Tag: "Greg Kelly"
Entercom Renews with Bloomberg News for Service to All-News and News/Talk Stations. The extension of this companywide deal between syndicator Key Networks, business news provider Bloomberg Radio and Entercom Communications keeps Bloomberg Radio’s business and consumer news on the majority of Entercom’s 26 all-news and news/talk stations, including 1010 WINS in New York, KNX-AM in Los Angeles, WBBM Newsradio in Chicago, and more. Under the new agreement, Bloomberg Radio will continue to provide Entercom stations with access to its world-class news content, including live, customized reports, “Bloomberg Money Minutes,” and Bloomberg specialty features including: “Bloomberg Business of Sports,” “Green Report,” “Small Business Report,” “Real Estate Report,” and more. Entercom vice president of news Bill Smee says, “As the unrivaled leader in local news radio, powered by some of the most iconic brands across the country, we’re proud to extend our partnership with Bloomberg Radio. Our news stations are committed to serving as a trusted source of vital information for our millions of listeners, and this partnership will continue to enhance the content they turn to on a daily basis.” Key Networks chief revenue officer Dennis Green adds, “It is a privilege to bring the most in-depth business and financial news reports to Entercom stations that are best in class from coast to coast. This partnership brings Bloomberg-created content to listeners and advertisers and we look forward to building on this successful partnership with Entercom.”
Townsquare Media Repurchases Oaktree Capital Management’s Stake in Company. Spending $80.4 million in cash, Townsquare Media, Inc repurchases the entirety of Oaktree Capital Management L.P.’s 12.6 million shares and warrants of the company at $6.40 per security and retires those securities. Townsquare repurchases 100% of Oaktree’s 12.6 million shares and warrants, comprising 1.6 million shares of Class A common stock, 2.2 million shares of Class B common stock, and 8.8 million warrants. The purchase price of $6.40 per security reflects a 39% discount to the closing price of the Class A common stock on Tuesday, March 9, 2021, and a 19% discount to the pre-announcement share price. In addition, Townsquare will pay Oaktree a $4.5 million consent fee related to the transaction in four installments, the first of which is due on April 1, 2021. Following the repurchase, Townsquare has approximately 16 million securities outstanding, inclusive of common stock and warrants. Townsquare CEO Bill Wilson says, “We could not be more pleased to share that given our strong cash position, we were able to repurchase 100% of Oaktree’s ownership interests in Townsquare, capturing a strong return for our shareholders. This is a beneficial transaction for our investors and the company. The Oaktree share repurchase is significantly accretive on an earnings per share and free cash flow per share basis in 2021, and entirely eliminates Oaktree’s ownership overhang for current and potential shareholders. We thank Oaktree for their long-term support of our company. We look forward to discussing our fourth quarter and year-end 2020 results as well as our first quarter 2021 outlook on our earnings call next week.”
Appleton Rock Station Fires Host for Limbaugh Comments. Rock WAPL-FM, Appleton, Wisconsin has fired longtime morning drive co-host Len Nelson, two weeks after it suspended him for a social media post in which, after opining about Rush Limbaugh’s effect on conservative politics, he closed with the statement “the world is a better place without Rush Limbaugh.” Nelson announced his dismissal with the following Facebook post: “My longtime WAPL radio partner, Rick McNeal, posted some nice words which I’m sharing here regarding my firing today and about our years together. I could not have asked for a better person, nor one more funny than he to have worked with. I am sad that it ends this way and that it puts so much pressure on Rick and the rest of my coworkers. But Rick is resilient, and our fans should rally to him as so many of you have rallied to me. Like I said in my previous post here, none of the air and sales staffs should be blamed for any of this. I put them in this situation, and I will regret that forever. As listeners and advertisers, you can make your own decisions but, in the end, WAPL and Woodward Radio Group are made up of lots of fine people with whom I shared decades of fun and profit. That hasn’t changed. Give them the respect they deserve and give Rick and Carol and whomever else will comprise the new morning crew a chance to entertain you and to serve you as clients. I know Rick is up to the challenge as is the rest of the WAPL team. Very little individual success ever happens without a team effort and I was fortunate to have a great team on which to play. I sincerely thank each of them for that.”
WABC, New York Officially Announces Greg Kelly Joins Station. In a move that was first revealed in the New York Post, Red Apple Media’s news/talk WABC, New York brings Greg Kelly aboard to host the station’s 1:00 pm to 3:00 pm program. Kelly is also host of the 7:00 pm ET “Greg Kelly Reports” program on Newsmax TV. Kelly is a former U.S. Marine who has served with television outlets NY1 and WNYW-TV “Fox 5 News” in New York. Red Apple Media CEO John Catsimatidis says, “Greg Kelly is a broadcast veteran with a tremendous portfolio of experience in media. He is dynamic on the air, entertaining, and will bring listeners what they want to hear in a style that is uniquely his own. Greg Kelly is a terrific addition to our daytime radio programming and will bring along with him a loyal audience who appreciates his perspective on the political current events. We are happy to have him aboard.” Kelly is filling in for Curtis Sliwa, who is running for mayor of New York. Regarding Sliwa’s status with WABC, the station previously said, “77 WABC celebrates what is great about America. We support our democracy and our right to vote, fair elections, and the American process. It is with that in mind that, while Curtis Sliwa is a candidate for the Office of the Mayor of New York City, his radio show, podcast, and all related contributions to 77 WABC Radio are on hiatus.” Catsimatidis added, “WABC recently received notice that a longtime member of our WABC family, Curtis Sliwa, is officially running for mayor. Therefore, Curtis is currently on leave pending his mayoral bid. We wish him and all of the candidates good luck in the upcoming race. If Curtis is not successful, we look forward to him rejoining the WABC family.”
Entercom Announces Acquisition of Podcorn. This transaction puts the value of Podcorn at $22.5 million with an upfront cash payment of $14.6 million and a performance-based earnout over the next three years. Podcorn is a self-service marketplace that allows podcasters to connect with advertisers for native sponsorships. Entercom chairman, president, and CEO David Field says, “The acquisition of Podcorn expands Entercom’s product offering for advertisers and builds on our position as one of the country’s three largest podcast publishers and the #1 creator of original, premium audio content. By making it easier for brands to collaborate with targeted podcast creators of all sizes, we are addressing an important market opportunity in the fastest growing segment of media.” Podcorn’s marketplace includes nearly 40,000 creators and has facilitated thousands of podcast ad campaigns. Podcorn creates an infrastructure for enabling direct podcaster and advertiser relationships, surfacing the most relevant matches to scale native branded content, drive higher ROI for brands, and enhance how podcast creators monetize their content. Podcorn was founded by Agnes Kozera and David Kierzkowski following the successful acquisition by Google of their previous company FameBit, a marketplace for video influencers where brands and YouTube stars collaborated for branded content. Kozera and Kierzkowski will continue to lead Podcorn, joining Entercom’s leadership team. Kozera says, “Given the success that podcasters and brands have seen on Podcorn, we’re excited to join Entercom’s growing audio platform to accelerate our vision and help brands and podcasters succeed in an even bigger way. Together, we hope to provide the most effective podcast influencer marketing solution for brands and become the largest driver of brand deals for podcasters of all sizes.” Entercom chief digital officer J.D. Crowley adds, “Remarkably, only a fraction of podcasts generate revenue. We want to change that. Bringing together independent creators, chart-topping talent, and advertisers under one roof – and providing the tools to streamline collaboration, transparency and efficiency – provides greater value for advertisers, creators and listeners alike.”
TALKERS News Notes. The nationally syndicated “John Batchelor Show,” emanating from Red Apple Media’s WABC, New York, leaves Westwood One and is now being syndicated by CBS News. There’s not much information available as this was done quietly, but Batchelor affiliate stations tell TALKERS magazine the change happened earlier this week…..Twin Cities radio personality, sports writer and producer Dana Wessel is joining Cumulus Media’s active rock KXXR “93X” as executive producer of the “Half-Assed Morning Show.” Wessel previously served with iHeartMedia’s sports talk KXFN-FM “K-FAN,” and Hubbard Radio’s KSTP-AM…..SiriusXM announces that “Information Overload with Vernon Reid” launches on Friday (3/12) on the Volume channel. On the monthly program, musician and Living Colour guitarist Reid sits down with artists, authors, and celebrities to explore how the power of music can help in healing and creating change. Reid will explore topics from racism and social unrest to cultural moments and the onslaught of information and misinformation in social media.
COVID-19 Stats & Vaccines, Relaxed Mandates & School Openings, Stimulus Package, Andrew Cuomo Sexual Harassment Allegations, U.S. Border Chaos, Newsom Recall, and British Royals Interview Aftermath Among Top News/Talk Stories Yesterday (3/9). The number of positive COVID cases in the U.S., concerns about variants, and the rollout of vaccines; the several states relaxing mask and occupancy mandates and the push for full school openings; Joe Biden’s $1.9 trillion stimulus package goes back to the House; the growing number of allegations of sexual harassment against New York Governor Andrew Cuomo; the growing migrant chaos at the U.S.-Mexico border; the recall effort against California Governor Gavin Newsom; and the aftermath of Prince Harry and Duchess Meghan’s interview with Oprah were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
Cumulus Media Reports 2020 Q4 Net Revenue Down 13.9%; Net Revenue for Full Year of 2020 Declines 26.7%. The second major radio company to report financial figures from the fourth quarter and the full year of 2020 (Beasley was first back on February 10), Cumulus Media reports net revenue of $245.8 million for the fourth quarter – a decline of 13.9% compared to the same period in 2019 – and full year 2020 net revenue of $816 million, down 26.7% from $1.1 billion reported in 2019. For Q4, Cumulus posted a loss of $249,000 a year after 2019’s Q4 income of $1.6 million. For the full year of 2019, the company posted a loss of $57.9 million compared to 2019’s full year income of $62.2 million. On the positive side, Cumulus reports that quarterly revenue improved sequentially from Q2 to Q4, both in total and excluding political; it achieved 9.4% year-over-year digital revenue growth (12.1% on a same station basis), driven by podcasting growth of nearly 40%; it generated $33.2 million of cash from operations for the full year; it completed two significant M&A transactions generating aggregate gross proceeds of $282 million; paid down $54.3 million of term loan and retired $47.2 million of senior notes; and finished the year with $271.8 million of cash on hand (an increase of $256.6 million compared with December 31, 2019). President and CEO Mary Berner comments, “Given 2020’s extenuating circumstances, I am extremely proud of the company’s performance and the efforts of the entire Cumulus team to meet the challenges posed by COVID-19. In the face of the pandemic, we maximized revenue performance, materially reduced expenses, generated cash through strong working capital management, and executed highly accretive divestitures that strengthened our balance sheet. As a result of these efforts and with a recovering economy, we believe that we are well-positioned to return our business to its pre-pandemic trajectory and to capitalize on strategic and financial options to best drive shareholder returns.”
Chad Benson Welcomes New Affiliate Stations. The Radio America-syndicated “Chad Benson Show” welcomes four new radio stations to its roster of affiliate stations: WP Broadcasting’s news/talk KRSY-AM, Alamogordo, New Mexico; WCED Rsdio’s news/talk WCED-AM, Du Bois, Pennsylvania; Fieldview Broadcasting’s news/talk KWBG-AM, Boone, Iowa; and VP Broadcasting’s news/talk WHOL-AM/W295CR Allentown, Pennsylvania. The Chad Benson Show is also heard on such signals as Bonneville’s KTAR-FM, Phoenix; iHeartMedia’s KSTE-AM, Sacramento; and Cox Media Group’s WOKV-FM, Jacksonville. Radio America says, “Listeners love Chad’s explanation of the day’s hard news delivered in a thoughtful and entertaining way. And that explains why Chad is featured on some of the most highly rated talk stations in the country and delivers the demos that talk radio needs most.”
Entercom and Pro Sports Teams Cooperate on ‘Vaccinate Michigan’ Effort. The Entercom Detroit station cluster that includes sports talk WXYT-FM “97.1 The Ticket,” all-news WWJ-AM “Newsradio 950,” and three music brands are partnering with the Detroit Lions, the Detroit Tigers, the Detroit Red Wings, and the Detroit Pistons to launch a new community initiative called “Vaccinate Michigan.” All five stations are airing state-approved public service announcements about the COVID-19 vaccination and its availability for Michigan residents. The “Vaccinate Michigan” announcements are voiced by various Entercom Detroit on-air personalities, show hosts, and news anchors, as well as some of the city’s key sports figures, including Tigers manager AJ Hinch, Tigers pitcher Matthew Boyd, Red Wings head coach Jeff Blashill, Lions head coach Dan Campbell, and Pistons head coach Dwane Casey. Entercom Detroit SVP and market manager Debbie Kenyon says, “Our company and sports partners understand the importance of getting Michigan businesses open, as well as the need of our listeners and fans to get back to work and feel some sense of normalcy. Radio serves as a crucial lifeline for the communities it serves and we’re proud to lend our influential voice in the community and our citywide footprint to deliver the important message of COVID-19 vaccinations to our listeners and fans.”
SummitMedia Enters into Podcast Deal with CurtCo Media. This strategic partnership between SummitMedia and CurtCo Media is SummitMedia’s first formal alliance with a third-party content creator for the podcast audience. SummitMedia owns and operates 47 radio stations in nine states. Los Angeles-based CurtCo Media currently produces cutting-edge quality scripted and unscripted podcast programming. SummitMedia chairman and CEO Carl Parmer comments, “SummitMedia’s partnership with CurtCo Media provides us with an exciting opportunity to develop and explore the rapidly growing podcast medium. We’ve known and watched CurtCo create engaging and innovative content for years, and we value the integrity and quality they bring to the media industry.” CurtCo Media CEO Bill Curtis says, “Having a strategic alliance and investment from SummitMedia makes this partnership the most powerful moment to date in our business development. We’re so excited to work with Greg Kelly, Carl and their team to create new dynamic programming and combine Summit’s powerful radio platform with CurtCo Media in the fast-growing world of podcasting. We believe this strategic partnership will provide sustainable value for our business and expand our audience.”
TALKERS News Notes. Longtime radio and television consumer advocate Clark Howard will receive the 2021 “Andrew Ashwood Award” at the 12th annual Talk Show Boot Camp, presented by Don Anthony’s Talentmasters and Gabe Hobbs Media being held virtually this year on March 18 and 19. Howard, who wrapped his nationally syndicated radio program after 23 years at the end of 2020, will be presented with the award by last year’s recipient, Greg Moceri. He says, “When I was given the privilege of selecting someone who exemplified the positivity that Andrew did for our industry, it took me two seconds to say Clark Howard. Having worked and associated with him for 30 years, he was an instant selection on how many ways he has demonstrated that positivity and has helped millions through the years. ‘In Clark we trust’ impacted his knowledge and authenticity in our industry for decades and it continues today. Clark was an instant choice to carry on this great tradition of honoring Andrew.”…..The 2nd Annual Radio Cares – Feeding America is off to a great start with new and returning partners signing on in support of the nationwide radio event that raises money to provide meals for individuals and families facing hunger in America. Radio Cares is presented by Feeding America and the Independent Broadcasters Association and takes place on April 14 on radio stations across the country. Last year, in its inaugural event, Radio Cares raised enough money to purchase 5 million meals.”…..The Philadelphia Phillies and Entercom announce a new, multi-year radio deal with the MLB’s Phillies to keep sports talk WIP-FM the flagship station for the club’s radio broadcasts. The play-by-play team of Scott Franzke and Larry Andersen will be joined by Kevin Frandsen this season. Entercom Philly SVP and market manager David Yadgaroff says, “We’re eagerly awaiting the return of Phillies baseball and are happy to announce a new broadcast extension with the club. As the undisputed voice of the Philadelphia sports fan, we look forward to putting listeners right in the middle of the action through premier game day coverage and keeping them caught up with their favorite team throughout the season.”
COVID-19 Stats & Vaccines, SCOTUS Trump Tax Returns Ruling, Capitol Riot Investigation, Cabinet Confirmation Hearings, Dominion Sues Mike Lindell, and Facebook Australia News Deal Among Top News/Talk Stories Yesterday (2/22). The United States passes the 500,000 COVID death mark and the rollout of vaccines continues; the Supreme Court rules New York prosecutors can have access to Donald Trump’s tax records; today’s first Senate hearing on the January 6 Capitol insurrection; Monday’s first confirmation hearing for Attorney General nominee Merrick Garland, and the coming hearings for embattled White House budget office nominee Neera Tanden and Interior Secretary nominee Deb Haaland; voting systems firm Dominion sues MyPillow chief Mike Lindell for $1.3 billion for defamation; and Facebook agrees to Australian news deal that will pay news organizations were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.