Tag: "$200 million"
Cumulus Makes $115 Million Term Loan Prepayment. In a statement, Cumulus Media announces that it has made a $115 million on its first lien senior secured term loan. It adds that in the year since emerging from bankruptcy, it has reduced its total outstanding debt by $200 million and bringing net leverage down from approximately 5.8x at emergence to approximately 4.8x with this payment. Cumulus made the debt prepayment with proceeds from sale of six radio stations to Educational Media Foundation that brought in $103.5 million in cash. Cumulus is also agreeing to sell KLOS-FM, Los Angeles to Meruelo Media for $43 million and plans to use those net proceeds to pay down more debt. Cumulus president and CEO Mary Berner says, “In our ongoing efforts to strengthen the business, Cumulus has been relentlessly focused on executing our key strategic priorities and meeting our financial objectives. The milestone we achieved today — $200 million of debt reduction in the first year since we emerged from Chapter 11 — resulted from those efforts and is another example of the progress we continue to make in implementing our business plan. I would like to thank the entire Cumulus team for the hard work and dedication which have produced such a tremendous record of achievement over the past year, and I have every confidence that, together, we will be able to further improve our financial position and continue to deliver on the goals we have laid out for the business.”
PPM Analysis: Internet Streams. TALKERS magazine managing editor Mike Kinosian looks at the internet stream ratings from Nielsen Audio’s April PPM survey. In this report, Kinosian ranks stations based on streaming listening – iHeartMedia’s news/talk KFI, Los Angeles ties with Entercom’s rock KISW, Seattle at the top with a 0.7 (weekly, 6+ AQH share). He also breaks down streaming listening by format (sports talk comes out on top in the PPM markets) and by market. See him entire report here.
TALKERS News Notes. As reported by Chicago media writer Robert Feder, former WLS-AM, Chicago personality Garry Meierwill be doing some sub work on the Cumulus Media news/talk station. Meier was on WLS-AM with then-partner Steve Dahl during the early 1980s and again with former partner Roe Conn from 1995 to 2004. He’ll sit in with current WLS-AM morning host Mancow Muller on June 21 and them fill in for him during the week of June 24…..In Houston, sports talk media personality Paul Gallant announces via social media that he’s exited Entercom’s sports talk KILT-AM “Sports Radio 610” where he was most recently co-host of the “Mad Radio” morning show with Mike Meltser and Seth Payne. Gallant had been working without a contract since the beginning of the year. He continues to co-host the weekly, Friday night “Just Sayin” television program with Patti Smith and John Granato on KUBE-TV…..New York sports talk radio host Tony Paige – overnight personality on Entercom’s WFAN – announced to his listeners that he’ll retire from the station on September 14. He’s been with WFAN for the past 16 years. He told his listeners that his health is fine, he just thinks it’s time…..KGO, San Francisco afternoon drive host Chip Franklin riled up FOX News Channel host Leland Vittert during a recent appearance on the cable news channel. Franklin held up a photo (pictured at right) of John McCain, causing Vittert to ask him why he was doing it. Franklin told him, “In the off-chance the president’s watching. Real heroes out there, Pete Buttigieg, others that have served this country, just a thought.”
TALKERS Convention Set for This Friday in New York City. The 22nd annual installment of the longest-running and most important convention in the talk media industry (radio, television, satellite, internet) – Talkers 2019: Telling the Story – is set for this Friday, June 7 in the colorful Chelsea district of Manhattan at the ultra-modern Helen Mills Event Space and Theater. More than 67 speakers will address the hottest issues, challenges and opportunities facing talk radio and its related media and business communities before a sold-out crowd of media professionals. TALKERS will provide on demand video coverage of the key sessions of this colorful event shortly after it takes place for those who have been locked out due to on-site space limitations. For the latest agenda and information about this historic convention, please click here.
Trump in England, Trade Wars with China and Mexico, 2020 Presidential Race, Impeachment Talk, Big Tech Anti-Trust Investigation, Parkland Deputy Charged, Red Meat/White Meat Controversy, and Holzhauer’s ‘Jeopardy!’ Run Ends Among Top News/Talk Stories Yesterday (6/4). The official state visit to the U.K. by President Trump; the tariffs the U.S. is placing on Chinese exports and threatening to put on Mexican exports; the Democrats vying to challenge Trump in 2020; Democrats increasing talk of impeachment proceedings against President Trump; the House Judiciary Committee’s investigation into possible Big Tech anti-trust activity; former Parkland, Florida deputy Scot Peterson is charged with failing to protect the students at Marjory Stoneham Douglas High School; the new report equating white meat and red meat in high cholesterol potential; and James Holzhauer’s improbable “Jeopardy!” run ends were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
Iconic LA Jock Humble Harve Dies at 84. Legendary radio personality and Boss Radio jock Humble Harve, a.k.a. Harvey Miller, died at his home in Camarillo, California yesterday (6/4) at the age of 84. The Philadelphia native arrived in Southern California in the mid-1960s as PD and air personality at KBLA. He worked at KHJ-FM, Los Angele from 1967 to 1971. Read more at Don Barrett’s LARadio.com here.
Music Radio News and Career Moves. In the Raleigh-Durham market, Curtis Media Group drops the classic country on WQDR-HD3/W225DF and launches a new hot AC format branded as “STAR 92.9.” The station will feature the Charlotte-based “Bob & Sheri” show in morning drive. Curtis general manager Terry Ratliff says, “Our success with our top 40 station, ‘Pulse FM 96.9/102.5,’ led us to launch the new ‘STAR 92.9.’ It gives us the opportunity to go beyond today’s hits to play a deeper library of superstars. We are also very excited to welcome Bob and Sheri to the Triangle. They have a proven track record in other North Carolina markets, and we look forward to introducing them to the Triangle on ‘STAR 92.9.’”…..Jason “Budman” Paige is the new co-host and executive morning show producer for the “Big Mama and the Wild Bunch Show” Beasley Media Group’s CHR WXKB-FM, Cape Coral, Florida (Ft. Myers/Naples market). Beasley SWFL operations manager Adam Star says, “‘Budman’ is a game changer. He has so many different unique skillsets to bring to the table. We are ecstatic to have him on the ‘Big Mama and the Wild Bunch’ team.”…..Adams Radio names Lisa Layne vice president and market manager for its Salisbury/Ocean City, Maryland group that includes rock WZBH “The Beach,” CHR WOCQ “OC 104,” classic rock WGBG “Big 107.7,” country WUSX, and classic hits WOCQ-HD2/W282AW “KOOL FM.” She says, “I am so excited for this next chapter of my radio career. I’m confident that as the new leader for Adams Radio Delmarva we will grow our brands and get even better results for our clients. I look forward to serving the community and building a legacy we all at Adams Radio can be proud of.”