited [to announce that]…Jon Bon Jovi is going to perform…I am very excited to see Jon and thank him for that.  And also one of my heroes will perform that night—one of the greats, the all-time greats.  A guy whose every record I bought when he was in Creedence Clearwater Revival, and later his solo stuff, John Fogerty will come by to perform two great songs – I won’t say what the songs are, [but] we’re really excited about that…the list just begins there, Robin, it just begins there [there is] a huge amount of musicians coming by to help us out…it’s great.”

dubayjeffSports Talk Host Jeff Dubay Exits KSTP, Minneapolis in Budget Move.  Twin Cities sports talk personality Jeff Dubay, who fought a public battle against drug addiction to return to the airwaves in the market on Hubbard Radio’s KSTP, has left the station in what he says is a budget-related move.  The Star-Tribune reports Dubay – who worked at Clear Channel’s “KFAN” sports talk brand for 10 years before a crack cocaine addiction sidelined him – sent social media messages indicating that he was let go from the late morning show he co-hosted with Judd Zulgad because of financial reasons.  The station posted a message on its Facebook page confirming the matter was financial and not performance related.  The paper reports KSTP waived Dubay’s non-compete and he is free to work in the market if the opportunity arises.

shannonmikecardsShannon Staying With the Redbirds. St. Louis Cardinals fans will continue to hear Mike Shannon as the voice of the National League team that appeared in the 2013 World Series, as the former MLB player signs a two-year contract extension.  This will be Shannon’s 42nd year as a Cardinals broadcaster and 56th year with the team.  According to club president Bill DeWitt, “Mike’s voice has become the soundtrack to St. Louis baseball.  We look forward to having him back in the booth this season and for years to come.”  It is anticipated that Shannon will call all Cardinals’ home games this year for St. Louis flagship KMOX and roughly 30 road games for the CBS Radio-owned talk station.  Fox Sports Midwest‘s Rick Horton and former lefty relief pitcher Al Hrabosky will do the remaining road games.  Shannon will continue his work throughout the year on KMOX pre-game, post-game, and morning drive call-in segments.

mhblasingamebookGreat Read!  TALKERS publisher Michael Harrison is pictured intensely absorbing the new book authored by independently syndicated talk show host Jim Blasingame titled The Age of the Customer: Prepare for the Moment of Relevance  (2014 SBN Books).  Blasingame is the longtime host of the very successful program “The Small Business Advocate Show” which is targeted to helping independent entrepreneurs and business owners cope with the day-to-day issues that face people running their own companies during this era of rapidly accelerating change.  This book, Blasingame’s third, is “his best work yet,” according to Harrison and “must-reading for anyone out there on the perilous high seas of today’s turbulent marketplace…especially those who are doing it independently without the backing of the Wall Street/banking/big-time money machine.”  Harrison goes on to say, “This includes those brave and hardy ‘Davids’ owning and operating independent radio stations and small groups, syndication companies and internet communications startups bucking the death grip of today’s mega-corporate ‘Goliaths.’”  The premise of the book is that small business owners are operating at a time that is so momentous it has never happened before.  Blasingame, a veteran of TALKERS magazine’s Heavy Hundred, identifies it as an epochal marketplace shift that’s causing the 10,000 year old Age of the Seller to be replaced by the Age of the Customer.  With an introduction by Steve Forbes, Blasingame’s book reveals how these two ages are existing concurrently in parallel universes, and how much time business-people have left to join the emerging universe.  He says relevance is replacing competitiveness and explains how to recognize when you arrive at the “moment of relevance,” how to connect with “new-influencers” who co-own your brand message; why you must be a good storyteller; the good, the bad and the ugly of social media; and he identifies the “killer app” that wasn’t a part of your past but will dominate your future.  Broadcasters interested in learning more about this book and perhaps scheduling Jim Blasingame as a guest can visit AgeoftheConsumer.com or email jim@jbsba.com.

cpb logoWHYY, Philadelphia-Led Local Journalism Center Awarded CPB Grant.  The recipient organization of a Corporation for Public Broadcasting grant for $1.5 million is the new multimedia local journalism center (LJC), Keystone Crossroads — a collaboration of Pennsylvania public media stations.  The new Keystone Crossroads is led by WHYY, Philadelphia.  Pittsburgh’s WQED and WESA FM, Central Pennsylvania’s WPSU and Harrisburg’s WITF will be partner stations.  The LJC will focus on the challenges the cities are facing, including a shrinking tax base and crumbling infrastructure, and enormous budget deficits.  The Corporation for Public Broadcasting  states, “By combining smart storytelling with energetic civic engagement, Keystone Crossroads will help Pennsylvanians see the challenges of their cities more clearly, understand how they are related, and create a forum for potential solutions at both the local and state levels.”  CPB president Pat Harrison adds, “Local Journalism Centers are really centers of collaboration comprising public media stations working together to report on local stories with significant impact.  This kind of focused collaboration ensures in depth reporting on issues of importance and concern to Pennsylvanians and of interest to all Americans.”  In addition to Keystone Crossroads, CPB  funds six other LJCs across the country, including:  EarthFix based in the Northwest; Fronteras in the Southwest; Harvest in the Midwest; Innovation Trail in upstate New York, the Southern Education Desk in the South, and most recently the Energy LJC in the Rocky Mountains.

Chris Christie Scandal, Hillary Clinton in 2016, New Congressional Spending Deal, ObamaCare Enrollment Status, A-Rod Suspension/Legal Challenge, and Golden Globe Awards Top News/Talk Stories Yesterday (1/13).  The ongoing analysis of the Chris Christie lane closure scandal and apology press conference; speculation about Hillary Clinton’s plans to run for president in 2016; the new $1 trillion spending plan approved by Congress; enrollment in healthcare plans via the Affordable Care Act; Alex Rodriguez 162-game suspension and his plans to challenge the arbitration ruling; and the aftermath of Sunday’s Golden Globe Awards were some of the most-talked-about stories on news/talk radio, according to ongoing research from TALKERS.