Tag: "stock sale"
Beasley Sets Price for ‘Bordes Family’ Stock at $7.50; Pulls Back on Secondary Offering. Analysts are saying the announcement of the sale of 3,126,147 shares of its Class A common stock – shares held by the Bordes family and received in the Greater Media deal – at $7.50 per share, combined with Beasley Media Group’s intent to purchase country WXTU, Philadelphia for $38 million in cash has sent the company’s stock price down 17.4% (as of Tuesday) to $7.35 per share. As a result, Beasley has reversed course and will not sell 1.1 million shares of Beasley family-held stock in a secondary offering. At the same time, the company has set the price of the “Bordes family” stock to the public at $7.50 per share. That offering is expected to close on or about July 26 (subject to customary closing conditions). Additionally, the underwriters have a 30-day option to purchase up to an additional 468,922 shares of Class A common stock from the “Bordes family selling stockholders.” Beasley will not receive any proceeds from shares of Class A common stock to be sold by the Bordes family selling stockholders. Guggenheim Securities, LLC is acting as sole book-running manager for the offering.
Cox Media Group Considering ‘Strategic Options’ for Television Assets. It wasn’t that long ago that a rumor filtered through the radio industry that Cox Media Group may be shopping its radio station properties. Now we learn that CMG’s concern is not with its radio division but with the 14-station TV group. In a statement, Cox Media Group president Kim Guthrie says that when it comes to television, “scale is critical to be successful. We firmly believe that our great stations – and talented people – will need to be part of a larger entity to thrive in the future.” It’s not clear if Cox has a buyer or partner in mind, but Guthrie says any deal would likely be completed in the next six to 12 months. Her internal memo says the company would consider merging or partnering with another media entity. Cox Enterprises president and CEO Alex Taylor says in his internal memo, “We’ve identified a lot of exciting growth opportunities, and also some tough decisions we need to make as time marches on and things change.”
FCC Seeking Comments on Competition in Audio Marketplace. Speaking of competition in the broader media marketplace, the Federal Communications Commission issues a public notice seeking comment from the industry on the “status of competition in the marketplace for delivery of audio programming.” Recent legislation requires “the Commission publish a Communications Marketplace Report in the last quarter of every even numbered year. Among other things, the biennial Communications Marketplace Report requires that the Commission assess the state of competition in the communications marketplace, including competition to deliver audio service among broadcast stations, satellite radio, and entities that provide audio content via the internet and to mobile devices.” Responses to this request could go a long way in giving the FCC the information it needs to justify changes in ownership caps, for example. The notice continues: “Accordingly, this Public Notice seeks input on the state of competition in the marketplace for the delivery of audio programming as it would relate to the overall goal of providing the required Communications Marketplace Report to Congress. This Public Notice requests comment on the criteria or metrics that could be used to evaluate the state of competition in the audio programming marketplace, as well as comment and information on industry data, competitive dynamics, and trending factors. For example, commenters are invited to submit the following data and information related to participants in the marketplace for the delivery of audio programming, including, but not limited to, terrestrial radio broadcasters (i.e., AM and FM radio stations), satellite radio providers, and entities that provide audio programming over the Internet and to mobile devices (collectively, Audio Marketplace Participants): 1) identification and ownership of key Audio Marketplace Participants, as well as the business models and competitive strategies they use; 2) trends in service offerings, pricing, and consumer behavior; 3) the extent of competition among Audio Marketplace Participants, including intramodal competition (i.e., competition among providers of the same type, such as terrestrial radio broadcast stations) and intermodal competition (i.e., competition among providers of different types, such as terrestrial radio broadcast stations and satellite radio providers); 4) ratings, subscribership, and revenue information, for the marketplace as a whole and for individual Audio Marketplace Participants; 5) capital investment, innovation, and the deployment of advanced technology; 6) requirements for entry into the marketplace; and 7) recent entry into and exit from the marketplace.” See the full Notice here.
Jack Taddeo to Lead Cumulus Des Moines. Radio management pro Jack Taddeo is named vice president and market manager for Cumulus Media’s Des Moines station group that includes: news/talk/sports KBGG and four music formatted stations. Taddeo was most recently market manager at NRG Media’s Cedar Falls/Cedar Rapids cluster. Cumulus EVP of operations Bob Walker comments, “We are thrilled to have a broadcaster like Jack Taddeo to lead the Cumulus team in Des Moines. Jack’s passion for broadcast and the impact it has in communities is contagious.”
Doug Gottlieb and JT The Brick Launch NFL Camp Tour. The NFL season is just around the corner and that means FOX Sports Radio’s Doug Gottlieb and JT “The Brick” are on the road visiting team training camps in California for the network’s annual NFL Training Camp Tour. The Doug Gottlieb show will broadcast from the Los Angeles Rams training camp at UC Irvine on July 27, followed by the Dallas Cowboys training camp at River Ridge Playing Fields in Oxnard on August 6, and the Los Angeles Chargers training camp at Jack Hammett Sports Complex in Costa Mesa on August 9. JT “The Brick,” who has served in various broadcast capacities with the Oakland Raiders since 1998 and currently serves as a sideline reporter for the team’s pre-season broadcasts, will broadcast from their training camp in Napa Valley, on July 26 and 27.
New Affiliates for Walter M. Sterling; Guest Shot on KMOX, St. Louis. New affiliates for the Westwood One-distributed “Sterling on Sunday” program include KKSF, San Francisco and KUFO, Portland. Walter M. Sterling says, “The show’s success comes from holding up a mirror to daily life. I did a whole hour about stealing Splenda and tiny airplane bathrooms.” On Thursday of this week (7/26), Sterling guest stars on KMOX, St. Louis’ “Overnight America” program for regular host Ryan Wrecker.
Envision’s ‘Drive By Funny’ to Air on WWSE, Jamestown. The city of license for adult contemporary WWSE “SE93” – Jamestown, New York – is the hometown of comedy legend Lucille Ball. The owner is Media One Group and director of broadcast operations Andrew Hill says, “Jamestown, New York is the birthplace of Lucille Ball, the first female of comedy, so we needed to have a professional and easy-to-use comedy service to entertain listeners that come into town from across the globe to visit her hometown. We are also opening the new National Comedy Center museum in Jamestown this year and we really needed a turnkey comedy option that our jocks could use to promote all of the comedy we have in town. ‘Drive by Funny’ fits our needs perfectly and our audience is enjoying these clean, funny, and iconic audio pieces to laugh to throughout the day.” Envision Networks says, “Drive By Funny’s contemporary and classic comedy cuts come from a library that boasts tracks pulled from an archive of more than 18,000 safe-for-work and in-the-car comedy clips that can create a great opportunity for benchmark features and lucrative sponsorship opportunities.”
Trump-Russia Investigation/Cohen Recordings, Trade Wars/Farm Aid Package, Illegal Immigration/Asylum Policies, Trump-Iran Rhetoric, Ivanka Trump Shuts Fashion Brand, Mega Millions Jackpot, Southwest Heatwave, Athens Wildfires, and MLB Action Among Top News/Talk Stories Yesterday (7/24). The investigation into possible connections between the Trump campaign and Russian operatives and the related 12 tapes of President Trump and former attorney Michael Cohen turned over to Robert Mueller; the Trump tariffs and fears of trade wars as well as the related move to provide $12 billion in assistance to U.S. farmers; the Trump administration’s illegal immigration and asylum polices; the war rhetoric between President Trump and Iran; Ivanka Trump shutters her fashion brand; the $522 million Mega Millions jackpot; the heatwave affecting the Southwest U.S.; the deadly wildfires ravaging Greece; 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.
Music Radio News and Career Moves. Programmer Nathan Graham is named PD at Entercom’s CHR WDZH, Detroit “98.7 AMP Radio.” He comes to Detroit from his most recent position with the company at CHR WXSS, Milwaukee “103.7 KISS FM” where he was APD and music director. Entercom Detroit vice president and market manager Debbie Kenyon says, “Nathan has cultivated strong leadership skills and a wealth of top 40 format knowledge that we are confident will help propel ‘98.7 AMP Radio’ to new heights. We are proud to cultivate talent within the Entercom team and look forward to welcoming him to Detroit.” Graham succeeds Ian “Slacker” Richards as program director, who remains at the station as the afternoon drive host, APD and music director…..KISS-FM, San Antonio-based Billy Madison is named Best Talk Show Host by San Antonio Current magazine. His syndicated “Billy Madison Show” airs in morning drive on the Cox Media Group rock outlet…..SiriusXM announces that The Beach Boys will sit down for an intimate Q&A session with a select group of listeners for the SiriusXM “Town Hall” series at the legendary Capitol Studios in Hollywood on July 30. The session will be moderated by Emmy award-winning actor, director, producer and writer Rob Reiner and will air on August 10 at 5:00 pm ET/PT on the Good Vibrations: The Beach Boys Channel. In this rare, live group appearance, founding members Brian Wilson, Mike Love, Al Jardine and David Marks along with long time Beach Boy Bruce Johnston, will gather to speak with Reiner and answer questions from fans about their SiriusXM channel, their new album, The Beach Boys with The Royal Philharmonic Orchestra and their celebrated career as one of the world’s most beloved and respected bands…..iHeartMedia announces the lineup for the 2018 iHeartRadio Fiesta Latina at American Airlines Arena in Miami on Saturday, November 3. The fifth annual concert will celebrate the best in Latin music with performances by Pitbull, Nicky Jam, Steve Aoki, Farruko, Nacho, and Becky G with more artists to follow.