Tag: "senior lender"
Greater Media Drops Sports Talk on WMGC, Detroit. You have to give Greater Media Detroit management credit for having the chutzpah to take on CBS RADIO’s dominant sports talker WXYT-FM, but after three years and little ratings traction, the company is ending the expensive venture and is airing the ‘Detroit Oldies’ format (also heard on WCSX-HD2) on WMGC until a new format is unveiled. Regarding the end of “Detroit Sports 105.1,” Greater Media Detroit VP/market manager Steve Chessare says, “The change comes after much careful consideration of the direction of the station’s format and overall ratings over the past three years. We would like to thank our dedicated listeners and the entire ‘Detroit Sports 105.1’ staff for their many contributions to the station in the Motor City. They are true professionals and we are very grateful to them.” The last three Nielsen Audio PPM survey numbers (Persons 6+) comparing WMGC to competitor WXYT-FM were indicative of the gap between the two stations: March – WMGC 0.8, WXYT-FM 5.2; April – WMGC 0.9, WXYT-FM 6.5; May – WMGC 0.8, WXYT-FM 7.3.
Talk Host Joe ‘Pags’ Pagliarulo Renews with iHeartMedia. WOAI, San Antonio-based talk show personality Joe “Pags” Pagliarulo is also heard on iHeartMedia’s KPRC, Houston in the afternoon drive daypart. The company says that under the new, multi-year deal, Pags will continue in these roles. Pags’ program is also syndicated across the country and is heard on almost 50 additional stations. Pags also serves as the host of the iHeartMedia program “The Weekend with Joe Pags” that is aired on iHM stations nationwide. Pagliarulo says, “I am thrilled to continue with iHeartMedia. I am proud to have called iHeartMedia home for more than a dozen years and knowing this fantastic relationship will continue for many more years to come is simply amazing.
NYPost: iHM Creditor Would Rather See Bankruptcy Than Take Company’s Current Offer. Following up on Wednesday’s story about iHeartMedia’s SEC filing indicating that talks between it and a group of senior lenders about restructuring are far apart, the New York Post is reporting that a different lender – not involved in the negotiations referenced – says it would rather see iHeartMedia go into bankruptcy than accept the company’s current offer. That lender believes it could get 90 cents on the dollar in bankruptcy, and that would be better than the interest rate cut and year’s extension on the term that iHM is offering. However, that lender also told the paper he’d prefer a reasonable offer by iHM to seeing the company go into bankruptcy. Read the Post story here.
Deadly Istanbul Airport Terror Attack, the Presidential Race, ‘Brexit’ Aftermath, GOP Benghazi Report, Rio Olympics Troubles, and MLB Action Among Top News/Talk Stories Yesterday (6/29). The terror attack at Istanbul’s Ataturk Airport that killed 42 and wounded hundreds; the activities of presidential candidates Donald Trump and Hillary Clinton; the aftermath of Britain’s vote to leave the European Union; the Republicans’ final report on the deadly Benghazi attacks; the myriad troubles Rio De Janeiro is facing as it prepares to host the Summer Olympics; and Major League Baseball action were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
FCC Commissioner Pai Piles on Criticism of Wheeler’s Ownership Rules. In a statement commenting on FCC Chairman Tom Wheeler’s decision not to change the Commission’s ownership regulations – including eliminating the cross-ownership ban preventing radio and newspapers from being owed by the same companies in the same markets – FCC Commissioner Ajit Pai says, “The FCC’s rules should reflect the media marketplace of today. Unfortunately, Chairman Wheeler’s media ownership proposal reflects the world that existed in the 1970s. Last month, the FCC had no problem approving not one, but two multi-billion dollar cable mergers. Last year, it signed off on AT&T’s acquisition of DirecTV. Yet, it now gets the vapors at the prospect of a newspaper in Scranton, Pennsylvania owning a single radio station. Whatever the motivation for the Chairman’s proposal, it has nothing to do with the evidence in the record, principled decision-making, or the law. Indeed, given current trends, it is likely that the Commission’s newspaper-broadcast cross-ownership restrictions will outlive the print newspaper industry itself.” Ouch! Broadcasters for years have lamented the Commission’s unwillingness to rescind this restriction. And now, at a time when there has never been more access to different media sources, the refusal to budge seems incomprehensible to many.
PodcastOne-Jericho Network Partnership to Launch Charles ‘Konnan’ Ashenoff Show. This is the first show to come from PodcastOne’s partnership with podcast host Chris Jericho for production, distribution and product marketing of his The Jericho Network. Latino Lucha Libre legend Charles Ashenoff, known to wrestling fans worldwide as Konnan, is the first host to debut on the network. Future podcasts will take full advantage of Jericho’s involvement and interest in wrestling, music, paranormal activity and pop-culture in general. All podcasts on The Jericho Network will be available exclusively at PodcastOne.com, the PodcastOne app and iTunes. PodcastOne founder and executive chairman Norm Pattiz says, “Chris’ podcasts continue to be among the most successful on PodcastOne’s lineup. There are a lot more things that we can do together, and the Jericho network will give us the vehicle and time necessary with which to do that.”