Liberty Media Puts in Offer for iHeartMedia Ownership. Out of the blue, Liberty Media – controlling owner of SiriusXM and minority stakeholder in Pandora – is offering $1.159 billion for a 40% stake in the new iHeartMedia. This comes as iHeartMedia is very close to defaulting on a $103 million debt payment that could push the company into bankruptcy. As it stands, iHeartMedia is negotiating with senior creditors to arrive at a pre-packaged bankruptcy that would greatly reduce the company’s $20 billion in debt in exchange for equity. The Liberty offer is designed not to replace the current offer by senior creditors but to add Liberty to the mix. Liberty’s offer is for a 20% stake held by Liberty, another 20% held by SiriusXM, four seats on the new company’s nine-member board, and Clear Channel Outdoor would be spun off as a taxable transaction. Some experts say this offer has no chance of being accepted. Sources quoted in a New York Post story say the offer undervalues iHM’s 850 radio stations – putting its value of iHeartMedia at $7.5 billion, less than the $8.5 billion Franklin Resources places on it. Franklin is leading the senior creditors group. One source expects iHM to proceed with a bankruptcy filing on March 3.
Post Theater Columnist Michael Riedel Named WOR, New York Morning Co-Host. It’s been four months since radio talk host Todd Schnitt exited iHeartMedia’s news/talk WOR. He’d been co-hosting the morning program with Len Berman but was unable to come to terms on a renewal agreement. Now, the company announces that New York Post theater critic Michael Riedel will join Berman on 710 WOR for the “Len Berman and Michael Riedel in the Morning” program. In addition to his work for the Post, Riedel hosted the PBS program “Theater Talk” for 24 years and published the best-seller, Razzle Dazzle: The Battle for Broadway. iHeartMedia calls the new show a “four-hour variety show, showcasing the most important stories of the day to New Yorkers, including local news, entertainment, humor, political stories, and interviews with newsmakers and celebrities.” WOR program director Tom Cuddy says, “After a four-month search, we are super fortunate to have a triple-triple threat like Michael joining WOR. He has been a successful newspaper writer for decades. He co-hosted a TV show for over 20 years and now he’s joining us in a full-time capacity to pursue a lifelong passion for radio.” Len Berman is quoted saying, “I couldn’t be more excited to have Michael as my new co-host,” said Berman. I loved working with him when he was guest hosting. We come from two different worlds: Michael from newspaper and Broadway, me from TV and sports. Factor in that we don’t see eye to eye politically and I’m convinced it all adds up to entertaining morning radio.”
The Honorable Senator from California, Mr. Michael Savage? Is this just Savage shtick or is Westwood One-syndicated talk show host Michael Savage really serious about being courted to challenge Dianne Feinstein for her U.S. Senate seat? The Los Angeles Times reports Savage told his audience that “some very important people” are asking him to run for the seat as an independent, and he put the question of whether he should run to his audience. Though it’s hard to imagine the 76-year-old talk host giving up his radio show (he’d have to, right?) and traveling all over the Golden State to campaign (an exhausting business, to be sure), Savage has wasted no time in using this to express his political wish list for California. Savage says his platform would include such polarizing issues as eliminating multi-lingual ballots (English only) and building a wall on the Mexican border that would be a “citadel,” all while lowering California’s tax rate (that’s not really up to the U.S. Senate, though). The Times notes that Feinstein, who was just dealt a blow by the California Democratic Party with its non-endorsement of her as she seeks a fifth full term, has a war chest of $9.8 million.
FOX News Radio’s Todd Starnes to Moderate NRB Conference Panel. The focus of the panel will be Internet censorship and will talk place Thursday (3/1) as part of the NRB International Christian Media Convention in Nashville. FOX News Radio nationally syndicated personality Todd Starnes will moderate the panel discussion with panelists including Salem Radio Network personalities Larry Elder and Dennis Prager, plus Family Research Council president Tony Perkins, and Susan B. Anthony List president Marjorie Dannenfelser.
SRN’s Tom Tradup at World Premiere of New Christian Film. Christian musical artist Brandon Heath (left) is pictured here with Salem Radio Network vice president/news & talk programming Tom Tradup (right) last night (2/26) at the world premiere of the film, I Can Only Imagine, based on the hit song by Mercy Me. Tradup was joined on the red carpet by stars Dennis Quaid, Trace Adkins, and artists Mandisa, Michael W. Smith and others.
TALKERS News Notes. College station WRHU, Hempstead, New York “Radio Hofstra University 88.7 FM” is airing the Long Island Nets Coach’s Show every Friday at 4:00 pm, hosted by WRHU’s Bryan Clark and featuring Nets coach Ronald Nored. WRHU airs play-by-play of the NBA G League team that’s affiliated with the NBA’s Brooklyn Nets…..SiriusXM is broadcasting games from 24 NCAA Division I college basketball conference tournaments this postseason, offering live play-by-play of 134 men’s and women’s conference tournament games to a nationwide audience. It will air every men’s tournament game from the ACC, Big East, Big 12, Big Ten, Pac-12, SEC, American Athletic, and Mountain West conferences, and select games from the Ivy League Tournament. Listeners also get every game of the Women’s ACC and SEC Tournaments. Conference tournament broadcasts heard on SiriusXM are produced by ESPN Radio, Westwood One, IMG, Learfield, and Compass Media.
Gun Control Debate, Parkland Shooting Investigation, NRA vs Delta, Trump-Russia Investigation, SCOTUS Declines Trump Request on ‘Dreamers’ Policy, Universal Basic Income Proposals, Xi Jinping Power Grab, PyeongChang Winter Olympics, and NBA Action Among Top News/Talk Stories Yesterday (2/6). The debate over gun control issues in the aftermath of the Parkland, Florida school massacre; the investigation into prior complaints about Nikolas Cruz and whether police acted appropriately during the shooting; the NRA’s lashing out at Delta and other companies for ending their business relationships with the lobbying organization; the investigation into possible connections between Trump campaign operatives and Russian agents; the Supreme Court declines to rule immediately on President Trump’s wish to kill the DACA; the proposals for a universal basic income for those Americans below the poverty line; the move by Chinese president Xi Jinping to eliminate his term limit and remain president indefinitely; the post-mortem on the PyeyongChang Winter Games; and NBA 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. On-air pro Nicholaus “Niko” Petrou is named morning co-host at Entercom’s Phoenix country outlet KMLE “@ 107.9.” Niko is partnering with Nina D. for KMLE’s new “The Breakfast Buzz” program. He was most recently at the company’s New York alternative station WBMP “Alt 92.3” as APD, music director and midday personality. He also worked in NYC as evening personality at CHR WHTZ “Z100.” Niko says, “After almost 20 years in the radio industry, I’m looking forward to taking on the challenge of mornings. Given the opportunity to work with such a legendary team and station, I’m excited to bring what I have to offer to Phoenix. A huge thanks to Tim Richards, Dave Pugh, Mike Moore, Chris Oliviero and Pat Paxton for the confidence in me. Nina D. and I are going to have a blast waking up the KMLE Nation.”…..In Albany, Pamal Broadcasting is announcing two new executives who’ve joined the organization. A.J. Bodden is named market manager for the six-station radio cluster in Albany. He comes to Pamal from Townsquare Media where he managed a division of the company’s corporate live events business. Simultaneously, John Damboragian is named Pamal’s new director of digital and will oversee digital sales and assets for all of Pamal’s 23 radio stations. He was most recently digital manager for Gannett Media in New York’s Westchester County.