Tag: "Chapter 11 reorganization"
PPM Analysis: All-News. TALKERS magazine managing editor Mike Kinosian presents a look at the performances of radio stations based on data from Nielsen Audio’s April 2019 PPM survey, today focusing on the all-news format. The performance of the all-news format is very important to Entercom as it owns nine of the 12 all-news stations in our panel. Almost 60% of these stations went down (weekly, 6+ AQH share) from the March PPM survey to April. Comparing April 2018 to this year, 6+ ratings movement was even, with half the stations going up and the other half going down. Hubbard Radio’s WTOP-FM, Washington again ranks #1 in its market (the only all-newser to do so this month), while Entercom’s KCBS-AM, San Francisco and WWJ-AM, Detroit both ranked #2 in their markets. See Mike Kinosian’s full report here.
Cumulus Asks FCC to Allow Up to 100% Foreign Investment. The FCC has a rule that no more than 25% of an American broadcast entity can be owned by foreign investors. As Cumulus Media emerged from Chapter 11 reorganization in 2018, foreign ownership of its voting stock was no more than 22.5%. The company made sure of that in order to facilitate the proceedings. Now, Cumulus is asking the FCC to allow foreign investment of up to 100%. The FCC public notice states, “Cumulus now requests approval to permit up to a 100 percent aggregate foreign investment to enable holders of warrants and non-voting stock to convert or exercise these instruments in exchange for voting stock and allow non-U.S. persons or entities to hold up to 100 percent of its voting stock and capital stock generally in the future. Specifically, Cumulus explains that upon grant of the Petition, the special warrants would be automatically exchanged, and foreign ownership of Cumulus immediately following such exchanges would then be approximately 34 percent on a voting basis and 31 percent on an equity basis. Notwithstanding that the foreign ownership which would result from exercise of the special warrants is expected to be much less than 100 percent, Cumulus states that it is requesting a ruling that would permit non-U.S. persons or entities to hold up to and including 100 percent of its voting stock and 100 percent of its capital stock generally. Cumulus believes that elimination of the overall limitation on foreign ownership of its shares will, inter alia, enhance the market liquidity of its stock and ‘provide the Company with the greatest degree of flexibility in accessing foreign investment capital.’ Cumulus asserts that grant of the Petition is entirely consistent with the public interest. In support of the Petition, Cumulus asserts that grant of the Petition is consistent with the reorganization plan, which has enabled Cumulus to emerge from bankruptcy in a stronger financial condition, and which, in turn, will enable Cumulus to raise capital, enhance its programming, better serve the public, and compete with non-FCC regulated entities on a more level playing field. Cumulus also maintains that grant of the Petition aligns with U.S. foreign trade policy and the U.S. government’s desire to ‘promote inbound foreign investment’ and encourage reciprocity with U.S. trading partners.” The public comment period is open through July 8.
Alpha Media Stations Moving into Chicagoland Mall. After almost two years of negotiations, the local village board in Gurnee, Illinois (near the Illinois-Wisconsin border) has voted to pay Alpha Media $200,000 to assist in the cost of moving its four north suburban stations – news/talk WLIP-AM, Spanish sports talk WKRS-AM, rock WIIL-FM, and hot AC WXLC-FM – into space at the Gurnee Mills mall complex. According to a report in the DailyHerald, mall owner Simon Property Group is paying Alpha $600,000 to help with the cost of the estimated $847,000 renovation project. In return, Alpha will produce at least 32 public events at the mall to drive foot traffic and will air ads for the mall.
TALKERS News Notes. The Kirk Minihane–Entercom relationship appears to be turning sour again with the sports media personality now threatening to take legal action to get the platform he desires. Brandon Contes at Barrett Sports Media writes an account of Minihane’s displeasure over his situation at Entercom that he expressed while broadcasting recently on Periscope. Minihane wants his own “network” on Entercom’s Radio.com platform within a month or he says he’ll sue. Minihane officially left the WEEI, Boston morning show last fall. At the time, Entercom said it wanted Minihane to do a show on Radio.com…..Media personality Michele Tafoya – whose work includes serving as co-host of “The Tom Barnard Show” on Cumulus Media’s rock KQRS, Minneapolis – was honored Monday at the 40th Annual Sports Emmy Awards in New York with the Outstanding Sports Personality award for her work as an NBC Sports sideline reporter for NFL games. Tafoya also won the award in 2012 and 2014. Cumulus VP, classic rock and Twin Cities operations manager Scott Jameson says, “All of us at Cumulus Minneapolis are very proud of Michele winning this prestigious Emmy award. We’re quite fortunate having her on our legendary morning show hosted by National Hall of Fame inductee Tom Barnard and the rest of the morning team.”…..Westwood One News picks up another honor for exceptional reporting as the organization and correspondent Jim Roope receive a Deadline Club Award for best “Radio or Audio Feature Reporting.” The award recognizes Roope’s 2018 report, “Las Vegas: Remembering and Healing,” in which he returned to Las Vegas one year after the deadly mass shooting and spoke with the community and the victims about how they were remembering, coping, and healing. The Deadline Club Award is bestowed by the NY Society of Professional Journalists for reporting across all media platforms, including newspapers, magazines, radio, digital, and TV…..Radio personality Walter Sterling is guest starring on news/talk KFBK, Sacramento this holiday weekend. He’s sitting in for Pat Walsh on both Friday and Monday from 7:00 pm to 10:00 pm. Sterling’s syndicated program is heard Sunday evenings on the iHeartMedia station…..Forever Media closes on its acquisition of the 10-station group in Delaware and Maryland it purchased from Steinman Communications for $18.5 million. The signals include news/talk WDEL-AM/FM, Wilmington and news/talk WXDE-FM, Lewes, Delaware. Michael J. Bergner of Bergner & Co. was the exclusive broker for the deal.
ONLY TWO DAYS LEFT TO REGISTER: Talkers 2019: Telling the Story Nearing a Sellout! The 22nd annual installment of the talk media industry’s longest-running and most important national convention is on the verge of being sold out. The final deadline for registrations being accepted is this Friday, May 24 at 5:00 pm ET. According to TALKERS VP/executive editor Kevin Casey, “In order to maintain the intimacy and effectiveness of this heritage event, it must be open only to members of the media industries and be in a special type of venue with limited seating and capacity. We have resisted the impulse to grow this event beyond that level of efficiency. That is one of the reasons it is so popular and has enjoyed such amazing longevity.” To obtain registration information and avoid being shut out before the deadline, call Barbara Kurland at 413-565-5413. For an up to the minute agenda, please click here.
Trump Financial Records Subpoena, Dems Impeachment Talk, U.S.-Iran Tensions, U.S.-China Tariff Battle, 2020 Election Politics, New Anti-Abortion Laws, and NBA/NHL Playoffs Among Top News/Talk Stories Yesterday (5/21). The request from congressional Democrats for President Trump’s tax returns and financial records; key Democrats battle House Speaker Nancy Pelosi over impeachment possibility; Iran’s increased production of enriched uranium and the possibility of U.S. military action against it; the trade war being waged between the U.S. and China; the Democrats vying to challenge President Trump in 2020; the new, restrictive anti-abortion laws being passed in several states; and NBA/NHL playoffs 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. In Philadelphia, iHeartMedia names programming pro Brandon “Buster” Satterfield program director for CHR WIOQ-FM “Q102,” effective June 17. Satterfield moves north from his most recent position with the company as APD for CHR WFLZ-FM, Tampa. iHeartMedia Philadelphia SVP for programming Brian Check says, “Brandon brings a unique combination of top 40 radio experience on and off the air, as well as knowledge of the market and passion for everything Philly. His dedication to the brand and keen eye for programming and the latest music make him the perfect fit.”…..Cox Media Group’s urban contemporary WALR-FM, Atlanta “KISS 104.1” brings two-time Grammy nominee and radio personality Monie Love aboard to host the 2:00 pm to 7:00 pm show, effective today (5/22). Station director of branding and programming Terri Avery comments, “We are so excited to have Monie Love join the ‘KISS 104.1’ team. Her love of hip-hop, entertaining personality and star power make her a great addition to our afternoons here in Atlanta.”…..Westwood One’s internationally syndicated “The Ty Bentli Show” announces Adrian Kulp joins the show as senior executive producer. WWO says Kulp brings a wealth of creative experience across multiple entertainment mediums to the show. He served for almost 10 years as a television executive with positions including vice president of TV development at Adam Sandler’s Happy Madison Productions, vice president of TV development at Chelsea Handler’s Borderline Amazing, and a stint at CBS’s “The Late Late Show.” NASH Network director of programming John Shomby says, “Ty Bentli continues to build a team that is focused on maximizing creativity! Adrian brings a different perspective to the table that will help the show build a unique vision and bring that to our listeners each morning!”