Tag: "senior secured term loan"

Thursday, September 19, 2019

| September 19, 2019

Nick Reed Back in PD Chair at KSGF, Springfield, Missouri. News/talk KSGF-AM/FM, Springfield, Missouri morning personality Nick Reed is promoted to program director of the SummitMedia station. Reed joined the station in 2010 as PD and morning host but, for the past several years, has focused solely on his morning show.  Now, he again takes on the program director role.  SummitMedia Springfield president Janelle Moffett says, “Nick’s insight and years of experience are a great asset to our group.  We’re fortunate to have him on our team!”  Reed comments, “I am so very happy to be with KSGF under SummitMedia right now.  There really is a positive energy underway that made me want to be back in the saddle as program director of KSGF.”

Cumulus Media Announces Pricing of $525 Million Senior Secured Term Loan B. In the process of announcing in the pricing of a new $525 million senior secured term loan B due March 2026, Cumulus Media says that upon the closing of the new term loan (expected next week), it “will have fully refinanced the $1.3 billion term loan that the company assumed upon emergence from Chapter 11 on June 4, 2018.”  The new term loan will have an interest rate of LIBOR plus 3.75% with a 1.00% LIBOR floor, issued at 99.5% of par. Proceeds from this issuance, along with cash on hand, will be used to pay down and refinance the company’s existing term loan. Cumulus’ debt will then consist of the $525 million new term loan and $500 million of secured bonds issued in June 2019, representing a $275 million reduction in total debt since emergence.  Cumulus says its financial position will be further improved by the lower interest rates and 2026 maturity of the new debt.

Erick Erickson Show Deep-Diving into Georgia Politics. The recently launched, WGAU, Athens, Georgia-based Erick Erickson show reports that it is doing what it intended to do when host Erickson and Cox Media Group first began considering the project – covering Georgia politics. Erickson’s new program is distributed statewide via the Georgia News Network, airing live from 9:00 am to 12:00 noon.  The company says, “A month into the new Erick Erickson Radio Show, Georgia political leaders are taking advantage of having a new statewide radio program.  In just the last three days, Erickson has interviewed Governor Brian Kemp, Senator David Perdue, and Congressmen Doug Collins and Jody Hice.  Collins is the ranking Republican on the House Judiciary Committee and Erickson was able to interview Collins to update listeners on the headline-grabbing proceeding of that committee.”

WOR Live Event to Address ‘Rebuilding NYC’s Skyline.’  Next Wednesday (9/25), the “WOR Live” series at The Cutting Room brings in experts to discuss “Rebuilding NYC’s Skyline: Past, Present & Future.”  This event is being moderated by Len Berman, co-host of “Len Berman & Michael Riedel in the Morning” on WOR, New York. Joining Berman at the lunchtime event will be: Gary LaBarbera, president of Bldg & Construction Trades Council NYC; John Murphy, international rep for United Assoc Plumbers and Pipe Fitters; Thomas Hill, SVP of Boston Properties; and Mark Gregorio, president of TEI Group.

TALKERS News Notes. At the “Drive to Digital 2019” conference taking place at London’s The British Library Knowledge Centre on October 30, Beasley Media Group CEO Caroline Beasley will be featured in the “Driving the Digital Dash” automotive portion of the conference. Beasley, along with numerous audio and tech experts from around the world, will share her insights on key automotive technology trends and the impact on radio listening in cars…..Entercom’s RADIO.COM platform is announcing a new, original podcast for New York Yankees fans, hosted by legendary Yankees play-by-play man John Sterling, titled, “Pinstripes & Bright Lights.”  The weekly podcast will focus on baseball and Yankees history.  RADIO.COM SVP and general manager Pam Russo says, “As part of our ongoing content strategy, we seek to diversify on-demand audio offerings on RADIO.COM, the premiere destination for live and on-demand audio and sports content in the U.S.  John is a legendary broadcaster with an unprecedented reputation among baseball fans across the country and we’re looking forward to hearing his insider stories.”…..The nationally syndicated “Around The House with Eric G.” show – syndicated by Envision Networks – is added to the program schedule at Sinclair Broadcast Group’s KVI-AM, Seattle “Talk Radio 570.”  Eric G. says, “After spending most of my design career in Seattle, it is good to be back home.”

Iran’s War Threats/Saudi Oil Attack, 2020 Presidential Race, Kavanaugh Allegations, Dems Impeachment Strategy, and New National Security Adviser Named Among Top News/Talk Stories Yesterday (9/18). Iran’s threat of “all-out war” after being accused of responsibility for the attack on a Saudi oil production facility; the Democrats vying to challenge President Trump in 2020; the allegations of sexual harassment against Supreme Court Justice Brett Kavanaugh and criticism of The New York Times’ opinion editor; the ongoing talk of impeachment of the president by congressional Democrats; and the naming of Robert O’Brien as the new national security adviser 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. In Northeastern Wisconsin, Roger Utnhmer is retiring, and his Nicolet Broadcasting is selling its five-station cluster – along with two digital local news platforms – to his sales manager, Bryan Mazur.  Nicolet owns adult standards WBDK, Algoma; classic hits WRKU, Forestville; country WRLU, Algoma; WSBW, Ephraim; and translator W277BP, Sturgeon Bay.   In a Facebook post, Utnhmer says, “I appreciate the great people who have made Nicolet Broadcasting a successful company.  Those include Jeff Wagner in Antigo, Bruce McNeill in Eagle River, Paul Eck in Park Falls and Paul Schmitt and Tim Kowols in Sturgeon Bay.  These guys made me look better than I really am… Thank you for being among the best of the best.  And now to Bryan Mazur I wish you all success going forward. You are inheriting a very solid staff and one of the most beautiful markets in American radio.”…..Pictured below is Beasley Media Philadelphia air personality Kathy Romano (left) with ABC News and “Good Morning America” chief meteorologist Ginger Zee (right) at the 95.7 BEN FM 3rd annual Her Story Luncheon, held yesterday (9/18) in Philadelphia.  Romano is co-host of WMMR’s “Preston and Steve” show as well as the weekly “Her Story” program on sister WBEN-FM. The program showcases dynamic women that are making a significant impact in the community via their business, their charity work or a combination of both.

Thursday, September 29, 2016

| September 29, 2016

CBS Corp. Announces $1.46 Billion Debt Financing.  This has been revealed in the radio trades and in financial news sources but now CBS makes it official with a press statement.  The company says that “in connection with its previously announced intention to separate its radio business, CBS Radio Inc. plans to offer cbsradio-logo$460 million of senior unsecured notes and to enter into a $1 billion senior secured term loan, in each case, subject to market and other conditions.  CBS expects that substantially all of the net proceeds from both the notes offering and the term loan will be distributed to CBS.  The remaining net proceeds not used for such distribution will be used by CBS Radio for general corporate purposes and ongoing cash needs.”  This is not a sale to the public.  As CBS reminds us, “The notes will be offered and sold in a private placement to qualified institutional buyers in the United States pursuant to Rule 144A under the Securities Act of 1933…the notes to be offered have not been registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.”

SiriusXM Launches Innovative Channel Dedicated to Talk About Music.  The satcaster is dubbing it “VOLUME” and calls it “the first-ever 24/7 talk radio channel dedicated to music — its latest news, raging controversies, and non-stop debates – as the focus of the conversation.”  The channel will consist of daily shows, artist interviews, weekly specials, a music trivia game show, album reviews, and an in-depth docuseries and more siriusxmdealing with all genres of popular music.  SiriusXM president and chief content officer Scott Greenstein says, “Sirius XM has millions of loyal music fans nationwide and now we are giving those fans a place where they can talk about the music they love.  VOLUME will have a deep, all-star roster of talent bringing that conversation only to SiriusXM.  It’s yet another example of SiriusXM delivering unique and exciting content to our subscribers.  Roger Coletti is the executive producer of this channel and his extensive music expertise makes him the ideal person for this ground-breaking channel.”  Some of the shows that will appear on and after the October 17 launch include: live, morning talk show “Feedback” with Nik Carter and veteran magazine editor, entertainment journalist and author Lori Majewski; “Trunk Nation” with DJ Eddie Trunk, who’ll host Metallica’s Lars Ulrich on the debut show; “Debatable” with Mark Goodman and former Spin and Vibe editor and author Alan Light; “Written in My Soul with Bill Flanagan” featuring a series of interviews with legendary musicians, including Robert Plant and Paul Simon; “Rolling Stone Music Now” hosted by Rolling Stone executive editor Nathan Brackett; “Rap Radar Report” hosted by journalist and TV producer Elliott Wilson; “Melissa’s Basement” with Melissa Etheridge (guests booked include David Crosby, Pat Benatar, and Steve Cropper); “Never Meet Your Heroes” with Anthrax guitarist Scott Ian; “True Stories with Kurt Loder”; “The Album Review Show” featuring YouTube star Anthony Fantano; music trivia game “70s 80s 90s Now” with host Jim Shearer; and “The Last of The …” with Ryan Duffy, a journalist, producer and entrepreneur, who will examine the changing landscape in the world of music and tech.

Scripps’ WTMJ, Milwaukee Partners with Milwaukee Business Journal on Local Economy Series.  This series will be available on air, online and in print as Scripps’ news/talk WTMJ and the local Milwaukee Business Journal are combining the forces of their newsrooms to present “The Changing Face of Milwaukee” – an in-depth look at “Southeastern Wisconsin’s unprecedented growth in business and infrastructure.”  WTMJ viceRadio 620 WTMJ - WRS (662c) president and general manager Tom Langmyer states, “As ‘Wisconsin’s Radio Station,’ it’s critical for WTMJ to cover the local news that is affecting our area.  Partnering with the Milwaukee Business Journal provides WTMJ great access in the business community and more complete coverage of the economic boom in Southeastern Wisconsin.”  WTMJ director of programming and news Eric Brooks adds, “WTMJ and Milwaukee Business Journal reporters will work in pairs to go deeper on this story.  With interviews of business leaders and government officials, our teams have created in-depth feature content and expansive digital coverage.”  This special news series is in addition to the daily content partnership between the Milwaukee Business Journal and WTMJ.  Business Journal reporters share local business headlines six times each weekday along with in-depth analysis of breaking business news in Milwaukee.

nielsen-logoNielsen Audio Releases Third Round of September 2016 PPM Data.  The third of four rounds of September 2016 PPM ratings data from Nielsen Audio has been released for 12 markets including: Portland, Charlotte, Pittsburgh, Sacramento, San Antonio, Cincinnati, Cleveland, Salt Lake City, Las Vegas, Kansas City, Orlando, and Columbus.  The September 2016 survey period covered August 11 through September 7.  You can find the complete 6+ ratings numbers from subscribing stations here.  Additionally, TALKERS/RadioInfo managing editor Mike Kinosian provides his “Twelve Takeaways” from this group on the main page of our sister publication here.

The Presidential Race/Post-Debate Analysis, El Cajon Police Kill Black Man, South Carolina Teen Shooter Incident, 9/11 Bill Override, Syria Civil War/U.S.-Russia Relations, Shimon Peres Dies, MLB Playoff Push Among Top News/Talk Stories Yesterday (9/28).  The activities of presidential candidates Donald Trump and Hillary Clinton and the analysis of Monday night’s first debate; police in El Cajon, California kill a black man they believed was wielding a gun; a teen shooter in South Carolina kills his father and injures three at a local school; congress overrides President Obama’s veto of a 9/11 bill that will allow victims of the terror attacks to sue Saudi Arabia; the ongoing civil conflict in Syria and the tensions between the U.S. and Assad-backing Russia; former Israeli Prime Minister Shimon Peres dies; and the Major League Baseball playoff push were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.

Odds & Sods. KIRO, Seattle afternoon talk hosts “Ron & Don” are partnering with the Seattle Police Departmentrondon (with the support of the Seattle Police Foundation and Sleep Train) for the “Beds for Kids Project.”  This year, the goal is to provide a minimum of 150 mattresses, bedframes, sheet sets, comforters and pillows to local children in need, with 100% of the mattresses donated by The Dream Bed, a bed-in-a-box brand with a greater purpose of improving sleeping conditions around the world with its buy one-give one model.  The Beds for Kids Project was created in 2014 by Seattle police officers Jeremy Wade and Ryan Gallagher after the two responded to a 911 call and discovered two young girls had been sleeping on the floor of their home.  They later returned to that same home with brand new beds, both purchased from their own pockets…..Los Angeles Dodgers play-by-play legend Vin Scully will end a 67-year career calling the team’s games on Sunday (10/2).  Fans interested in celebrating Scully’s monumental career and wish to witness the end of an era can hear the broadcast via TuneIn’s MLB Radio…..AdLarge Media‘s “So Money with Farnoosh Torabi” wins the prestigious 2016 Plutus Award for the Best Personal Finance Podcast.

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Left to Right.  In a joint appearance in the Embry-Riddle Speaker Series in Daytona Beach, Florida on Wednesday (9/28), 93.5/1150 WNDB afternoon drive host Marc Bernier (left) interviews CNN’s Paul Begala (center), and Fox News Channel’s Tucker Carlson (right), before a live audience.  The trio analyzed the first presidential debate and looked ahead to the general election.

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