Monday Memo: Is Your On-Air Product Old-School? Podcasting delivers on consumers’ expectation for on-demand EVERYTHING and consultant Holland Cooke calls it “an opportunity to let retailers sponsor pertinent special interest topics.” But, in this week’s column, he cautions that “these are still digital dimes, compared to the analog dollars solid live programming and painstakingly-crafted commercials will earn us.” To read what makes your station special, please click here.
Pending Business: Going Up. In this week’s “Pending Business” column, radio sales pro Steve Lapa, president of Lapcom Communications, discusses the state of your “elevator pitch.” Will it work in less than the 60 seconds it takes to go to the eighth floor? Try this: Create one sentence that describes what your station does better than any of your competitors. Ask yourself is there a payoff for the advertiser in that one sentence or is it all product information? Are you connecting a #1 with an advertiser benefit? Have you taken the time to update your elevator pitch to put a more contemporary feel to the language? Lapa discusses these important points and more in an article that touches on the very basics of cutting right to the chase in presenting your station in a clear and positive light to a potential advertiser when time is of the essence. To read more, please click here.
Davis Sets Departure From iHeartMedia. Nashville-based iHeartMedia Digital Audio Group chief operating officer Darren Davis will exit at the end of this year, but will continue with the company as an advisor. In a memo to the staff, iHeartMedia chair/chief executive officer Bob Pittman and iHM president/chief operating officer/chief financial officer Rich Bressler write, “Darren has a deep love for iHeart and a true passion for our business and our success. [He] has grown up through our organization continually taking on new roles and more responsibility, becoming a critically important contributor as part of our senior team. After almost 30 years with iHeart, Darren is looking forward to spending more time on a variety of other projects he’s passionate about, including real estate development; local community projects; and traveling with his family. Although his day-to-day operating expertise will be missed, we appreciate all he’s done for our company and are very pleased that he will continue his association with us, albeit on a more limited basis. Darren will be working closely with Digital Audio Group CEO Conal Byrne through the balance of 2021 to continue our momentum and to effectively organize the Digital Audio Group for the future.” Davis has been with iHeartMedia (formerly Clear Channel) since 1992 when he joined adult contemporary WASH, Washington, DC as a programming intern.
iHM, Sports Illustrated, and SI Studios Partner For Multi-Year, Audio Content Deal. The agreement includes eight co-produced Sports Illustrated, Sports Illustrated Studios, and iHeartRadio podcasts, as well as distribution of Sports Illustrated’s existing podcasts through the iHeartPodcast Network. Mutual marketing and promotion commitments will apply to all joint projects; two of the eight original podcasts are scheduled to launch by the first quarter of next year. iHeartMedia Digital Audio Group chief executive officer Conal Byrne comments, “We are thrilled to partner with Sports Illustrated to introduce a brand-new slate of sports podcasts – limited series and ongoing shows alike. It’s an iconic brand that sports fans instantly trust, knowing that they will get the most credible and in-depth industry coverage. We look forward to expanding that footprint into the audio space where we uniquely have the reach and scale to bring Sports Illustrated the audience and monetization they deserve.” According to Sports Illustrated & Maven chief executive officer Ross Levinsohn, “Storytelling is at the core of what SI stands for. The opportunity to partner with iHeartMedia to create and distribute dynamic stories and shows featuring our incredible voices further expands our footprint.” Chief operating officer of 101 Studios, David Hutkin, adds, “While traditionally sports are very visually focused, this venture allows us to introduce audiences to the most memorable events in sports history in unexpected ways. With this new partnership, we have the unique opportunity to tell these historic, remarkable stories to audiences globally.” Set to debut later this year, “Sports Illustrated Weekly” will feature the best of Sports Illustrated’s journalism in an audio magazine. Each 45-minute episode will feature deep-dive segments on the biggest news of the week and the most compelling personalities, trends and themes in sports. Developed by SI Studios, “Lateral Damage” will offer an innovative take on the true-crime genre. Publishing early next year, the podcast tells the story of University of California, Berkeley football player Mariet Ford, who was convicted of viciously murdering his young son and pregnant wife; Ford has maintained his innocence for almost 25 years. The podcast will explore the indelible effect the murder has had on the core group of people in Ford’s sphere.
Local Journalism Sustainability Act Has NAB Support. Introduced by Democratic Senators Maria Cantwell (Washington State); Mark Kelly (Arizona); and Ron Wyden (Oregon), the Local Journalism Sustainability Act of 2021 would aid local news organizations through tax credits to incentivize hiring more journalists, subscriptions and advertising from local small businesses. In a prepared statement, National Association of Broadcasters president/chief executive officer Gordon Smith notes, “At a time when misinformation and disinformation plague online platforms, broadcast radio and television continue to serve as reliable beacons of news that keep local communities informed and connected. We urge congressional passage of this legislation.” According to Senator Cantwell, “The COVID-19 pandemic made it crystal clear that local reporters and newsrooms are essential to keeping the public informed and safe, but their importance spans well beyond health emergencies. At its core, local news is about holding the powerful accountable. The strength of our democracy is based in truth and transparency. Local newsrooms are on the ground in our communities asking the critical questions, countering misinformation, and telling our stories. We have to protect these vital parts of our communities – once they’re gone, they’re gone.” Senator Kelly comments, “Local newspapers, radio stations, and TV stations are pillars of our community, bringing trusted local news [and] information about community events and the latest on public health updates in their area. The pandemic made an already difficult financial situation for these news providers even harder, which is why I support the Local Journalism Sustainability Act. By providing tax credits for individuals to support local news outlets, they can continue to provide important coverage for readers, listeners, and viewers.” Senator Wyden adds, “The decline of local news has had devastating effects on our communities. Local news has often been the only window into the city council or mayor’s office. Without these outlets, these important institutions in our communities go uncovered. Further, the decline of local news has only fueled the growth of misinformation as Americans lose their most trusted sources of information. As the son of a journalist, these developments trouble me greatly. Our bill would provide financial support to local news at this critical time for our democracy.”
WMVP To Repeat A $50,000 Ad Giveaway. It’s part of an ongoing “Supporting Small Business” campaign by Good Karma Brands Chicago sports talk outlet WMVP “ESPN 1000” and First Midwest Bank. Good Karma Brands Chicago market manager Mike Thomas comments, “We’re excited to continue our partnership with First Midwest Bank to help a local small business see success. Supporting local businesses in our community is central to both ‘ESPN 1000’ and First Midwest Bank. This is a great way for us to introduce the passionate sports fans in our area to a small business.” First Midwest Bank chief marketing and communications officer Jim Stadler adds, “This past year has reminded us of the importance of small businesses and the role they play in creating employment opportunities and momentum for economic growth in their local neighborhoods. We are proud to partner with ‘ESPN Chicago’ for the second year to bring valuable and well-deserved public exposure to these important businesses.” Last year’s “Supporting Small Business” award benefitted Breaking Bread Catering & Deli.
TALKERS News Notes. Former 13-year Tampa Bay Lightning director of broadcasting & programming Matt Sammon is appointed manager/business development & strategy for Skyview Networks. Sammon joined Skyview last September as an executive producer overseeing Notre Dame sports broadcasts and spent two years freelancing with Sammonsez, LLC … After reporting part-time for NPR the past several months, David Gura will join the network next Monday (8/2) as business correspondent. Most recently the host of MSNBC’s weekend morning show “Up With David Gura,” he previously was a Bloomberg anchor. Gura began his career as an intern at University of North Carolina news/talk WUNC, Raleigh … The next installment of the “Gracie Interview Series – Virtual Gatherings” will be this Thursday (7/29) at 2:00 pm (ET). “The Breakfast Club” co-host/“Angela Yee’s Lip Service” host Angela Yee moderates the interview of Premiere Networks president Julie Talbott. Registration is free at https://allwomeninmedia.org/events/gracie-interview-series-virtual-gatherings/ … iHeartMedia Des Moines news/talk WHO “News Radio 1040” afternoon drive talent Simon Conway took his show on the road to Groton, Connecticut for several broadcasts aboard the USS Nautilus. Conway received a tour of the USS Iowa (pictured), guided by captain James Quintin. According to Conway, “The two shows we did from our submarine base at Groton were very exciting. All my questions were answered and the feedback from my audience has been incredible.” In addition to WHO, Conway’s afternoon drive show is heard on iHeartMedia stations in Cedar Rapids (WMT) and Davenport (WOC) … Nexstar Media Group promotes Ron Romines to senior vice president and regional manager. Romines will oversee the company’s broadcast and digital operations in various markets and will report to Nexstar Media Group president of broadcasting Andrew Alford.
Top Talk Topics This Past Weekend Headed By COVID-19. As has been the case in recent years, the news cycle no longer slows down on the weekends. The most-discussed topic on news/talk radio this past weekend has been COVID-19 with a focus on the Delta variant, vaccine hesitancy, controversy over mask mandates and the potential for more shutdowns. This was followed by intense partisan bickering over the formulation of the January 6 committee, followed by climate change, 2020 election denial, and the Olympics.
Acción Adds Tampa and Jacksonville. Effective immediately, Star Over Orlando’s WRSO “Acción 97.9 – La Primera En Noticias” will be simulcast in Tampa on iHeartMedia-owned WHNZ which had been English-language news/talk; a West Tampa translator at 105.9 that was simulcasting English-language news/talk WFLA; and WMTX-HD2. In addition, it will be heard in Jacksonville on iHM’s WFXJ and WKSL-HD2. iHeartMedia senior VP/Hispanic Strategy Hector Marcano comments, “Acción represents a solution for the Hispanic audience eager for a Spanish-speaking newscast and companies that are looking for this fast-growing audience interested in developing a life in the USA.” Division president Linda Byrd notes, “I’m excited to expand the Acción brand to other important Hispanic markets in Florida. Getting the news and information to Florida’s growing Hispanic population in their native language will be very impactful.” Area president for iHeartMedia West Central Florida Chris Soechtig remarks, “We are very excited to deliver a first of its kind Spanish language news platform to the Tampa Bay Hispanic community. With the changing demographics in our area, this is a natural addition to our diverse portfolio.” iHeartMedia North Florida area president Paul Rogers contends, “No other media company can truly help our advertisers, brands, and community organizations reach the full spectrum of the First Coast’s diverse populations like iHeart. We are thrilled to [bring] the first full-service Hispanic news/talk station to Northeast Florida.” Acción – La Primera En Noticias launched in 2018 and news director Jesús Manuel Torres states, “For the past few years, we’ve worked as a team to keep our Hispanic community informed of the events that have changed history. This time, our commitment continues to grow, and our team is ready to continue bringing relevant information and analysis to each market.” Among persons 6+, WRSO is trending 1.0 – 1.3 – 1.8 (April – May – June) and ranks #16 (Nielsen Audio, June 2021). Star Over Orlando-owned WRSO is operated by iHeartMedia under an LMA.
Round Four of May PPM Survey Results Released. The fourth and final round of ratings information from Nielsen Audio’s May 2021 PPM sweep has been released for 12 markets: Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford. Mike Kinosian presents his “Ratings Takeaways” from these markets. After ballooning by more than four full-shares in April 2021 (5.6 – 9.7, +4.1, 6+), the highest (6+) gain by any station in all 48 PPM markets (March 2021 – April 2021), Good Karma Brands’ WTMJ relinquishes one-half share to 9.2 (6+). Even so, “Wisconsin’s Radio Station” is the solitary mainstream news/talker from these 12 metros to achieve #1 status (May 2021, 6+). Cross-town iHeartMedia-owned WISN “News Talk 1130” forfeits eight-tenths (7.4 – 6.6, fourth to third, 6+). In other head-to-head news/talk battles, iHeartMedia Raleigh’s WTKK “106.1 FM Talk” improves by two-tenths (5.0 – 5.2, seventh to sixth, 6+), while Curtis Media Group-owned WPTF “News Radio 680” gains three-tenths (1.8 – 2.1, #16 to #14, 6+). Nashville’s format share dips a combined seven-tenths: Cumulus Media’s WWTN “Super Talk 99.7” (7.1 – 6.7, third to fourth, 6+) and iHeartMedia-owned WLAC “Talk Radio 1510” 2.2 – 1.9, flat at #17, 6+) drop four-tenths and three-tenths, respectively. At the same that Cumulus Media Providence’s WPRO-AM & WEAN “News Talk 630 AM & 99.7 FM” sheds two-tenths (4.8 – 4.6, sixth to seventh, 6+), cross-town iHeartMedia-owned WHJJ “News Radio 920” improves by that margin (.7 – .9, #21 to #19, 6+). West Palm Beach is a completely mixed bag: iHeartMedia’s WJNO “News Radio 1290” is up one-half share (3.0 – 3.5, ninth to seventh, 6+); cluster-mate WZZR “92.1 Real Radio” surrenders eight-tenths (2.0 – 1.2, #13 to #17, 6+); and Hubbard Broadcasting-owned WFTL “News Talk 850” is flat at 2.0 (steady at #13, 6+). Three Hartford news/talk facilities populate the top 20: Audacy’s WTIC-AM “News Talk 1080” (5.1 – 4.7, -.4, flat at #8, 6+); Red Wolf Broadcasting-owned WDRC-AM “The Talk of Connecticut” (1.0 – .8, -.2, stays at #15); and iHeartMedia’s WPOP “News Radio 1410 AM & 100.9 FM” (unchanged at .2, #18 to #17, 6+). Read Mike Kinosian’s complete Ratings Takeaways from this group of markets (and the three previous market groups) here.
Saga Communications Declares A Quarterly Cash Dividend Of $.16 per share. The dividend will be paid in about four weeks (7/16) to shareholders of record on June 30, 2021. It will be funded by cash on the company’s balance sheet. Including this dividend, Saga Communications will have paid over $72 million in dividends to shareholders since the first special dividend nine years ago (2012). Saga currently intends to pay regular quarterly cash dividends as declared by the board of directors. Going forward, the board may also consider declaring special cash dividends, stock dividends, and stock buybacks.
Media Consultant (and TALKERS columnist) Holland Cooke Ties-the-Knot. Moments after filing this week’s TALKERS Monday Memo column, noted media consultant and TV talk show host Holland Cooke was married to his longtime friend, Sarah Collins. The happy couple is pictured at their private ceremony in Key West, Florida. Ms. Collins is a financial analyst and fellow New Englander.
Audacy Expands Crooked Media Partnership. It does so by carrying “Lovett or Leave It” across Audacy original station Channel Q and the LGBTQ+ Talk Radio Network. The podcast will be heard each Monday from 1:00 pm to 2:30 pm on Channel Q stations in 32 markets and via the Audacy app, effective next week (6/28). “Lovett or Leave It” is hosted by former President Barack Obama’s speechwriter Jon Lovett and features guests that include comedians, actors, journalists, activists, and politicians. Audacy executive vice president of programming Jeff Sottolano remarks, “The show’s quick and witty flair for discussing the most relevant topics surrounding today’s political and pop culture landscapes is what differentiates itself; we look forward to welcoming the show to the Channel Q family.” Crooked Media senior vice president of programming Sandy Girard states the podcast is “where Jon Lovett talks about everything from the most pressing political and social issues to what everyone is bingeing on TV, to the latest trends in scientific advancement – all with his incredibly intelligent and hilarious point of view. We’re so excited to expand our partnership with Audacy to bring ‘Lovett or Leave It’ to even more listeners around the country and to kick it off with our special Pride episode ‘Out of The Closets and Into the Streets.’” Popular “Lovett or Leave It” segments include “The Rant Wheel,” where each guest delivers a prepared rant to a hot cultural topic, and “The High Notes,” where listeners share personal anecdotes about finding optimism in these challenging times. Lovett co-founded progressive media company Crooked Media with Jon Favreau and Tommy Vietor in 2017. He co-created the NBC-TV comedy “1600 Penn” and wrote speeches for former New York Senator and Secretary of State Hillary Clinton.
Newsmax Adds Ellis, Gidley. Former senior legal adviser/personal counsel to Donald Trump – Jenna Ellis – and onetime top official in the Trump White House – J. Hogan Gidley – join Newsmax as on-air television contributors. Newsmax chief executive officer Christopher Ruddy comments, “Jenna Ellis brings a sharp mind and pointed legal commentary and constitutional analysis to the workings of our court system as it works to defend our liberties and freedoms. She is a strong addition to our growing lineup. Few know the media, Washington and the future of the GOP better than Hogan Gidley – we’re glad to have him on Newsmax to offer our viewers his valuable insights.” Ellis opines, “Newsmax consistently gives viewers an independent perspective on the news of the day. I look forward to continuing to be part of their coverage and bringing the truth as Americans strive to have their voices heard.” Gidley adds, “I’m extremely grateful to Mr. Ruddy and Newsmax for this new and exciting opportunity. I will draw from my experiences in public service to provide Newsmax viewers my detailed analysis and unvarnished opinion regarding so many difficult issues facing the American people.” Ellis is special counsel with the Thomas More Society and allied attorney with the Alliance Defending Freedom. Once the deputy district attorney in Colorado’s Weld County, she hosts a daily podcast, “Just The Truth.” Gidley was deputy assistant to the president and principal deputy White House press secretary in the Trump Administration. In 2020, he joined the Trump re-election campaign as national press secretary. He previously was communications director to Arkansas Governor Mike Huckabee, senators Elizabeth Dole and Rick Santorum; and was executive director of the South Carolina Republican Party.
Komando To Deliver More Tech Insider Tips. Stemming from an increase in listener demand, Kim Komando will debut a one-minute “Komando Digital Life Tech Tip” in three weeks (7/21). The daily vignette will be offered to stations and streaming services without charge and will carry a 60-second commercial. Komando’s digital insider tips will reportedly include: how to stop robocalls by changing one smartphone setting; ransomware prevention secrets; and the best parental control smartphone apps. Talent management firm Sound Mind’s founder/president Kraig Kitchin comments that Komando – who writes a column for “USA Today” – is “entertaining and helpful; Kim continues to make great radio.” In addition to her weekend three-hour call-in “Kim Komando Show,” which airs on 420 stations (and the American Forces Radio Network) to an estimated 6.5 million listeners, she hosts “Daily Tech Update” seven mornings a week on 389 stations.
TALKERS News Notes: A three-hour CBS Audio Independence Day Special will be available for airing July 2 – 5. Among the topics/guests on the Gil Gross-hosted celebration of America’s Birthday are: Family-safe alternatives to DIY fireworks; behind the scenes of the Capitol Fourth of July Concert with the National Symphony; “The Men Who Lost America” author Andrew O’Shaughnessy on how Great Britain’s bad decision-making helped us win The Revolutionary War; Broadway/TV star Betty Buckley shares her thoughts about “1776, The Musical” reopening with an all-female cast; and Polish General Tadeusz Kosciuszko’s role in winning the war and his attempt to buy Thomas Jefferson’s slaves in order to set them free … Meanwhile, one of three ABC Audio specials to affiliates for use over the July 4th weekend includes ABC News Radio entertainment correspondent Jason Nathanson-hosted “Press Play.” The three-hour special deals with ways Americans are having fun this summer as the country begins to reopen. It explores how people are entertaining themselves through the shows they’re watching, the music they’re listening to, and the activities they’re doing. In addition, “Press Play” highlights America’s most rapidly growing sport—Pickleball—and introduces listeners to some of its biggest fans.
Facebook Establishes Live Audio Rooms. Next steps were revealed yesterday (Monday, 6/21) as Facebook pushes into the social audio and podcasting spaces, taking aim at (among others) Clubhouse, iHeartRadio, Apple Podcasts, Spotify, and Twitter Spaces. Per an Adweek report, the social media platform is “rolling out Live Audio Rooms on iOS for public figures and select Facebook groups in the United States, as well as making select podcasts available to U.S. listeners.” Facebook’s Live Audio Rooms offer a standard set of features. Event hosts appear in profile icons at the top of the screen; listeners appear in the bottom half as smaller icons. There is no limit on the number of listeners allowed in and as many as 50 people are able to speak at once. In addition to live captions, notifications are made when friends or followers join a room. Facebook will use automated technology and human reviewers to moderate content in Live Audio Rooms. According to CNET, “Users who repeatedly violate Facebook’s rules won’t be allowed to create or speak in a Live Audio Room.” Facebook is building new audio tools for creators to develop and launch “Soundbites,” or short-form audio clips that will launch later this year.
Monday Memo: Copy Worth Copying. “Make commercial copy you craft for local advertisers THIS crisp,” and, consultant Holland Cooke says, “you will make money.” In this week’s column, he rips-off…er, “compiles” examples. Read it here.
Pending Business: Checking In. Sales and marketing pro Steve Lapa says that you’re more likely get a renewal from that advertiser if you check in regularly instead of adopting the “no-news-is-good-news” approach to gauging a campaign’s effectiveness. “Great sellers are like commercial airline pilots, or cruise ship captains. Everyone is prepared with specific goals, timelines, and once the journey (schedule) begins, ready to control the mission.” Read his column here.
The ‘Todd Starnes Podcast’ Joins Salem Podcast Network. Beginning April 5, the “Todd Starnes Podcast” joins the Salem Podcast Network. Salem Media Group SVP of spoken word Phil Boyce says, “SPN is delighted to join in this partnership with Todd Starnes, one of the leading voices in conservative America. His courage in saying what needs to be said is unmatched. His knowledge and ability to explain what is really going on is his forte.” With this deal, the Salem Podcast Network assumes distribution, marketing, and sales representation duties for the “Todd Starnes Podcast.” Starnes also hosts a daily, syndicated radio program and he previously spent more than a decade at the FOX News Channel, hosting a daily radio program on the FOX Radio Network. He comments, “Salem is known for its cutting-edge platforms and excellence-driven programming. I’m honored to join such a well-respected industry leader like the Salem Podcast Network.”
WJR-AM, Detroit Takes Station of the Year Honor. Detroit news/talk WJR-AM is named “Commercial Radio Station of the Year” by the Michigan Association of Broadcasters for the 17th time since 2000. The Cumulus Media station also received 17 other awards, including eight “Merit Awards,” as well as nine “Best Awards.” Some of the “Best Awards” include: Regularly Scheduled Broadcast Personality/Team – “The Guy Gordon Show”; Sports – “Lions Pregame: Around the League”; Special Show Broadcast Personality/Team – “War of the Worlds” live stream event; and Continuing News Coverage – COVID-19 Replay.
iHeartMedia Names Barbara Latham Area President for Central Florida. Sales and management pro Barbara Latham is promoted to area president for iHeartMedia Central Florida in which she’ll oversee the Orlando and Melbourne markets that include talk WTKS-FM “Real Radio 104.1,” news/talk WFLF “WFLA,” sports talk WYGM “FM 96.9 The Game,” plus 10 music brands. She’s most recently been serving the Orlando cluster as SVP of sales. Latham reports to division president Linda Byrd, who says, “I am thrilled to be able to promote Barb to this position. We’ve worked together for 36 years and in many different capacities. She is one of the brightest and most competitive employees I know. Barb has always been a winner, and to her, there is no other option. No one deserves this opportunity more, and it makes me happy to put this team, that I’ve managed for the last 21 years in her capable hands.”
WABC, New York Recognizes Greek Independence Day. Pictured above (from l-r) are Chad Lopez, president of Red Apple Media and 77 WABC; Margo and John Catsimatidis, owners of Red Apple Media and 77 WABC, and Renee Cassis, owner of RC Communications Marketing on March 25 as the radio station hosted a celebration for the 200th anniversary of Greek Independence Day. The event was held in WABC’s event space, Studio 77. During his opening remarks, John Catsimatidis noted the diversity of America and stated that the celebration was for every ethnicity and race.
Josh Innes Returns to iHeartMedia as Morning Host at WNRQ-FM, Nashville. Sports radio talk host Josh Innes is joining iHeartMedia’s Nashville classic rock WNRQ-FM “105.9 The Rock” as morning drive host, effective April 5. The station says “The Josh Innes Show” will be a Nashville-focused blend of classic rock, news, sports and commentary and will broadcast weekday mornings from 6:00 am to 10:00 am. WNRQ program director Jonathan Shuford says, “Josh is wildly talented as a personality, idea generator, and storyteller. He’s unconventional, creative, and exceptionally compelling. We’re beyond excited to welcome him to Nashville and foster in the next great classic rock morning show!” Innes was most recently afternoon host on Gow Media’s sports talk KFNC-FM, Houston. He’s also served with iHeartMedia’s sports talk KBME-AM, Houston, and Entercom’s WIP-FM, Philadelphia. He hosts “The Josh Innes Show” podcast live on Twitch and heard on iHeartRadio.
iHeartMedia Issues Statement on FCC Ruling. The company’s statement issued on Friday (3/26) is in regard to the approval of its pending applications to acquire certain radio stations, and the temporary shareholder restrictions required by the FCC to be imposed upon Global Media & Entertainment Investments Ltd. The company says, “iHeartMedia values its shareholder relationships and we welcome all new shareholders to iHeartMedia. However, because GMEI is a foreign shareholder, its recent investment was inconsistent with the FCC’s foreign ownership rules and created an operating issue for us under the FCC’s regulatory framework. As background, GMEI’s purchase of an 8.7% position in our Class A Common stock, as reported in its Schedule 13D filed with the Securities and Exchange Commission on February 5, 2021, caused a violation of the FCC’s foreign ownership regulations and the FCC’s November 5, 2020 declaratory ruling related to the company’s foreign ownership, both of which limit a foreign investor in GMEI’s position to 5% without prior FCC approval. To address this issue, over which iHeartMedia had no prior knowledge or control, we filed a remedial petition for declaratory ruling requesting FCC approval for GMEI to have the ability to increase its ownership to up to 9.99%. Notwithstanding the GMEI investment, the FCC has approved iHeartMedia’s acquisitions of certain stations, including stations for BIN: Black Information Network. However, the FCC has required that the company impose temporary shareholder restrictions on GMEI as a condition of approving those radio station acquisitions. To comply with the FCC order, iHeartMedia’s Board of Directors resolved to take action consistent with the FCC’s conditional requirements. These actions include imposing temporary voting and other shareholder restrictions on GMEI which will apply during the pendency of the Petition. iHeartMedia respects the FCC process and will, as a matter of consistent policy, ensure the company’s compliance with the FCC’s foreign ownership and other regulations.”
COVID-19 Stats & Vaccines, CNN’s COVID War Special/WHO Origin Report, Suez Ship Jam, Border Crisis-Immigration Policy, Hedge Fund Failure-Financial Markets, Chauvin Trial, U.S. Afghanistan Operations, and Nashville Floods Among Top News/Talk Stories Over the Weekend. The number of COVID-19 cases in the U.S., rising cases in some states, and the rollout of vaccines; CNN’s Sunday special featuring the six doctors leading the U.S. COVID program and the WHO’s report concluding the coronavirus likely came from an animal at a Chinese wildlife market; the status of the container ship blocking the Suez canal and its effect on the global economy; the crisis of unaccompanied children at the U.S.-Mexico border and the Biden administration’s immigration policy; the failure of a major hedge fund causes problems for Credit Suisse and Nomura that could reverberate through the global economy; today’s beginning of the trial of former Minneapolis police officer Derek Chauvin; the United States’ Afghanistan operations and the Doha agreement that calls for U.S. troop removal by May 1; and the historic floods in Nashville and Middle Tennessee were some of the most-talked-about stories on news/talk radio over the weekend, according to ongoing research from TALKERS magazine.