Tag: "$525 million"
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.