Tag: "separation agreement"
John Hogan’s Exit from Clear Channel Cushioned with Cash. Although the official line from former Clear Channel Media + Entertainment chairman and CEO John Hogan and the company is that he wanted to “spend more time with his family” and the time was right, a fair number of jaded industry watchers will never believe he wasn’t forced out – especially just seven months after he was moved to the company’s New York City offices to work more closely with CC Media Holdings chairman and CEO Bob Pittman. The company’s 8-K filing details what Hogan is walking away with after his time leading the division. Here’s what he can count on: $900,000, representing the amount previously earned by Hogan pursuant to a supplemental incentive plan with respect to 2012 performance; an annual bonus of $77,250 for performance during 2013; and a prorated annual bonus with respect to the days he was employed during 2014. Pursuant to the Separation Agreement and in consideration of the extension by Mr. Hogan of certain restrictive covenants applicable to him, the vesting of 93,076 restricted shares of Class A Common Stock of CCMH granted to Mr. Hogan on October 22, 2012 will be accelerated and CCMH will repurchase 83,938 of such shares (the aggregate repurchase amount of such repurchased shares, the “Repurchase Amount”), provided Mr. Hogan does not revoke the Separation Agreement. Additionally, in exchange for the Separation Agreement, Mr. Hogan’s release of claims and the extension of certain restrictive covenants applicable to him, and provided that Mr. Hogan does not revoke the Separation Agreement, CCB agreed to pay Mr. Hogan: $333,000, representing the remaining amount earned by Mr. Hogan pursuant to a supplemental incentive plan with respect to 2011 performance; an “equity value preservation payment” equal to $1,027,355, paid in a lump sum payment; a lump sum severance payment equal to (x) $1,538,000 minus (y) the Repurchase Amount; a severance payment equal to $3,297,000, paid over 36 months; and a payment of $1,000,000, paid over 12 months, beginning on the first anniversary of the date of separation. Hogan is also entitled to receive continued healthcare coverage for 36 months, continued secretarial services for 6 months, $20,000 in outplacement services, and a housing allowance of $25,000 per month for up to 9 months, which amount is grossed up for certain applicable taxes; provided, that the housing allowance payments will stop if Mr. Hogan ceases to have obligations under the terms of his current lease agreement. CCB also will pay up to $25,000 for Mr. Hogan’s reasonable legal fees incurred in connection with the negotiation of the Separation Agreement.
Sean Hannity to Air on Salem’s WDTK, Detroit. The Motor City destination for Premiere Networks’ Sean Hannity show is Salem Communications-owned WDTK. The program will air live in the 3:00 pm to 6:00 pm slot. It previously was heard on crosstown news/talk WJR since its 2001 national debut. WDTK general manager Chris MacCourtney states, “The opportunity to bring Sean Hannity aboard was one we felt we could not pass up. Sean was an instant hit when he came to Detroit and he continues to be one of the most popular talk personalities in the market. He will join an already solid lineup of talk talent on ‘News/Talk 1400.’” Since the first of the year, Hannity’s program had been added to Salem outlets WIND, Chicago; WWRC, Washington; and KSKY, Dallas.
Double Shot of WGN, Chicago News. Two items from Tribune’s WGN, Chicago: First, as Chicago media writer Robert Feder reported over the weekend, assistant program director Alex Quigley has been upped to operations manager at news/talk WGN, Chicago. Quigley worked in the market at former Emmis alternative rock WKQX as interactive program manager. When he first came to WGN he hosted the weekend show “ChicagoNow Radio” and “Chicago Preps Plus.” WGN vice president of creative content Todd Manley said in a memo to staffers, “This is a recognition of Alex’s role in our expanding future…He’ll be mentoring producers and searching for new talent that builds our farm system, coordinating special programming, scheduling, digging deep on ratings analysis, and dreaming big dreams.” Second, longtime television news personality Walter Jacobson brings his “Perspective” commentaries to the station beginning this Thursday. Robert Feder reports that the longtime WBBM-TV anchor who exited the station last February will present his 90-second feature on Thursdays during Bob Sirott and Marianne Murciano’s midday show and they will be repeated on the weekend during “The Sunday Spin: Politics with Rick Pearson” program. Jacobson will also appear as a contributor to various shows on WGN. Jacobson tells Feder, “Having been listening to WGN Radio since the day I became a reporter, and believing it’s the best in the business, I’m thrilled to be joining the team. For me, it’s a perfect fit at a perfect time. The station’s coming back, and 2014 is going to be an intriguing and exciting year in Chicago’s wild and woolly politics.”
Salem Communications Buys Eagle Publishing for $8.5 Million. It had been reported recently that this deal was on the way and now it’s official as Salem Communications enters into a deal to purchase the assets of Eagle Publishing that includes conservative book publisher Regnery Publishing, and digital properties RedState.com and HumanEvents.com. In a statement, Salem CEO Edward Atsinger III says, “Eagle is one of the most influential companies in the conservative media space. Its addition to Salem brings together a unique portfolio of conservative media properties and fits with our strategy of integrating traditional media and new media assets all serving the same target audience. The opportunity we like most about this acquisition is that each of Eagle’s businesses matches up so well with Salem’s extensive media platform. With 102 radio stations and a dozen major national websites all targeting the conservative community, this provides a perfect marketing platform to promote Eagle’s products to a wider audience.” The purchase price is $8.5 million and current Eagle CEO Jeff Carneal will exit the organization as a result of the acquisition.
‘A-List’ Talent Jon Bon Jovi and John Fogerty Added to Howard Stern Birthday Broadcast. The January 31 birthday bash broadcast for SiriusXM’s Howard Stern just added two more “A-list” talents as Jon Bon Jovi and John Fogerty will join Steven Tyler, David Letterman and Louis C.K. for the show to be hosted by Jimmy Kimmel live from the Hammerstein Ballroom in New York City. On his program, Stern announced, “We have told you on the music side of things that we have Steven Tyler coming by to do a little number in honor of my birthday, I’m so honored…[today] I am excited [to announce that]…Jon Bon Jovi is going to perform…I am very excited to see Jon and thank him for that. And also one of my heroes will perform that night—one of the greats, the all-time greats. A guy whose every record I bought when he was in Creedence Clearwater Revival, and later his solo stuff, John Fogerty will come by to perform two great songs – I won’t say what the songs are, [but] we’re really excited about that…the list just begins there, Robin, it just begins there [there is] a huge amount of musicians coming by to help us out…it’s great.”
Sports Talk Host Jeff Dubay Exits KSTP, Minneapolis in Budget Move. Twin Cities sports talk personality Jeff Dubay, who fought a public battle against drug addiction to return to the airwaves in the market on Hubbard Radio’s KSTP, has left the station in what he says is a budget-related move. The Star-Tribune reports Dubay – who worked at Clear Channel’s “KFAN” sports talk brand for 10 years before a crack cocaine addiction sidelined him – sent social media messages indicating that he was let go from the late morning show he co-hosted with Judd Zulgad because of financial reasons. The station posted a message on its Facebook page confirming the matter was financial and not performance related. The paper reports KSTP waived Dubay’s non-compete and he is free to work in the market if the opportunity arises.
Shannon Staying With the Redbirds. St. Louis Cardinals fans will continue to hear Mike Shannon as the voice of the National League team that appeared in the 2013 World Series, as the former MLB player signs a two-year contract extension. This will be Shannon’s 42nd year as a Cardinals broadcaster and 56th year with the team. According to club president Bill DeWitt, “Mike’s voice has become the soundtrack to St. Louis baseball. We look forward to having him back in the booth this season and for years to come.” It is anticipated that Shannon will call all Cardinals’ home games this year for St. Louis flagship KMOX and roughly 30 road games for the CBS Radio-owned talk station. Fox Sports Midwest‘s Rick Horton and former lefty relief pitcher Al Hrabosky will do the remaining road games. Shannon will continue his work throughout the year on KMOX pre-game, post-game, and morning drive call-in segments.
Great Read! TALKERS publisher Michael Harrison is pictured intensely absorbing the new book authored by independently syndicated talk show host Jim Blasingame titled The Age of the Customer: Prepare for the Moment of Relevance (2014 SBN Books). Blasingame is the longtime host of the very successful program “The Small Business Advocate Show” which is targeted to helping independent entrepreneurs and business owners cope with the day-to-day issues that face people running their own companies during this era of rapidly accelerating change. This book, Blasingame’s third, is “his best work yet,” according to Harrison and “must-reading for anyone out there on the perilous high seas of today’s turbulent marketplace…especially those who are doing it independently without the backing of the Wall Street/banking/big-time money machine.” Harrison goes on to say, “This includes those brave and hardy ‘Davids’ owning and operating independent radio stations and small groups, syndication companies and internet communications startups bucking the death grip of today’s mega-corporate ‘Goliaths.’” The premise of the book is that small business owners are operating at a time that is so momentous it has never happened before. Blasingame, a veteran of TALKERS magazine’s Heavy Hundred, identifies it as an epochal marketplace shift that’s causing the 10,000 year old Age of the Seller to be replaced by the Age of the Customer. With an introduction by Steve Forbes, Blasingame’s book reveals how these two ages are existing concurrently in parallel universes, and how much time business-people have left to join the emerging universe. He says relevance is replacing competitiveness and explains how to recognize when you arrive at the “moment of relevance,” how to connect with “new-influencers” who co-own your brand message; why you must be a good storyteller; the good, the bad and the ugly of social media; and he identifies the “killer app” that wasn’t a part of your past but will dominate your future. Broadcasters interested in learning more about this book and perhaps scheduling Jim Blasingame as a guest can visit AgeoftheConsumer.com or email firstname.lastname@example.org.
WHYY, Philadelphia-Led Local Journalism Center Awarded CPB Grant. The recipient organization of a Corporation for Public Broadcasting grant for $1.5 million is the new multimedia local journalism center (LJC), Keystone Crossroads — a collaboration of Pennsylvania public media stations. The new Keystone Crossroads is led by WHYY, Philadelphia. Pittsburgh’s WQED and WESA FM, Central Pennsylvania’s WPSU and Harrisburg’s WITF will be partner stations. The LJC will focus on the challenges the cities are facing, including a shrinking tax base and crumbling infrastructure, and enormous budget deficits. The Corporation for Public Broadcasting states, “By combining smart storytelling with energetic civic engagement, Keystone Crossroads will help Pennsylvanians see the challenges of their cities more clearly, understand how they are related, and create a forum for potential solutions at both the local and state levels.” CPB president Pat Harrison adds, “Local Journalism Centers are really centers of collaboration comprising public media stations working together to report on local stories with significant impact. This kind of focused collaboration ensures in depth reporting on issues of importance and concern to Pennsylvanians and of interest to all Americans.” In addition to Keystone Crossroads, CPB funds six other LJCs across the country, including: EarthFix based in the Northwest; Fronteras in the Southwest; Harvest in the Midwest; Innovation Trail in upstate New York, the Southern Education Desk in the South, and most recently the Energy LJC in the Rocky Mountains.
Chris Christie Scandal, Hillary Clinton in 2016, New Congressional Spending Deal, ObamaCare Enrollment Status, A-Rod Suspension/Legal Challenge, and Golden Globe Awards Top News/Talk Stories Yesterday (1/13). The ongoing analysis of the Chris Christie lane closure scandal and apology press conference; speculation about Hillary Clinton’s plans to run for president in 2016; the new $1 trillion spending plan approved by Congress; enrollment in healthcare plans via the Affordable Care Act; Alex Rodriguez 162-game suspension and his plans to challenge the arbitration ruling; and the aftermath of Sunday’s Golden Globe Awards were some of the most-talked-about stories on news/talk radio, according to ongoing research from TALKERS.