iHeartMedia and Consenting Lenders Extend Deadline by 24 Hours. This is the second extension of the Forbearance Agreements between debtor iHeartMedia and the Consenting Lenders. The first was signed on March 4 and the second on March 7. This extension ends at midnight tonight (3/13). The 8-K filing with the SEC notes that “As previously disclosed, iHeartCommunications has been engaged in ongoing discussions with its stakeholders with respect to the restructuring of its capital structure. In connection with such discussions, iHeartMedia and iHeartCommunications have been working on a proposed draft restructuring support agreement and related proposed draft restructuring term sheet with advisors to groups of iHeartCommunications’ noteholders, lenders and equity holders.” One would have to assume that progress is being made toward a solution to the company’s debt problem that avoids putting it all in the hands of a bankruptcy judge. The latest term sheet still calls for the spinning off of Clear Channel Outdoor Holdings, a senior secured asset-based revolving credit facility, new secured debt of $5.75 billion, and equity issued to holders of Term Loan Credit Facility Claims, PGN Claims, 2021 Notes Claims, Legacy Notes Claims, and various holders of Equity Interests in iHeart. See the 8-K filing here. Meanwhile, Gene Ely writes in Forbes about what possibilities exist for the future incarnation of iHeartMedia. Read that here.
Townsquare Media Releases Q4 2017 Financial Data; Net Revenue Flat. The company says its 2017 fourth quarter net revenue figure for the Local Marketing Solutions division (that includes radio) was good. Townsquare Media co-CEO Bill Wilson says, “We are pleased to announce another strong result in our Local Marketing Solutions segment, which delivered net revenue growth of 0.4% in the fourth quarter of 2017, and 1.9% for the full year, despite the loss of political revenue. This was the 16th consecutive quarter of positive, organic net revenue growth for this segment of our Company. Excluding political revenue, Local Marketing Solutions net revenue increased 5.2% in the fourth quarter of 2017, our strongest quarter of the year, and 3.9% for the full year.” The Entertainment division (live events) did not perform well in either Q4 or the year as a whole. Fourth quarter 2017 Entertainment net revenue was down 17.4% and, for the year, was down 8.6%. Townsquare did repay $6.7 million of long-term debt.
WEEO, Chambersburg-Hagerstown Unveils ‘Live Eye in the Sky.’ Pictured above is Magnum Broadcasting general manager Patrick Ryan launching WEEO, Chambersburg-Hagerstown’s new drone, “The Live Eye in The Sky.” Ryan says “NEWS TALK 1037 FM” is using the drone to fly over Tri-State events and provide play-by-play sound on air and video on Facebook Live. “Forget cutting edge, we’re cutting through the skies and on air with news events, community activities, business celebrations and more. As far as we know, it’s the first of its kind combination of live radio and live social media!”
Mark Levin Interviews Netanyahu on ‘Life, Liberty & Levin.’ Talk media star Mark Levin – nationally syndicated on radio via Westwood One – is pictured above (left) on Sunday’s FOX News Channel program, “Life, Liberty & Levin,” interviewing Israeli Prime Minister Benjamin Netanyahu (right) during Netanyahu’s visit to America.
Trump-Russia Investigation, Stormy Daniels Case, Kudlow Trump’s Economic Adviser Choice, PA House Race, Trump PA Rally, O.J. Simpson Interview, Black Panther/A Wrinkle in Time, March Madness, and NBA Action Among Top News/Talk Stories Yesterday (3/12). The House Intelligence Committee issues statement denying Trump campaign-Russia collusion in 2016 election; Donald Trump’s lawyers’ battle to keep porn star Stormy Daniels’ “60 Minutes” interview from airing; CNBC host and former Wall Street economist Larry Kudlow named Trump’s choice for economic adviser; the close special election race between Democrat Conor Lamb and Republican Rick Saccone in Pennsylvania; the 2006 O.J. Simpson interview that was aired by FOX TV over the weekend; the Black Panther and A Wrinkle in Time films; the NCAA tournament bracket; and NBA action were some of the most-talked about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
TALKERS magazine’s 2018 “100 Most Important Sports Talk Radio Hosts in America” to Be Published Tomorrow (3/14). This year’s edition of the “100 Most Important Sports Talk Radio Hosts in America” – also known as the Heavy Hundred of Sports Talk Radio – will be the sixth edition of this list. It is compiled by the editors of TALKERS magazine with input from industry leaders based on a number of hard factors, such as ratings and revenue, as well as soft factors including impact, recognition, and talent. This annual list makes no distinction between local personalities or nationally syndicated hosts – the requisite being that the host, duo, or team is working on a regularly scheduled show on a terrestrial radio station or on satellite radio at the time of the list’s publication. TALKERS magazine will publish the 2018 list tomorrow (March 14) at 12:00 noon EDT.
KHTE, Little Rock’s Dave Elswick Broadcasts from Branson. Little Rock talk show host Dave Elswick – afternoon drive host on Salem Media Group’s news/talk KHTE, Little Rock “96.5 FM The Answer” – is pictured above broadcasting live from Sight and Sound in Branson Missouri for the grand opening of the musical production of Samson.
TALKERS News Notes. Chicago media personality William J. Kelly, a.k.a. Citizen Kelly, is returning to Evanston Broadcasting’s WCGO, Chicago to host “The Citizen Kelly Show” from 10:00 pm to 12:00 midnight, effective March 19. Kelly says, “The Citizen Kelly radio empire is not only growing but thriving. We do Chicago TV and radio successfully because we are from Chicago, we know Chicago people, we know Chicago attitudes, and we know Chicago humor, unlike these failed, bankrupt radio stations with their fake personalities and forced laughter.” Kelly is a frequent contributor to the Daily Caller, Newsmax, and the Washington Times…..Curtis Media Group’s WPTF, Raleigh announces program schedule changes that include the addition of Radio America’s Dana Loesch program and FOX News Radio’s Brian Kilmeade show. Loesch’s show is taking over the 1:00 pm to 3:00 pm slot and Kilmeade’s show airs live from 9:00 am to 12:00 noon. The Raleigh News Observer quotes Curtis VP of news and information programming Rick Martinez saying there will be more news programming, including from 12:00 noon to 1:00 pm and 6:00 pm to 7:00 pm with Scott Briggaman, as well as the 3:00 pm to 6:00 pm show hosted by Martinez and his wife, Donna…..Chicago media writer Robert Feder reports that changes are coming to Entercom’s sports talk WSCR “The Score,” including the exit of Jason Goff from the afternoon show and a possible return to the station of Dan McNeil, partnered with Dan Bernstein. McNeil left “The Score” back in 2014, subsequently co-hosted mornings on classic rock WDRV, and recently returned to WSCR to host a Sunday morning show…..Fishnet Syndication is named to handle marketing and advertising sales for USA Radio Network, effective immediately. In October 2015, Anthem Broadcasting acquired the USA Radio Network. Anthem Broadcasting LLC, is a subsidiary of the Phoenix-based media company Liftable Media Inc…..In the aftermath of Sunday’s airing of “O.J. Simpson: The Lost Confession?” on FOX TV, publisher Judith Regan spoke exclusively to several Cumulus Media radio stations, including WMAL-AM/FM, Washington; WLS-AM, Chicago; WYAY-AM, Atlanta; WABC-AM, New York; WPRO-AM, Providence; WJR-AM, Detroit; KABC-AM, Los Angeles; KGO-AM, San Francisco; KMJ-AM, Fresno; and WWTN-AM, Nashville. Regan told WYAY’s Shannon Burke Simpson showed “not a speck” of remose, adding, “I think he’s a psychopath and he has no conscience.”
Music Radio News and Career Moves. Alt rock KROQ, Los Angeles announces Miles Anzaldo is joining the station to serve as music director. Entercom SVP and market manager Jeff Federman says, “After an extensive search for the next music director, I am beyond thrilled to welcome Miles Anzaldo to KROQ. Miles grew up in the music and radio business in Southern California and is extremely passionate and knowledgeable about our business. His understanding of digital and social content will certainly help the station continue to expand beyond broadcast.”…..In Kansas City, Cumulus Media names air personality Dave Fogel midday jock at classic hits KCMO-FM. Fogel, who most recently was in Chicago at WJMK and WLS-FM, started his radio career at KMXV, Kansas City. He is the son of Kansas City television legend Jerry Fogel. KCMO-FM program director Joe Russo comments, “Dave is a superstar and a Kansas City guy through and through.”…..Local Media San Diego brings “The Moug Show” to alternative XETRA, San Diego “91X.” Program hosts John Moug and Jared Dey – most recently with CHR KLUC, Las Vegas – join XETRA’s Danielle for the new show…..Woodward Radio Group agrees to acquire CHR WBJZ, Berlin, Wisconsin “B104” from Caxambas Corporation. Woodward general manager Kelly Radandt states, “This additional signal will fit nicely into our long-term strategic goals for our radio division. It will also allow us to better serve our Northeast Wisconsin communities.”…..YEA Networks is launching the national syndication of “Tino Cochino Radio.” The program is hosted by Tino Cochino, co-host Milli Rodriguez.