Industry News

Judge Approves Audacy Reorganization Plan

As expected, United States Bankruptcy Court for the Southern District of Texas Judge Christopher M. Lopez approved Audacy’s Chapter 11 reorganization plan in which Audacy will equitize approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to approximately $350 million. Prior to yesterday’s hearing, there were only two objections to the plan filed and both wereim settled beforehand. Audacy expects to emerge from the Chapter 11 process after approval from the FCC. Audacy chairman, president and CEO David J. Field says, “Today’s announcement marks a powerful step forward for Audacy, positioning the company for an exciting future. As expected, we have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business. We aim to drive accelerated growth and financial performance, capitalizing on our scaled, leadership position, our uniquely differentiated premium audio content and the robust capital structure that we will have upon emergence. I also want to express my gratitude to our team, who continue their outstanding work to serve our listeners and customers with excellence and fulfill our commitments without missing a beat.” The company notes that under the Plan, trade and other unsecured creditors will not be impaired.

Industry News

Audacy Files for Chapter 11 and Enters into Restructuring Support Agreement

On Sunday (1/7) Audacy, Inc entered into a restructuring support agreement (RSA) with a supermajority of its debtholders on the terms of a comprehensive restructuring that the company says will “significantly deleverage its balance sheet and further position Audacy for long-term growth.” Through the restructuring, Audacy and its debtholders will undertake a deleveraging transaction to equitize approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to approximately $350 million. The company does not expect any operational impact from the restructuring, and trade and other unsecured creditors will not be impaired. To implement the deleveraging transaction contemplated in the RSA, Audacy and certain of its subsidiaries commenced prepackaged Chapter 11im proceedings in the United States Bankruptcy Court for the Southern District of Texas and has filed a proposed Plan of Reorganization that incorporates the terms of the RSA and is subject to approval by the Court. Under the terms of the RSA, a supermajority of debtholders committed to vote in favor of the Plan, which, when approved, will reduce Audacy’s funded debt from approximately $1.9 billion to approximately $350 million. Audacy’s debtholders will receive equity in reorganized Audacy. Audacy expects that the Court will hold a hearing to consider the approval of the Plan in February and to emerge from bankruptcy once regulatory approval is obtained from the Federal Communications Commission. Audacy has filed with the Court a series of customary “First Day Motions” to obtain Court authority for the Company to continue operating its business in the ordinary course without disruption to its advertisers, vendors, partners or employees. Audacy expects to operate normally during this restructuring process under its current leadership team. During the Chapter 11 process, certain of Audacy’s existing lenders have committed to provide $57 million in debtor-in-possession (“DIP”) financing, comprised of $32 million of a new term loan and a $25 million upsize of the Company’s existing accounts receivables financing facility from $75 million to $100 million. Subject to the Court’s approval, the DIP financing and the Company’s cash from operations and available reserves is expected to enable Audacy to fulfill commitments to employees, advertisers, partners and vendors. Audacy common stock will continue to trade over-the-counter under the symbol “AUDA” through the pendency of the Chapter 11 process. The shares are expected to be canceled and receive no distribution as part of Audacy’s restructuring. Audacy chairman, president and CEO David J. Field states, “Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company through our acquisition of CBS Radio and by building leading complementary positions in podcasting, audio networks, live events, digital marketing solutions and our direct-to-consumer streaming platform. While our transformation has enhanced our competitive position, the perfect storm of sustained macroeconomic challenges over the past four years facing the traditional advertising market has led to a sharp reduction of several billion dollars in cumulative radio ad spending. These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring. With our scaled leadership position, our uniquely differentiated premium audio content and a robust capital structure, we believe Audacy will emerge well positioned to continue its innovation and growth in the dynamic audio business.”

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Wednesday, August 31, 2022

Audacy CEO David Field Responds to Industry Piece Predicting Company’s Bankruptcy. After a number of tweets on Tuesday (8/30) from various media people called attention to InsideMusicRadio.com publisher Jerry Del Colliano’s opinion piece about the state of Audacy’s business, Audacy CEO David Field responded with a companywide memo and a public response on Twitter. Taken out of context, the headline was subject to misinterpretation unless one read the entire piece. The story goes on to reference a memo Field wrote four years ago in which he gave his observations about the reasons for iHeartMedia’s and Cumulus’ Chapter 11 bankruptcy reorganizations. Del Colliano’s column suggests Audacy is now facing the same issues iHeartMedia and Cumulus did and Del Colliano predicts that Audacy is headed down the same path as he terms Field’s 2018 memo “a premonition of things to come as Audacy heads into bankruptcy next year.” Field’s response states, “An industry blog post published today falsely claimed that ‘David Field confirms Audacy’s bankruptcy.’ That statement is categorically and unequivocally untrue. Audacy intends to pursue all applicable remedies for false and defamatory statements meant to cause damage to Audacy, its employees and its stakeholders to the fullest extent of the law. As you have heard from me and others on our leadership team, we are excited and confident in our future and focused on capitalizing effectively on the acquisitions, investments and enhancements we have made to position the company for a bright future in the dynamic, growing world of audio. With the additions of a strong leadership position in podcasting, a meaningfully enhanced national sales organization, the rollout of a new, reimagined digital platform, emerging ad tech and data capabilities, plus the industry’s best local radio group with an unrivaled #1 position in news and sports, Audacy is better positioned than ever to serve customers and audiences with greater revenue and earnings potential under normalized market conditions.”

Deborah Flora to Host Daily Show on KUNS-AM, Denver. After giving up her weekend talk show on Salem Media Group’s news/talk KNUS-AM, Denver to pursue the GOP nomination for the U.S. Senate, Deborah Flora returns to the station to host a daily 3:00 pm to 4:00 pm program beginning September 6. Flora is a former Miss Colorado, is president and founder of the non-profit Parents United America. She is also a founding partner of both Lamplight Entertainment and Whetstone Media Group, and produced numerous projects, including the documentary, Whose Children Are They? KNUS operations manager Kelly Michaels says, “We are fortunate to have Deborah back on 710 KNUS and I know she will crush it on her new weekday show. She is a hard-working and caring host who is determined to help make Colorado a better place for families to raise their kids.” Flora comments, “I’m excited to be back on the air and connecting with Coloradans every day. We will talk about common sense solutions to the real issues facing the great people of this state, while inspiring listeners to take a stand for what they care about most.”

FOX News Channel Third Most-Watched Television Network in August. According to data from Nielsen Media Research, FOX News Channel finished August 2022 as the third most-watched network in all of television during weekday primetime, outpacing ABC and trailing only CBS and NBC. In a press release citing Nielsen ratings, FOX News Channel says it remained cable’s highest-rated network in total day and primetime with total viewers and the top rated in total day with the 25-54 demo. FNC surpassed CNN and MSNBC combined with total day and primetime viewers and was number one in all of cable with total day and primetime viewers. FNC also ranked number one in cable news in primetime viewers for the 19th month in a row and notched 96 of the top 100 cable news telecasts for the month. In total day, FNC delivered 1.5 million viewers, 211,000 with the 25-54 demo and 128,000 with the 18-49 demo. In primetime, FNC netted 2.3 million viewers, 311,000 in the 25-54 demo, and 189,000 with the 18-49 demo. The network also delivered the top four programs in cable news with viewers and the top 15 of the top 16 cable news programs in the 25-54 demo. FNC’s late afternoon offering “The Five” continued as the top-rated show in viewers for the fifth consecutive month and finishing first in cable news for the last eight out of nine months. “Tucker Carlson Tonight” continued as the highest-rated program in cable news in the younger 25-54 demo, averaging 3.3 million viewers and 486,000 in the demo, as well as 301,000 in the 18-49 category throughout July. “Hannity” scored 2.9 million viewers, 397,000 in the 25-54 demo and 235,000 among adults 18-49, achieving the third most-watched program in all categories and outpacing the competition on MSNBC and CNN combined.

John Mullen Named General Manager for Hofstra University’s WRHU-FM. Broadcasting professional and educator John T. Mullen is named general manager for Hofstra University’s student run radio station WRHU-FM 88.7 Radio Hofstra University, effective September 1. Mullen has been serving as the station’s operations manager. Lawrence Herbert School of Communication Dean Mark Lukasiewicz says, “John has been an important part of the growth and success of WRHU since he joined the station in 2005, spearheading the station’s longstanding relationship with the New York Islanders and other professional sports franchises, and steering the application process for the station’s many industry awards – most notably, three NAB Marconi Awards over the past several years. As a mentor and advisor, he has helped hundreds of students develop skills, build confidence and prepare for careers in broadcasting and other industries, accomplishments that are at the core of WRHU’s mission at Hofstra. John is stepping into a role largely created and defined by outgoing general manager Bruce Avery, who departs with our profound thanks for leading WRHU and its students to such great accomplishments over his more than three decades at Hofstra. I could not imagine a better candidate than John to take the reins from Bruce, and to launch a great new chapter in the storied history of WRHU Radio Hofstra University.”

TALKERS News Notes. WOAI, San Antonio-based, nationally syndicated talk host Joe “Pags” Pagliarulo is sitting in for Sean Hannity on Premiere Networks’ “Sean Hannity Show” today (8/31)…..iHeartMedia announces that the podcast “StraightioLab” – hosted by comedians George Civeris and Sam Taggart – joins the iHeartPodcast Network as part of iHeartMedia and Will Ferrell’s Big Money Player’s Network. “StraightioLab” is described as an intellectual podcast where the two “unpack the rich, multi-colored tapestry of straight culture. In each episode, George and Sam are joined by a guest to hold a mirror to society and finally get to the bottom of mysterious and perverse topics such as college fraternities, gender reveal parties, the military, themed restaurants, and the concept of ‘the holidays.’”…..Audacy’s Cadence13 names longtime Hollywood executive Patton Valentine to oversee intellectual property adaptation strategy across its original content divisions. The company says it has ambitious plans for adapting its hit audio documentary and scripted storytelling IP into the world of film and television, with many projects already in the works. Valentine joins Cadence13 from Ley Line Entertainment, where he served as head of television…..iHeartMedia chairman and CEO Bob Pittman and COO and CFO Rich Bressler will participate in a question and answer session during the BofA Securities 2022 Media, Communications and Entertainment Conference on Thursday September 8 at 4:10 pm ET. A live webcast of the session will be available to the general public at the start of the session through a link on the Investors homepage of iHeartMedia’s website.

Trump Documents Investigation, Russia-Ukraine War, Biden’s Student Loan Plan, Jackson Water Woes/Western Heatwave, and Mikhail Gorbachev Dies Among Top News/Talk Stories Yesterday (8/30). The U.S. Justice Department’s battle with former President Donald Trump over the document search of Mar-a-Lago; the ongoing Russian invasion of Ukraine and its effect on Europe’s natural gas supply; criticism of President Joe Biden’s student loan forgiveness program; the potable water supply problems in Jackson, Mississippi and the heatwave forecast for the U.S. West; and former USSR leader Mikhail Gorbachev dies were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.

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Friday, June 3, 2022

NOW POSTED: This Weekend’s Installment of “The Michael Harrison Wrap: An Overview of the National Conversation.” The latest installment of the one-hour weekend special, “The Michael Harrison Wrap,” that looks back each week at the hottest topics discussed in American talk media per the research of TALKERS, is now posted. This new episode titled, “Short Week,” looks back at this past week of 5/30 to 6/3. The program features guests (in order of appearance): Kevin Casey, executive editor, TALKERS; Harry Hurley, talk show host, WPG, Atlantic City, NJ; Joe Thomas, talk show host/program director, WCHV, Charlottesville, VA; Renee Kohanski, M.D., forensic psychiatrist/podcaster, MDEdge Psychcast; Steve Weisman, law professor, Bentley University, Boston/founder Samicide.com; and Daliah Wachs, M.D., physician/talk show host, Genesis Communications Network. The show airs weekends on WONK-FM, Washington, DC; WTIC, Hartford; KSCO, Santa Cruz, CA; KDFD, Denver; KFNX, Phoenix; KTLK-FM, St. Louis; WPG, Atlantic City, NJ; SuperTalk 99.7 WTN, Nashville; KMZQ, Las Vegas;  WTPL, Manchester, NH; WEMJ, Laconia, NH; WTSN, Dover-Portsmouth, NH; WVLY, Wheeling, WV; WTRW-FM, Scranton/Wilkes Barre, PA; WVOX, Westchester, NY; KBDT, Dallas; WGDJ, Albany, NY; WJFN-FM, Richmond, VA; WZFG, Fargo; KTGO, Tioga, ND; KWAM, Memphis; K-NEWS, San Luis Obispo; WGMD, Rehoboth Beach, DE; WCHM, Clarkesville, GA; WPHM, Port Huron, MI; KSYL, Alexandria, LA; KTOE, Mankato, MN; WCED, DuBois, PA; K-NEWS 101.3, Owensboro, KY; WWTK, Sebring, FL; WSAR-AM/FM, Fall River, MA; WIZM-AM/FM, La Crosse, WI; WMVA, Martinsville, VA; KQEN, Roseburg, OR; the Virginia Talk Radio NetworkCRN Digital Talk Radio NetworkPodcast Radio UK and many more. To listen to this week’s episode, please click here. To view the latest TALKERS topic research, please click here. “The Michael Harrison Wrap” is now available in syndication via Talk Media Network to stations across America on a market exclusive basis. For affiliation information, please click here or call 616-884-8616.

 

Wynter and Massey Promoted to Full Time at WSB, Atlanta. As reported by Rodney Ho in the Atlanta Journal-Constitution, air personalities Shelley Wynter and MalaniKai Massey are joining the Cox Media Group Atlanta staff as full timers. They began co-hosting “Word on the Street” on news/talk WSB-AM/WSBB-FM on a weekly basis back in 2019. Later, the program was given nightly status airing at 9:00, but conservative Wynter and more liberal Massey remained part-time employees. Along with this promotion, “Word on the Street” assumes the 7:00 pm to 10:00 pm slot, effective June 13. Massey tells the AJC that getting the full-time status was a “test of faith and endurance and perseverance. There were times I wanted to quit and give up before I was on WSB. But I kept pushing and keeping an eye on the prize. This has been very emotional.”

 

Alex Jones Trial Damages Phase Set for September After Bankruptcy Scheme Fails. Several reports, including this one from Kate Marino at Axios, reveal that Alex Jones’ attempt use bankruptcy laws to avoid what could be large damages paid to families of the Sandy Hook school massacre victims, has failed and the September damages trail in Connecticut remains  scheduled. At issue here was Jones’ strategy to use a new subchapter of the U.S. bankruptcy code to declare Chapter 11 for three of his companies that did little or no business and thereby triggering an “automatic stay” on the case. But the subchapter was designed to help struggling small business delay payments to creditors while reorganizing and not as a strategy to simply delay a trial. In addition to the Justice Department’s bankruptcy watchdog seeking to dismiss the bankruptcy cases for Jones’ companies, the Sandy Hook families also dropped their suits against those companies but are continuing to seek damages from Alex Jones himself. The piece notes that in the Connecticut state court damages trial, “Jones may face much higher penalties than the $10 million he offered in the bankruptcy deal.”

 

Alpha Media Flips CHR KTFM to Sports Talk as Simulcast of KZDC-AM in San Antonio. Sports talk outlet KZDC-AM “San Antonio Sports Star” gets a full-market FM signal as Alpha Media flips CHR KTFM at 94.1 to a simulcast of KZDC. Afternoon host Jason Minnix writes a blog piece on the station’s site announcing the additional signal. He says, “Moving to 94.1 is huge – the signal is 37 times bigger than what we had yesterday. You know I am a music guy so this is like a band that started playing clubs, moved to arenas and is now playing massive stadiums. Like going from Wolff Stadium to Jerry’s World… This move to 94.1 gives San Antonio one of the biggest sports stations signal wise in the state. Dallas has a sports station with a bigger signal. Houston doesn’t. Austin doesn’t.”

 

TALKERS News Notes. In a move announced by the company’s board of directors, Saga Communications declares a quarterly cash dividend of $0.20 per share, an increase from the previous quarterly dividend of $0.16 per share. This dividend will be paid on July 1, 2022, to shareholders of record on June 13, 2022. The aggregate amount of the payment to be made in connection with the quarterly dividend will be approximately $1.2 million. The quarterly cash dividend will be funded by cash on the company’s balance sheet. Including this dividend, the company will have paid over $79 million in dividends to shareholders since the first special dividend was paid in 2012…..iHeartMedia and acclaimed film and television producer Meryl Poster, the founder of Superb Entertainment, announce the season two launch of “Call Your Grandmother,” the show that features New York grandmothers – 83-year-old Ellin Grodsky and 92-year-old Rita Kaye – and celebrates Jewish grandmothers and the irreverent qualities that make them natural comedians…..Mark Fratrik, Ph.D., BIA Advisory Services’ SVP and chief economist, is retiring from the company, effective June 30. BIA says he’ll continue as a strategic advisor and analyst to the company offering continuity for the firm’s forecasting, insights and analytics services that will now be led by Nicole Ovadia, VP of forecasting and analysis. BIA CEO and founder Tom Buono comments, “When I look at the accomplishments of BIA over Mark’s 21-year tenure at BIA, there’s a direct correlation between our success and Mark’s dedication and expertise. Mark’s competence in analyzing the economic forces driving the local media industry has guided our forecasting efforts and allowed us to continuously deliver high-quality, reliable data and insights. His analyses have been integral to informing and influencing decisions at the highest levels of our industry and the government, and his service to BIA has been immeasurable.”

 

Mass Shootings Top News/Talk Story for Week of May 30 – June 3. The recent spate of mass shootings and the controversy over gun control legislation was the most-talked-about story on news/talk radio this week, landing atop the Talkers TenTM. At #2 this week was a tie between the state of the economy, the national mood, and Elon Musk’s battle with Tesla employees, followed by the infection rate of COVID-19 cases at #3. The Talkers TenTM is a weekly chart of the top stories and people discussed on news/talk radio during the week and is the result of ongoing research from TALKERS magazine. It is published every Friday at Talkers.com. See this week’s complete chart here.

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Monday, April 18, 2022

Monday Memo: Spring Cleaning. “You’re expecting a metaphor,” Holland Cooke reckons. “When a consultant says, ‘Spring Cleaning,’ you brace for a checklist of tough choices when Spring ratings come in.” But HC says, “Take me literally,” as he wistfully chronicles procrastination you can likely relate to. Read more here.

 

Pending Business: The Anecdote. Radio sales pro Steve Lapa writes today about the value of a relatable anecdote in the talk radio sales process. He compares the focus a golfer has when playing the game to the connection hosts have with listeners. “Think about the engagement level of your listener with their favorite talk show host. The outside world shuts down for a brief moment as that listener is focused on what your host is saying. The host presents the content in a way that helps the listener shut out their daily distractions and engage with the host, guest and callers.” Read more here.

 

Key Networks and Beasley Partner to Offer Features for Sports Talk and Music Stations. This partnership between Key Networks and Beasley Media Group will make the features “Esports Quick Hits” and “Game Pop” available to sports talk stations and music stations, respectively. The 30-second segments are produced by Benztown and “deliver high energy, entertaining video gaming and pop culture content that ties esports to the traditional sports world by keeping listeners up to date on the latest esports and pro-gaming news.” The two companies announce that SportsMap Radio will be airing the feature on more that 100 U.S. stations on the SportsMap network four times a day every Monday through Friday. Beasley Media Group CEO Caroline Beasley says, “Beasley Media Group and our Beasley Esports division couldn’t be more excited about this new partnership! Key Networks is very aligned with us on developing and distributing next-generation content that reflects the growing popularity of digital sports.” Key Networks COO Dennis Green adds, “Key Networks continues to partner with best-in-class brands, and we are delighted to bring the esports features ‘Quick Hits’ and ‘Game Pop’ to stations across the country. Our partners at Beasley Media Group discovered early on that esports appeals to a young audience that continues to grow by leaps and bounds. Now is the time to get on board, as the future for esports is NOW!”

 

Report: Alex Jones’ Infowars Files for Chapter 11 Protection. According to a story by Bloomberg, Alex JonesInfowars is seeking Chapter 11 protection in Southern Texas, “with liabilities of as much as $10 million, according to a court filing.” The story notes that Alex Jones and his companies were found liable in a defamation lawsuit in Connecticut that was brought by families of some of the children killed in the 2012 Sandy Hook school massacre. The families testified that they were harassed by fans of Jones’ program after Jones claimed that the families were paid crisis actors and that no children actually died. Jones has since stated publicly that he knows the massacre actually took place. Jones is awaiting the next phase of the case as the trial will determine the damages. Jones was also found liable in a similar case filed in Texas.

 

Devon Doers Named VP of Sales for iHeartMedia Twin Cities. Radio sales pro Devon Doers joins iHeartMedia as vice president of sales for the Minneapolis station group that includes news/talk KTLK-AM and sports talk KFXN “KFAN,” plus five music brands. Doers comes to iHeartMedia from Townsquare Media’s Bozeman, Montana operations where he’s been serving for the past eight years. iHeartMedia Minneapolis SVP of sales Bekki Yang says, “Devon’s extensive career in media, which has evolved over the years to include multi-channel marketing and digital, is what we’re most excited about.” Doers comments, “I am excited to help and be part of such a talented, experienced and great group of professionals with everyone at iHeartMedia Minneapolis.”

 

Dan Sileo and JAKIB Media Partners Extend and Expand ‘The National Football Show.’ A new deal between JAKIB Media Partners and sports talk personality Dan Sileo is announced. The new pact expands Sileo’s “The National Football Show” program by one hour to stream from 3:00 pm to 6:00 pm daily. JAKIB Media Partners president Joe Krause says, “Dan Sileo knows football and knows the stars of the game. In his expanded role, sports fans will find themselves wanting more and more from Dan Sileo.” In addition, Sileo will host, “The College Football Show” every Saturday and team up with Barrett Brooks for a bi-weekly, one-hour show called, “In the Trenches.”

 

Russia-Ukraine War, the Economy/Inflation, Weekend Gun Violence, Biden Approval Ratings, Midterms/Trump & the GOP, COVID-19, and Easter & Passover Holidays Among Top News/Talk Stories Over the Weekend. Russia’s ongoing invasion of Ukraine, the pressure on NATO, and the economic effects of the war; the state of the U.S. economy and the high price of gas and food; the shootings in Pittsburgh and South Carolina; the low approval ratings for President Joe Biden; the battle for control of Congress in November’s midterm elections and Donald Trump’s influence over the GOP; the return to mask mandates at some U.S. colleges, concerns about the BA.2 variant, and the lockdowns in Shanghai and Hong Kong; and the Easter and Passover holidays were some of the most-talked-about stories on news/talk radio over the weekend, according to ongoing research from TALKERS magazine.