Cumulus Announces Completion of Refinancing; $2.025 Billion Loan Due in 2020. The refinancing of Cumulus Media’s senior secured credit facilities was reported last month and now Cumulus announces that goal has been complete. The company says it enters into an Amended and Restated Credit Agreement, consisting of a $2.025 billion term loan maturing in December 2020 and a $200 million revolving credit facility maturing in December 2018. The proceeds from the Term Loan along with cash on hand have been used to repay in full all amounts outstanding under the first and second lien term loans under Cumulus’ pre-existing credit agreements. The refinancing follows the entry into a $50 million, 5-year revolving accounts receivables securitization facility, which Cumulus entered into on December 6, 2013. CEO Lew Dickey states, “This highly successful refinancing transaction is expected to increase our free cash flow by greater than $30 million annually, extends our maturities through 2020 and simplifies our capital structure. We believe our balance sheet has now placed us at a competitive advantage that positions us well for future growth opportunities.”
WSCR, Chicago’s Dan McNeil Returns to Air with Apologies and Admission of His Addictions. Midday sports talk host Dan McNeil had been off CBS Radio’s WSCR, Chicago for the better part of the past two months and while there was no explanation for his absence other than he had personal things to deal with, regular listeners may have suspected McNeil was dealing with substance abuse issues. It’s not the first time he’s left the air for that reason. But on Friday, McNeil – whose name had been removed from the show during that time – returned to the air and offered a frank and full mea culpa about his addiction to marijuana and pain pills that’s kept him off the air. Chicago media writer Robert Feder has posted a transcript of a good chunk of what McNeil said on the radio but what his partner – Matt Spiegel – said to him probably rings true for a lot of the people in his life. “We are glad that you are back. But I will not pretend that it is with full-on trust and full-on joy that it was perhaps the first time [you returned]. In the spirit of honesty with you, and I’m sure that some listeners feel that way as well, you and I have always been real with each other. We’ll continue to be real. That we felt betrayed. That we felt betrayed. . .We’re here with you. We want to be here with you. But I think you know you have to regain some trust.” Read Feder’s entire column here.
Stephanie Miller Show to Air on Free Speech TV. Fans of progressive talk show host Stephanie Miller rallied to raise funds to get her program back on television via the Free Speech TV network. Miller – whose radio program is losing its flagship station KTLK as the outlet drops progressive talk and changes programming – was part of a campaign to raise money to bring the show to Free Speech TV. The goal was $50,000 but fans responded enthusiastically and so far have raised $120,450 to build a studio and support the production of the program on the commercial-free network. In a statement announcing the successful effort, Miller says, “It was a clear demonstration that, no matter what anyone tries to tell you, progressive media matters. And it matters enough that regular people are willing to come together and do what the big corporate media conglomerates are afraid to do…give thoughtful, funny and creative progressive voices a way to speak to the people who want to hear them.” Miller’s show is produced by WYD Media Management and WYD president Ron Hartenbaum says the new studio on the lower level of Miller’s home will “give the listeners and viewers more of a reality-show feel to the production versus a more traditional/sterile broadcast facility.” Referring to the $120,450 raised for the expanded programming, Hartenbaum says, “We are funded and supported in part by our listeners and viewers. All advertisers should take strong note that our audience spends money.”
Maisano To Exit Curtis Media Group, Raleigh. Due to a family member’s health issues, seven-year Curtis Media Group, Raleigh senior vice president/director of sales Adam Maisano will be leaving his position at month’s end. Maisano comments that it is “with exceedingly mixed emotions” that he departs “this great job,” but he states, “Over the last 18 months I have learned a lot about what is truly important in life. Right now, family has to come first.” He wants to return to active radio management by next spring. Curtis Media Group executive vice president Trip Savery remarks, “Adam has been a great employee. I, along with everyone at Curtis Media Group, wish him Godspeed in his personal journey and much continued success in his career.” Curtis Media Group’s Raleigh cluster was the market’s top-biller. It consists of country WQDR “94.7 ‘QDR,” adult hits WBBB “Radio 96.1,” urban AC WBZJ “The New 96.9,” CHR WWPL “The Pulse,” regional Mexican WYMY “La Ley 101.1,” talk WPTF, talk WPTK, and comedy WFNL “Funny 570.” Maisano joined the company approximately 12 years ago as national sales manager. He previously worked in sales for Clear Channel’s Augusta, Georgia stations.
Entercom to Donate KWOD, Salem, Oregon to the MMTC. The Minority Media and Telecommunications Council will be the recipient of radio station KWOD, Salem Oregon – a donation by Entercom Communications Corp. The station is currently airing a sports talk format. The MMTC was founded to promote diversity in broadcast station ownership and uses donated stations to train minorities and women in broadcast operations, sales, management, and ownership and enables them to purchase the stations at a discount from their market values. Since MMTC founded its media and telecom brokerage in 1997, it has helped hundreds of interested parties and new entrants with conducting business planning and due diligence and helping new entrants build their professional and financial networks. MMTC president David Honig states, “Entercom is a terrific example of a company that truly has the public interest at heart. Thanks to this generous gift to MMTC, we can train more new entrants in broadcast ownership and further our mission of promoting diversity in entrepreneurship.” Entercom president and CEO David Field adds, “We are very excited to be donating this station and providing a new radio entrepreneur with the opportunity to become a great broadcaster and radio station owner. We appreciate the leadership of David Honig and the MMTC staff and all they do to help enable these opportunities and mentor minority broadcasters.”
Odds & Sods. Bob Just a former TRN host who Sean Hannity calls “one of the good Democrats,” returns to the talk radio business, if just for a day, to guest host Hannity’s show on Friday, December 27. Along with being a grassroots leader, Bob Just is also a longtime WND columnist and Whistleblower Magazine editor-at-Large. A self-described Reagan Democrat who speaks at Tea Party rallies, Just did the research and development for Hannity’s second New York Times best seller, Deliver Us from Evil…..Houston-based talk show host Matt Patrick will sit in for Bill Cunningham on his nationally syndicated Premiere Networks Sunday night show on January 29. Patrick says this is the third year in a row he’s done the program and he’s looking forward to presenting his year-in-review program…..Television news anchor and reporter Kimberly Easton joins CBS Radio’s all-news simulcast WBBM-AM/WCFS-FM, Chicago as a part-time anchor and reporter, according to Chicago media writer Robert Feder. She fills the slot of Brandis Friedman who moves to WTTV-TV, Chicago in October…..Katie Couric’s television talk show “Katie” will not return for a third season in the fall of 2014. The New York Daily News reports that Couric and ABC Domestic Television have agreed to end the show’s production in June of 2014 and not continue. According to the story, ratings were not the issue but the high cost of producing the program was not making it worthwhile. Couric has signed on to be a “global anchor” for Yahoo! for what is reportedly a deal worth $6 million per year.
ABC News Radio’s Vic Ratner to Retire. Longtime ABC News Radio reporter Vic Ratner is retiring at the end of the month after a career that began at ABC with coverage of the Watergate trial in 1973. During his time with ABC News Radio, Ratner has served as Capitol Reporter, a war correspondent and covered NASA for the network. In a memo to staffers, ABC News president Ben Sherwood wrote: “Most careers can be captured in words. Vic’s career is captured in sounds. In his incredible 40 years on the air for ABC News Radio, Vic has painted vivid pictures for our listeners with a rich and imaginative vocabulary that brought stories to life and gave meaning to ‘Gemini’ and ‘Apollo’ and even ‘filibuster’ and ‘quorum.’ With every syllable, Vic defined and embodied excellence. When Vic arrived at ABC in 1973, one of his first assignments was the trial of the “Watergate Seven” in Washington. He has covered every presidential campaign, political convention, inauguration and State of the Union since then, plus almost every space shuttle launch. He has reported from 54 countries and 49 states. For the record book, only South Dakota — the Mt. Rushmore State — has escaped his attention.” Ratner comments to his colleagues, “I have been fortunate to work with and learn from exceptionally talented and innovative people at ABC. Thanks to all of you for the collaborative effort, which makes us the best.”
Hangin’ with Rudy. Genesis Communications Network-syndicated talk show host Dr. Daliah Wachs (right) poses for a photo with Daniel Eugene “Rudy” Ruettiger (left) at a Christmas football party over the weekend. Ruettiger is a motivational speaker and former Notre Dame football player who was the subject of the movie “Rudy.”
Catholic Relevant Radio to Purchase WNTD, Chicago for $14.4 Million. Relevant Radio has been LMAing the M&S WNTD LLC station since 2007 – that’s when the $14.4 price tag was set – and now Relevant’s executive director Rev. Francis Hoffman says the organization has come up with the cash to complete the transaction for the 1,000-watt daytimer.
Raising Funds for Children’s Cancer Support. KSCO, Santa Cruz talk show host Ethan Bearman (right) chats on the air with Team G Foundation co-founder and CEO Kristin Cosnor (left) during a recent fundraising remote broadcast. Bearman tells TALKERS magazine he interviewed parents who benefitted from this group while their kids underwent cancer treatment at Stanford and UCSF – one hour to two-and-a-half hours away from their homes on the Central Coast.