CBS Reports Q4 2016 and Full-Year Financials; CBS Presented as Discontinued Operation. The latter is due to the pending merger of CBS Radio with Entercom and it means that CBS did not present any revenue information or operating income metrics for the radio division. Here’s what the company has to say about the Entercom deal: “In connection with the transaction, which is expected to be tax-free to CBS Corporation and its stockholders, the Company intends to split-off CBS Radio through an exchange offer immediately prior to the merger. The merger will create a well-capitalized company with a market cap in excess of $2 billion, a strong balance sheet, significant free cash flow, and the ability to pay an attractive dividend. The combined company is expected to generate meaningful cost synergies within 12-18 months after the merger. The Company expects to complete the transaction in the second half of 2017, subject to customary closing conditions.” In a press statement, CBS Corporation chairman and CEO Les Moonves states, “2016 was a phenomenal year for the CBS Corporation, with all-time highs in revenue, operating income, and EPS [earnings per share] that came in above $4 for the first time in our Company’s history; and as we begin 2017, I couldn’t be more excited about our growth prospects in the years ahead.” During yesterday’s investor conference call, COO Joseph Ianniello addressed the radio deal, saying, “CBS shareholders who participate in this split-off will own 72% of the combined company which will have best-in-class assets and will clearly be the best capitalized radio company in the industry. The combined radio business will benefit from increased scale, stronger cash flow and real operational synergies which should drive higher profitability. The new company will also have the ability to pay an attractive dividend.”
Cumulus Extends Early Tender Date for Note Exchange. This is the third extension of Cumulus Media Inc’s offer for its previously announced private exchange offer for 7.75% Senior Notes due 2019 issued by Cumulus Media Holdings Inc. Obviously not satisfied with the number of takers, the company is extending the early tender date to March 6 (5:00 pm ET). The company explains that “Eligible Holders tendering their Outstanding Notes prior to the Early Tender Date, as extended that are accepted for exchange, will receive the ‘Total Exchange Consideration.’” That exchange includes “revolving loans, the participation interests, the trust certificates and the shares of Class A common stock (or warrants, if applicable), Class D common stock and Class E common stock.”
TALKERS Editorial Board Tackling Freedom of Speech Award Decision. The TALKERS magazine editorial board has begun the sensitive and often-controversial task of deciding its annual roster of major award recipients in the categories of “Lifetime Achievement,” “Woman of the Year,” “Humanitarian of the Year,” and “Freedom of Speech” – the latter being the most potentially contentious of all – especially in today’s highly charged, politically polarized news/talk environment. In his weekly address to the editors, TALKERS publisher Michael Harrison stated, “This award is always a sensitive issue because freedom of speech is one of the most difficult concepts to explain and the award is doubly difficult to defend – especially when a significant percentage of people immediately assume that the organization presenting the honor necessarily endorses the political position of the recipient.” Harrison continued, “TALKERS has a distinguished history of non-partisanship in its editorial coverage of political news/talk media and this has been reflected in the diversity of positions held by the recipients of this prestigious award over the decades. The award is not a reward for saying something ‘controversial’ with which we necessarily agree but, rather, for conducting oneself as a broadcaster in a manner that clearly displays the tenets of the First Amendment in action, as well as showing the courage of one’s convictions in facing the negative blowback and consequences of one’s public stance.” Harrison cited Premiere Networks’ Sean Hannity, Salem Radio Network’s Michael Medved and former WTMJ, Milwaukee host Charlie Sykes among worthy candidates to be considered for this year’s honor, stating, “Hannity showed amazing courage coming out early and unswervingly for Donald Trump when it was not clear which way his core audience would swing and what the outcome of the primary and general election would be. Medved, also a conservative, came out early against Trump and then stuck to his guns as an objective observer of the candidate and now-president’s pros and cons as he sees them – even against negative criticism from his listeners and even members of his own syndication company. Sykes actually let his cool job in Milwaukee slide away rather than back down from his perception of the truth.” Harrison concluded, “And there are many more examples of news/talk hosts having to take a principled stand with uncertain consequences as a result of this turbulent but exciting chapter of talk radio history in the making.” The TALKERS awards will be presented on Friday, June 2 at Talkers 2017: A New Era in New York City. For information about the 20th annual installment of the talk industry’s longest running and most important national convention, please click here.
TALKERS News Notes. Beginning with this year’s 2017 NFL season, Washington Redskins football play-by-play (including some pre- and post-game programming) will be heard on Cumulus Media’s WMAL-AM/FM, Washington. The games will continue to air on Red Zebra properties WTEM, Washington “ESPN980”; WWXT, Prince Frederick, Maryland; and WWXX, Buckland, Virginia. This is a homecoming of sorts for Redskins football; the team’s games have aired on WMAL-AM from time-to-time as far back as 1942. WMAL-AM/FM vice president and GM Jake McCann comments, “We are excited and honored to be working with the Redskins again. The Redskins and WMAL were partners during the team’s three glorious Super Bowl-winning seasons. We look forward to bringing the combined assets of WMAL to this exciting, renewed partnership.”…..NBA All-Star 2017 begins today and SiriusXM is offering coverage with special, live programming from New Orleans on its NBA Radio channel, in addition to the live broadcast of the 66th NBA All-Star Game. Coverage will be hosted by Milwaukee Bucks guard Jason Terry, former players Eddie Johnson and Tim Legler, as well as Frank Isola, Jason Jackson, Joel Meyers, Justin Termine and Brian Geltzeiler…..The Forbes on PodcastOne network premieres “The Forbes List” today (2/16), featuring an in-depth look at the world’s top billionaires. The show – hosted by Jordan Harbinger dives into the stories behind Forbes’ most famous lists, including the Forbes 400 list featuring the wealthiest Americans, as well as lists covering celebrities, music, sports, entrepreneurs, companies and the world’s most powerful people. PodcastOne founder and executive chairman Norm Pattiz comments, “This makes our third launch of a new Forbes podcast and points out the strong relationship between Forbes and PodcastOne. Jordan Harbinger has hosted “Art of Charm,” which consistently ranks in iTunes’ top 10. This provides a combination that’s tough to beat.”
Violent Tragedy Strikes Dominican Radio Station. Two radio journalists were shot dead and a third staffer was seriously wounded in a raid on a radio station in the Dominican Republic on Tuesday. Numerous news outlets are reporting that news presenter Luis Manuel Medina and station director Leonidas Martinez were killed when unidentified men entered the station and shot Medina while he read a newscast and Martinez as he sat in his office. Medina was streaming his newscast live on Facebook at the time of the attack. It took place at radio station 103.5 FM in San Pedro de Macoris, a town near Santo Domingo. The AFP reports that the organization Reporters without Borders states that journalists that investigate corruption and the drug business are often the victims of violent attacks.
Sports, Music, Politics and Talk Media. TALKERS publisher Michael Harrison is joined in a free-wheeling dialogue by his long-time friend, New York City radio broadcaster Richard Neer as his guest on this week’s installment of the award-winning PodcastOne series “Up Close and Far Out.” The two talk about the public’s and media’s obsession with Donald Trump, with an emphasis on the infiltration of sports and entertainment by political passions. Richard Neer brings his diverse background as a legendary Big Apple music radio host (WNEW-FM), sports talker (WFAN) and best-selling author of the landmark book FM: The Rise and Fall of Rock Radio (Villard, 2001) to the discussion which focuses on the rapid morphing of the traditional left/right talk media paradigm into a more complex resistance/revolution chess game. To listen to the podcast in its entirety, please click here or click on the “Up Close and Far Out” player box located in the right-hand column on every page of Talkers.com.
Trump Campaign Russia Communications/Flynn Exit, Puzder Withdraws From Labor Secretary Nomination, Reince Preibus’ Status, Trump vs Intelligence Community, Fate of ObamaCare, and NBA-NHL Action Among Top News/Talk Stories Yesterday (2/15). The controversy over the resignation of National Security Advisor Michael T. Flynn and questions about the depth of communications between the Donald Trump campaign and Russian agents; Labor Secretary nominee Andrew Puzder withdraws from consideration for the cabinet position; questions about the status of White House Chief of Staff Reince Priebus after unconfirmed reports President Trump is unhappy with his work; the contentious relationship between Trump and the intelligence community; the fate of the Affordable Care Act after Aetna CEO Mark Bertolini told the Wall Street Journal the program is in a “death spiral”; and NBA and NHL 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. The performer and host lineups have been announced for the March 5 iHeartRadio Music Awards taking place at the Forum in Los Angeles. The evening will be hosted by Ryan Seacrest and will air live on TBS, TNT and truTV at 8:00 pm ET will be broadcast on iHeartMedia-owned stations nationwide, as well as on the iHeartRadio. Performers will include: Katy Perry, Ed Sheeran, The Chainsmokers, Shawn Mendes, Thomas Rhett, Noah Cyrus and Big Sean, in addition to the previously announced Bruno Mars…..Entercom San Diego is expanding the platform for its culinary audio feature, “Lick the Plate,” which has been airing on alternative KBZT “FM94/9,” adult contemporary KXSN “Sunny 98.1,” and country KSON. The David Boylan-hosted program will now be available in podcast format via the stations’ websites. The radio stations will continue to promote the show via on-air teaser segments. These changes take effect on February 27…..Radio programming for the 52nd Academy of Country Music Awards from Westwood One is being announced. Westwood One and Cumulus Media are the official national radio partners for the ACM Awards. There will be a three-hour ACM Nomination Special, hosted by Thomas Rhett, on March 25 from 9:00 pm to 12:00 midnight as part of “NASH Nights Live.” The ACM Radio Row will take place on Friday, March 31 from 12:00 noon to 4:00 pm ET and Saturday, April 1 from 10:00 am to 4:00 pm ET. Then, the five-hour ACM Night Of Event Coverage will happen on Sunday, April 2 from 7:00 pm to 12:00 midnight…..Beasley Media Group’s adult hits WBEN-FM, Philadelphia is announcing a new weekend program featuring Kathy Romano. The show is titled, “Her Story,” and will air Sundays at 7:30 am. Romano – who works for sister rock station WMMR as part of the “Preston & Steve” show – says, “I’m thrilled to be the host of ‘Her Story’ on 95.7 BEN FM! This is giving me the opportunity for some girl talk that just doesn’t make sense on WMMR’s ‘Preston & Steve’ show. There are so many amazing women with fascinating stories that we just don’t get to hear. Every Sunday morning I’m going to bring listeners the great stories these dynamic women have to tell!”…..Radio One hip hop outlet WKYS, Washington announces that Danni Starr is joining “The Fam in The Morning” as co-host alongside QuickSilva. Radio One DC SVP and general manager Jeff Wilson comments, “Danni is the full package. She’s amazingly smart, well versed in music and community activism. Danni is authentic and transparent about her struggles and victories. That kind of energy and wit will serve our listeners well on-air, in social media and on the street.” Starr has worked in radio for more than a decade and is the face of TLCme on the TLC network.
Midland Pays Valentine’s Day Visit to NASH Campus. New country act and Big Machine recording group Midland is pictured here with “NASH Nights Live” co-hosts Elaina Smith (second from left) and Shawn Parr (second from right).
PPM Analysis: Country. Managing editor Mike Kinosian presents his analysis of the ratings performances of country-formatted stations based on Nielsen Audio’s Holiday 2016 PPM survey. In this report, see charts detailing country stations’ (6+) numbers over the past six PPM surveys, fluctuations from December to the Holiday survey, comparisons to performances in the Holiday 2015 and Holiday 2016 surveys, station market ranks and more. Click here for more.