Tag: "free cash flow"
Premiere Networks to Syndicate “The Clay Travis & Buck Sexton Show” in Rush Limbaugh’s Old Daypart. A source at Premiere Networks confirms the story in today’s Wall Street Journal that reports Premiere will begin syndicating “The Clay Travis & Buck Sexton Show” in the 12:00 noon to 3:00 pm ET daypart, beginning June 21. Sexton, a former CIA officer and NYPD counter-terrorism expert currently hosts an eponymous 6:00 pm to 9:00 pm ET show for Premiere Networks and Clay Travis – founder of Outkick (which he just sold to FOX) – hosts the morning drive “Outkick the Coverage” show on FOX Sports Radio. Premiere Networks president Julie Talbott is quoted saying, “We’re not going to replace Rush Limbaugh, we’re going to have an evolution of the show with fresh voices — those that grew up on Rush and admired him.” Clay Travis writes a piece at Outkick today explaining that this has been in the works for months and he gives his rationale for leaving the morning sports show behind to work with Sexton on the new talk radio show.
‘News Talk 98.9 The Roar of Memphis’ to Debut on July 4. The launch of Cumulus Media’s new talk station is set for July 4 and the company announces that WKIM-FM, “News Talk 98.9 The Roar of Memphis” will be the official flagship radio station for the University of Memphis Tigers. As such, the deal with Tiger Sports Properties means the station will air every football, men’s basketball and women’s basketball game starting in August. The agreement also includes broadcasting of the weekly one-hour football and men’s basketball coaches’ shows with Ryan Silverfield and Penny Hardaway, respectively. Cumulus does not reveal the daily programming to be heard on the station outside of Westwood One’s newly launched “Dan Bongino Show.” Cumulus Memphis VP and market manager Morgan Bohannon says, “At Cumulus, we believe strongly that ‘what’s good for Memphis is good for us,’ and that commitment to our community drives all that we do. One of our most important priorities and responsibilities as a local broadcaster is to help make Memphis a better place. Becoming the flagship radio partner of Memphis Tiger Athletics, an entity that is so beloved by our city and its residents, is the opportunity of a lifetime. Cumulus Memphis has the largest live, local and homegrown team in the radio industry – all of whom are incredibly excited about becoming the radio home of the Memphis Tigers. We are thrilled to put the full power of four 100,000-watt stations behind the partnership. KIX-106, 98.1 The Max, 103.5 WRBO and the all-new ‘News Talk 98.9 The Roar of Memphis’ will work in concert to raise the level of awareness and celebrate all that is Memphis Tiger Athletics. Rebranding ‘98.9 The Bridge’ and changing the format of the station is just one more step to showcase Tiger Athletics and all that it means to Memphis. We are excited and eager to begin a new and long-lasting partnership with the University of Memphis, Learfield IMG College and Tiger Sports Properties.”
Real Estate Powerhouse/Radio Talk Show Host Dottie Herman Is This Week’s Guest on Harrison Podcast. The CEO of Douglas Elliman, one of the nation’s oldest and largest real estate brokerage firms, Dottie Herman, is this week’s guest on the PodcastOne series, “The Michael Harrison Interview.” She is also the host of a long-running talk show, “Eye On Real Estate” on WNYM, New York “AM 970 The Answer” that has evolved into a weekend radio institution in the Big Apple. Herman has received numerous high-level honors for both her executive and entrepreneurial leadership in the field of real estate and is on just about every prestigious magazine list of the most powerful women in American business. Michael Harrison says, “Dottie Herman is at the potentially explosive junction where real estate and talk radio meet. The topic is hot and getting hotter tying into all aspects of American life – politics, economics, business, education, and the entire menu of news/talk radio staples. Not to mention, it can attract advertisers from a wide array of industries from banks to home maintenance. Dottie Herman brings the ‘wise woman’ persona reminiscent of some of radio’s greatest talk performers and on-air advisors into a modern context. We discuss everything from her dramatic childhood to her dynamic self-made career as a real estate giant to her role in talk radio including the economy, her perspective on Donald Trump based on her relationship with him in the real estate business, and entrepreneurism in America.” To listen to the podcast in its entirety, please click here.
WVHU, Huntington, West Virginia’s Tom Roten Celebrates 20 Years. Talk radio personality Tom Roten, known to his listeners as “The Straight Shooter,” celebrates his 20th year hosting the morning show on iHeartMedia’s WVHU, Huntington “NewsRadio 800.” Roten began his career with WVHU in 1991 when he began his 15-year stint as the station’s sports play-by-play announcer. In June of 2001, when the station switched to news/talk, Roten became the morning drive host. Roten recalls how he transitioned to the morning show. “I was wrapping up a high school basketball broadcast when I saw a recently elected first-time member of Congress waiting with other parents for her son to come out of the locker room. I asked Rep. Shelley Moore Capito to join me for the postgame report. We talked about the game of course, but I also asked her about being sworn into the U.S. House just a month prior. I didn’t realize it at the time, but members of management were listening to the interview and had been looking for a local morning talk host to fill out the lineup of the station’s new talk format. We had Rush Limbaugh, but the rest of the lineup was still up in the air.” He was offered the morning gig and agreed to try it for a year. About his 20-year morning talk career, he says, “It’s hard to believe really. I’m blessed to have had this opportunity and I’m thankful the listeners and advertisers have stuck with me in my quest to deliver truth, opinion, and, hopefully, some entertainment. Talking about what’s going on in our region and in the nation from a local perspective has helped me bond with my listeners.”
Cumulus Media Moves to Pay Down $175 Million in Debt. The company announces it is taking steps to pay down $175 million of debt using cash on hand. Cumulus Media president and CEO Mary Berner says, “As I noted on our recent earnings call, the continuing improvement in economic and public health conditions is fueling very encouraging momentum across all our businesses. Against that backdrop, we are accelerating debt repayments, which will de-lever the balance sheet more quickly, reduce interest expense, and further increase our free cash flow. Since emerging from bankruptcy in 2018, we have reduced our net debt by almost $600 million, despite the impact of a global pandemic. Looking ahead, our better leverage profile and more than $200 million of available liquidity will provide us meaningful financial flexibility as we continue along our strong rebound trajectory. Cumulus Media’s strong competitive position, proven track record of solid execution, numerous revenue growth drivers, and ability to consistently generate significant free cash flow give us multiple pathways along which to grow shareholder value in the short- and long-term.” On May 17, Cumulus completed a $60 million repayment of its ABL Revolver due 2025, which represented the entirety of the amount outstanding under the facility. Following the paydown, the ABL Revolver due 2025 is undrawn and available as liquidity for general corporate purposes. Cumulus was required by the terms of its debt agreements to make mandatory debt prepayments from the proceeds of its previously announced sale of land in Bethesda, MD, in June 2020 and sale of towers and related assets in September 2020, after giving effect to a right of reinvestment. On May 25, the company paid down approximately $89 million of its Term Loan Credit Facility due 2026 related to this mandatory prepayment obligation. Approximately $65 million of the prepayment related to the Land Sale, and approximately $23 million of the prepayment related to the Tower Sale. Additionally, pursuant to the terms of its 6.75% Senior Secured First Lien Notes due 2026, the company launched a tender offer for the Notes at par for approximately $26 million, which represents the pro rata amount required to be offered from the proceeds of the Tower Sale. Following the expiration of the tender offer, any amounts that remain untendered will be directed toward an additional prepayment of the Term Loan.
TALKERS News Notes. Former President Donald J. Trump has been making appearances on talk radio programs recently, including a guest spot on the USA Radio Network-syndicated “Wayne Allyn Root: Raw and Unfiltered.”…..Audacy’s Cadence13 announces the launch of a new, weekly podcast titled, “That Thing I Do,” starring Grammy-nominated bassist Este Haim and Emmy Award-winning actor Darren Criss on which the close friends will share their mutual love of music, pop culture, and more with special guests. “That Thing I Do” will be a “raucous deep-dive into the funny and strange quirks of those successful people, and an investigation of what it is about ‘that thing they do’ that makes them who they are.”…..On Tuesday, June 1 ABC News kicks off Pride Month with the two-episode premiere of its first LGBTQ+ issue-focused podcast, “Life Out Loud with LZ Granderson.” The ABC News contributor says, “We lost so many stories to the AIDS epidemic, violence, harassment and silence due to fear. I’m passionate about creating a space to capture these underreported stories and untold oral histories, while also celebrating the joys of living ‘life out loud’ and where we’re going as a community.”…..WGN-AM, Chicago host and contributor Dane Neal will broadcast live from the Indianapolis Motor Speedway on Sunday (5/30), 6:30 am to 10:00 am, leading up to WGN’s coverage of the 105th Indianapolis 500. IMS president J. Douglas Boles says, “We welcome Dane Neal and WGN back home to the Indianapolis Motor Speedway for the 105th Running of the Indy 500 for a live pre-race show followed by the live race broadcast. Chicago’s Very Own has such a rich tradition with the ‘500’ and the Speedway, as it was a broadcast pioneer by starting its coverage of the race nearly 100 years ago.”…..The GCN-syndicated “Dr. Daliah Wachs” show is added to the program schedule at Ultimate Caps Inc’s KBFS-AM, Belle Fourche, South Dakota and KYDT-FM, Pine Haven, Wyoming.
San Jose Mass Shooting, COVID-19 Origin Controversy, January 6 Commission, Trump Org Grand Jury, Election Audits, Inflation Fears, Gaza Cease-Fire/Anti-Semitic Violence, Border Crisis, and Biden-Putin Meeting Among Top News/Talk Stories Yesterday (5/26). The shooting deaths of 8 people at a rail yard in San Jose; the growing call for investigation into the origin of the coronavirus and China’s pushback over the lab leak theory; the GOP’s hesitation over creating a January 6 Commission to investigate the Capitol invasion; Manhattan DA Cyrus Vance Jr. convenes a grand jury to consider indictments in the criminal investigation of the Trump Organization; the 2020 election audits taking place in New Hampshire and Arizona; soaring consumer prices and fears of inflation; the cease-fire in Gaza and instances of violence against Jews in the U.S. and abroad; the crush of migrants at the U.S.-Mexico border; and the planned meeting between Joe Biden and Vladimir Putin were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
Chris Oliviero Returns to Entercom as SVP/Market Manager for New York. It’s been almost two years since Chris Oliviero left his EVP of programming role with Entercom. On June 1, he returns to the company’s New York offices as senior vice president and market manager for the station group that includes all-news WINS-AM and WCBS-AM, sports talk WFAN-AM/FM, and alternative WNYL “ALT 92.3,” classic hits WCBS-FM, and country WNSH-FM. He assumes the role previously held by Susan Larkin, who was promoted to company chief operating officer. Larkin says, “Chris is an exceptional leader with proven success developing talent, growing many of our leading brands, and building a thriving culture. We’re thrilled to welcome him back to take the helm of his hometown where his energy, passion and drive will help further raise the bar of excellence in the top media market in the country.” Oliviero originally transitioned to Entercom as the company acquired the CBS RADIO properties. He worked for CBS for 22 years and was a senior manager for CBS for years. He comments, “Radio in New York is an incredibly special place, so to have the chance to return to a collection of the most iconic and influential brands on the dial is humbling. Our stations are in many ways the soundtrack of the city. I am confident that along with all my Entercom New York colleagues we will add to this legacy. I can’t wait to reconnect with so many old friends and of course meet new ones as well.”
Sandhill Media to Launch New Talk Station in Idaho Falls; Neal Larson and Julie Mason Recruited for Mornings. There’s no exact launch date set for the new format but Sandhill Media Group says it will move its CHR format off KAOX-FM, Idaho Falls and install the new “Newstalk 107.9 FM” format with market morning duo Neal Larson and Julie Mason as hosts of the AM drive show. Larson and Mason left their positions with Rich Broadcasting’s crosstown news/talk KID last month. The station plans to air Westwood One’s Mark Levin program as well as other national programs. Neal Larson is also serving as program director for the station. He says, “We’re thrilled at the opportunity to not just continue doing what we love to do, but also join the great and talented team at Sandhill and build something from the ground up. It is a unique opportunity at a truly unique time in our community, state, and country. We can’t wait to unveil to the whole region what we’re putting together.” Mason adds, “While being part of a brand-new station is an incredible opportunity, what we really love is what happens after – building a community of informed and loyal listeners on one side, and also watching that audience create huge value for our advertisers on the other.” Station OM Will Kezele, says, “We have a fantastic core of music stations here at Sandhill, but the one piece we’ve been missing is a news/talk station. This is our moment to fill that void and create something that will be a valuable part of east Idaho for many years to come.” Sandhill will move the CHR format to KAOX-HD2/K286BU at 105.1 FM.
Kim Guthrie to Leave Cox Media Group President and CEO Post. This change comes as a surprise to industry watchers and one has to wonder what caused Cox Media Group president and CEO Kim Guthrie to decide to “move on from the organization after a 22-plus year career with the company.” In a press release, CMG says executive chairman Steve Pruett will serve as interim CEO until a permanent CEO is named. He says, “On behalf of the board of directors, we would like to thank Kim for her decades of service to Cox Media Group and her leadership during the company’s transition to new ownership. She has been instrumental in positioning CMG for future success as an industry-leading media company.” Guthrie, who will work with Pruett on an orderly transition, comments, “We have built a strong foundation for future growth, including an exceptional senior management team, a successful carveout from Cox Enterprises, and deep, long-term relationships with our communities, customers and partners. I have full confidence in this great team at CMG and I look forward to watching CMG’s future achievements.”
Saga Communications Reports Q1 Financials; Net Revenue Dips 6.5%. The first broadcasting company to report its first quarter 2020 financial data is Saga Communications, Inc and its report comes with a huge caveat – this report doesn’t reflect the hit the company has taken from April 1 to now. Saga states net income increased to $1.7 million from $1.4 million in the first quarter of 2019, an increase of 20.3%. However, net revenue was $26.1 million for the quarter, a decrease of 6.5% from Q1 2019 in which net revenue was $27.8 million. Free cash flow was $1.5 million for the quarter ended March 31, 2020 compared to $2.6 million for the same period last year. Saga reports having $47 million in cash on hand as of May 4, 2020. It says in its report, “The COVID-19 global pandemic continues to spread, and state and local ‘shelter-in-place’ orders in the states where we operate have impacted and restricted various aspects of our business. Our operations are functioning, subject to regulated restrictions and safety constraints we have enacted in order to protect our employees and customers. As a result of the current challenging economic conditions, our reported results for the three months ended March 31, 2020 are not reflective of current market conditions. The company’s advertising revenue has declined significantly as a result of the pandemic and these unfavorable trends have continued into May and June. While we cannot reasonably estimate the length or severity of this pandemic, an extended economic slowdown in the U.S. could materially impact our consolidated financial position, consolidated results of operations, and consolidated cash flows in fiscal 2020 or beyond.”
PPM Analysis: Extra. TALKERS magazine managing editor Mike Kinosian presents the “Extra” edition of his monthly study of Nielsen Audio’s 6+ ratings data from the March 2020 PPM survey. He says this “Extra” coverage of each PPM sweep in the foreseeable future will uniquely detail month-to-month shifts among news/talk; all-news; public radio news/talk; and sports talk stations. Among this month’s data is: A ranking of the strongest spoken-word markets among the 48 PPM markets – #1 is Washington, DC, followed by Boston at #2 and San Francisco at #3; a ranking of the markets that most improved over the February 2020 PPM survey – Portland saw a 4.0 share gain from month to month, with Seattle close behind with a 3.8 share improvement; a ranking of the stations that achieved the highest increase from February to March – Entercom’s WBBM-AM/WCFS-FM, Chicago is the winner here; as well as a look at the stations losing the most ground, month to month (hint: sports talk). See the entire report here.
Entercom All-News Stations Honored with Awards. Two of Entercom’s all-news stations were recently honored for programming quality. KCBS-AM/KFRC-FM, San Francisco garnered 10 2019 Associated Press Television and Radio Association Awards – eight first place awards and two second-place awards. KCBS won first place for Outstanding News Operation, Best Evening Newscast, and Best Spot News Coverage, among others. Meanwhile, the company’s WINS, New York took home three 2020 Excellence in Broadcasting Awards first-place honors from the New York State Broadcasters Association. “1010 WINS” won for Outstanding Spot News, Outstanding Newscast, and Outstanding Use of Digital Platforms.
COVID-19 Statistics and Projections, Rush to Re-Open, Scrutiny of China’s COVID-19 Response, Presidential Race/Joe Biden Allegations, and Financial Markets Activity Among Top News/Talk Stories Yesterday (5/5). The number of confirmed COVID-19 cases in the U.S. and the death toll plus the projections of future cases; the debate over ‘lives vs livelihood’ as states begin to re-open their economies; the accusations that China tried to hide the coronavirus outbreak; the presidential race and Tara Reade’s allegation of sexual assault against Joe Biden; and activity among the world’s financial markets were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
TALKERS News Notes. Nobody covers the New York City sports radio scene more colorfully than the New York Post’s Andrew Marchand, and in today’s column he speculates about the possible return of former WFAN-AM/FM morning personality Craig Carton now that radio executive Chris Oliviero is returning to Entercom as SVP and market manager of its New York stations. Of course, Carton is currently serving a three-and-a-half-year prison sentence after being convicted of fraud in a concert tickets Ponzi-scheme. Marchand notes that Oliviero and WFAN program director Mark Chernoff put together the team of Boomer Esiason and Carton back in 2007…..ABC News’ “World News Tonight” anchor David Muir interviewed President Trump in Phoenix on Tuesday as the president was in the city visiting a plant that makes face masks. Muir is featured on ABC Audio’s “Start Here” podcast with host Brad Mielke speaking about his interview with the president…..Entercom launches a daily “I’m Listening” capsule. The 60-second public service announcements, an extension of the company’s annual, yearlong “I’m Listening” mental health awareness initiative, features the voices and thoughts of artists, celebrities, media hosts, and mental health specialists. The daily capsules will feature singer and songwriter Halsey; former American Olympic swimmer Michael Phelps; singer, rapper, songwriter and flutist Lizzo; singer, songwriter and multi-instrumentalist Allessia Cara; rock band Blink-182; Rock and Roll Hall of Fame inductee and former Nirvana member Krist Novoselic, and more to help listeners navigate the complexities of this global health pandemic…..Three new iHeartRadio Original Podcasts launch today. “Fierce,” co-produced by Tribeca Studios, is hosted by Jo Piazza and explores the stories of extraordinary women who never made it into history books; “Flashback: History’s Unintended Consequences” in conjunction with OZY Media, is hosted by OZY’s Sean Braswell who explores disastrous turning points, dangerous ideas, crazy coincidences, unsung heroes, and forgotten villains in history; and “The Trend Reporter,” hosted by four-time Emmy award-winning TV personality and journalist Mara Schiavocampo, is a weekly show that will help listeners figure out which wellness, beauty, style, and fitness trends are actually worth trying…..Cumulus Media’s Westwood One Podcast Network welcomes two shows to its platform: “The Stacking Benjamins Show,” with host Joe Saul-Sehy and co-host Josh Bannerman teaching listeners about personal finance through headlines, guest experts, and plenty of humor. The hour-long, magazine-style show drops each Monday, Wednesday, and Friday; and the spin-off program “Money with Friends” with Joe Saul-Sehy and Bobbi Rebell who are joined each season with a rotating cast of thought leaders providing fresh perspectives and unique insights to the personal finance news and issues discussed on the podcast.
Music Radio News and Career Moves. In Jacksonville, iHeartMedia launches a regional Mexican format branded “El Patrón 97.3” on translator W247CF (fed by WKSL-HD2). The translator had been fed by sports talk WFXJ-AM. Jacksonville iHeartLatino GSM Jorge Lopez says, “I am grateful to be part of a company that sees Hispanic growth in Jacksonville, by adding another radio station and Hispanic brand to our market. With this launch, we confirm our commitment to the community and our solid growth in the communications industry in North Florida, covering 100% of the Hispanic market with our ‘Rumba’ brand and now with ‘El Patrón.’”…..SiriusXM launches the “Mandatory Metallica” channel through the month of May featuring the band’s biggest songs, rarities, and concert recordings from throughout its history. The channel is embarking on a 30-date “virtual Metallica tour,” which will air a daily concert from the band on tour around the globe, including the band’s exclusive SiriusXM concert from 2013 at the Apollo Theater in New York City and their 2016 concert at New York City’s Webster Hall.