Tag: "free cash-flow deficit"
WFAN-AM/FM, New York’s ‘Boomer & Carton’ to Simulcast on CBS Sports Network. The video simulcast of the morning drive sports talk show based at WFAN-AM/FM, New York and hosted by Boomer Esiason (left) and Craig Carton (right) had been airing on the Madison Square Garden cable channel in New York. That deal ended in early October and now CBS announces the video simulcast will appear on its cable and satellite channel CBS Sports Network beginning in January. The company says, “Combining these two powerful assets within CBS will result in national exposure for the local radio program and premier weekday content for the 24-hour cable home of CBS Sports.” CBS Sports chairman Sean McManus states, “The addition of the ‘Boomer & Carton’ show significantly enhances our on-air lineup, adding hours of live and relevant programming to CBS Sports Network each morning. It is great to be able to welcome one of the nation’s top sports talk radio shows to the networks of CBS Sports.” It is believed the New York Yankees-owned YES Network also was involved in the bidding process as it simulcasts WFAN-AM/FM afternoon personality Mike Francesa’s show.
Bloomberg: Clear Channel Burning Cash to Delay Reckoning. In a piece published by Bloomberg, Krista Giovacco writes that Clear Channel’s recently announced desire to push the due date on $1.8 billion in borrowings from 2016 to another three to five years into the future and almost double the interest rate buys the company time, but also eats into its cash flow. Giovacco reports, “While the proposal gives Clear Channel more time to turn around a business that’s posted losses every year after Bain Capital Partners LLC and Thomas H. Lee Partners LP took control in 2008, it also raises the company’s risk of missing interest payments on $20.7 billion of debt, according to Moody’s Investors Service. After capital expenses, Clear Channel ran a deficit from operations in the year ended June, meaning the company had to eat into cash that’s declined more than 60% since the end of 2010 to $704.2 million. ‘Refinancing at a higher rate is never a positive,’ Scott Van den Bosch, a New York-based senior analyst at Moody’s, said in a telephone interview. ‘It’s not a cure-all, but it buys them time to improve the balance sheet.’” Giovacco further states, “Clear Channel is seeking to extend $1 billion of loans to 2019 from 2016 and is proposing to pay interest of as much as 7.5 percentage points more than the London interbank offered rate, compared with 3.65 percentage points more than Libor on the existing debt, according to CreditSights Inc., Clear Channel had a free cash-flow deficit of $69.4 million in the year ended June, according to data compiled by Bloomberg. On the trailing 12-month basis, the company burned cash for the first time since 2009, the data show.” Read the entire piece here.
CBS Radio Creates New Sales Role; Names Alan Blum VP. CBS Radio announces the unveiling of a new title within the company – vice president of branded content solutions – and announces Alan Blum is stepping into the role immediately. CBS states that Blum will report to Rich Lobel, executive vice president and CMO, Altitude Group, a team of local engagement experts tasked with helping Fortune 500 brands connect with consumers using CBS Radio and CBS Television Stations along with their digital properties, as well as CBS’s outdoor assets. It further states that in this new role, Blum will work directly with the nation’s leading marketers to develop cross-platform programs that build brand awareness and favorability for advertisers. He will identify unique and engaging ways to introduce clients into a range of broadcast and digital programming, as well as out of home media.” Lobel comments, “Local marketing is rapidly becoming the ‘new black,’ and given Alan’s considerable agency and branded content experience, he is the ideal partner to have as we enhance our commitment to delivering world class solutions to clients who want to own the local market landscape. He has a fresh perspective in looking at marketing solutions from a consumer point of view, and can see opportunities that have a chance to become sensational.” Blum comes to CBS Radio from Re:Vision, a New York-based advertising agency he founded in 1993.
WCPT, Chicago Adds Gay Programming. Newsweb Radio-owned progressive talk radio outlet WCPT, Chicago announces the addition of programming targeted to the gay community. As tipped by Chicago media writer Robert Feder, the station is adding a show called “Out Chicago” hosted by Scott Duff to air from 11:00 am to 1:00 pm on Sundays. In addition, the station will air a series of vignettes – also titled “Out Chicago” – to air daily on the station. Newsweb Radio consultant Michael Damsky says, “It’s an ideal content and branding overlay for WCPT’s progressive talk format. WCPT is the only radio station serving the needs of Chicago’s vibrant LBGT community and the only broadcast outlet allowing advertisers to directly target this important market segment.”
WIND, Chicago Names Mann GSM. Salem Communications’ news/talk WIND, Chicago has a new general sales manager as Michael Mann moves from crosstown WLS to “AM 560 The Answer.” WIND general manager Jeff Reisman states, “Michael is a proven, respected, and talented leader who has an outstanding track record of nurturing sales talent, driving growth, plus a keen understanding of both local and ad agency business. I am confident that under his leadership, AM 560’s sales department will rise to new levels.” Mann adds, “I am thrilled to join Jeff and the entire Salem Chicago team. I look forward to continuing to work with advertisers in delivering creative and effective campaigns.”
San Diego Sports Talk Host Lee “Hacksaw” Hamilton Joins U-T. Lee “Hacksaw” Hamilton, morning drive host at Broadcast Company of the Americas-owned sports outlet XEPRS, San Diego “Mighty 1090,” joins the San Diego Union-Tribune as a sports columnist. He’ll be authoring his “1-Man’s Opinion” column each Monday. Hamilton is a 26-year veteran of the San Diego market. He was the longtime voice of the San Diego Chargers. Last year, he was voted “Columnist of the Year” while writing for SDNN.com and SWRNN.com by the San Diego Press Club.
Clear Channel Steals Badgers Athletics from Journal. As University of Wisconsin director of athletics Barry Alvarez notes, Badgers football has been heard on Journal Broadcast Group’s WTMJ, Milwaukee since 1927, but that is changing next season as football, men’s basketball, hockey and women’s basketball and coaches shows will be heard on Clear Channel’s oldies WRIT and sports talk WOKY “The Big 920.” Alvarez says, “We appreciate the opportunity to move the needle in our history books with Clear Channel, yet at the same time, we’re extremely grateful to Steve Wexler and everyone associated with Journal Broadcasting for building an incredible radio heritage for the Badgers. We have high expectations for the Clear Channel affiliates and know our fans will continue to enjoy high-quality Badger broadcasts and programming.” Associated programming will also air on news/talk WISN. The deal was struck by rights holder Learfield Sports.
Lew Dickey, Sr. Passes at 86. Broadcaster Lew Dickey, Sr. passed away over the Thanksgiving weekend at age 86. In a statement, Lew Dickey, Jr. – CEO of Cumulus Media – states, “My dad was an enormously talented broadcaster and, more importantly, a deeply devoted husband, father, and mentor. He touched the lives of many people and will be dearly missed.” Dickey, Sr. got his start in radio at Storer Broadcasting’s WWVA, Wheeling, West Virginia and quickly rose through the ranks at the company. He was promoted within Storer to leadership positions at KDKA-TV, Pittsburgh followed by WAGA-TV, Atlanta. In 1958, Dickey left a successful corporate career to start Midwestern Broadcasting by acquiring WKWK in Wheeling. In 24 months, he turned around the failing station, and began to expand. In 1965, he bought WOHO-AM, Toledo and added WWWM-FM in 1973. Shortly afterwards, he bought WLIO-TV in Lima, Ohio in partnership with the Toledo Blade. In 1992, he purchased WALR-FM and WCNN-AM in Atlanta.
Icy Proposal Gets Warm Reception. That young man on his knee on the ice at a recent Fort Wayne Komets game is news/talk WOWO, Fort Wayne morning show producer Loren Gardner and the lovely young lady he’s just asked to marry him is country WQHK, Fort Wayne “K105” afternoon personality Heather Cruise. Cruise appeared at the hockey game to sing the national anthem and she had no idea that after she finished, Gardner would be there to pop the question. Needless to say, she was a bit surprised but she did indeed say, “Yes.”