Weekly Reach, Average Audience Post Highest Levels In 14 Months. As the nation continues to reopen and returns to pre-pandemic routines, the industry experiences another month of radio listening gains. According to results from Nielsen Audio’s May 2021 PPM survey period, radio’s weekly reach is at its highest level since March 2020 and has grown each of the past four months. In the latest sweep (May 2021), radio’s reach surpassed 122 million weekly listeners, which is within two million of where it was before lockdown precautions took effect last year. In May 2021, radio’s Average Quarter-Hour (AQH) audience also scored its highest level since March 2020. Coinciding with vaccination rollouts and more normal commutes, AQH audience levels have increased 11% since January. PPM’s year-over-year (May 2020 – May 2021) weekly reach and AQH comparisons stand at a 108 index and 120 index, respectively. From a weekly reach perspective, May 2021’s radio audience is 8% larger than this time last year, while the AQH audience is 20% larger versus May 2020. May 2021 listening gains were widespread, with all major dayparts at or near AQH peaks since COVID-19 began. Weekday morning drive and weekends hit their highest audience levels in 15 months. May 2021’s weekend AQH (6.6 million) is 300,00 higher than March 2020’s 6.3 million, before the peak of the lockdown. Even though news/talk is lower than in prior months (12.6% in May 2021, compared to May 2020’s 13.6%), it does remain the most-listened to format in PPM markets. Registering its third gain in a row (4.1% – 4.2% – 4.4% – 4.6%), sports talk posts its highest AQH share since COVID-19 began, surpassing October’s high point (4.5%) when football season was in full swing.
Round One of May 2021 PPM Ratings Released. The first of four rounds of ratings data from Nielsen Audio’s May 2021 PPM survey has been released for 12 markets including: New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Philadelphia, Nassau-Suffolk (Long Island), Riverside-San Bernardino-Ontario, San Jose, and Middlesex-Somerset-Union (New Jersey). In presenting his “Ratings Takeaways” from this round of markets, Mike Kinosian notes that, while it erodes by one full-share from April 2021 (9.6 – 8.6, 6+), Cox Media Group Atlanta’s WSB-AM & WSBB is the only mainstream news/talk outlet to reach #1 (24th consecutive month, 6+). Meanwhile, the lone news/talk stations from the aforementioned metros that finished in the top 20 (6+) and posted an April 2021 – May 2021 increase are Cumulus Media’s WBAP, Dallas (3.2 – 3.4, 6+) and Townsquare Media-owned WKXW, Middlesex (3.8 – 4.1, +.3, 6+). Off one-half share and three-tenths, respectively are Audacy NYC news siblings WINS (3.2 – 2.7, #11 to #14, 6+) and Mets key station WCBS-AM (2.7 – 2.4, #15 to #16, 6+). Cumulus Media San Francisco sports talk KNBR (Giants) improves by eight-tenths (4.3 – 5.1, 6+) to progress from fourth to third. You can see Mike Kinosian’s complete “Ratings Takeaways” here.
IBA/Vipology Technology Contest Creates Nearly $1 Million In Local Sponsorships. During an eight-week “Key Word Contest” (April 19 – June 11), participating Independent Broadcasters Association (IBA) member stations collectively generated approximately one million dollars of revenue from local sponsors. IBA president/Adams Radio Group chief executive officer Ron Stone notes, “Hundreds of our member stations were able to generate new revenue from our group contesting. “Vipology’s technology, member execution/management, and data follow-up was nothing short of spectacular. We are planning a second contest for the fall; many participating groups have already indicated their interest in participating again.” Vipology CEO Chris Peaslee adds, “From Pittsburgh, Pennsylvania to Pittsburg, Kansas, I’m proud of our team for building the technology and supporting hundreds of stations across the country in their effort to sound big on-air and powerful in their markets.” Participating stations’ on-air personalities gave three key words throughout the day. Listeners were then encouraged to enter the words on the IBA “contest widget” on that station’s website. Listeners correctly identifying the day’s ‘Winning Key Word” became eligible for that day’s random drawing to win $1,000.
Shattuck Set To Join WTIC-AM. Formerly the senior editor of Lowell Massachusetts’ “The Lowell Sun,” Tom Shattuck will become the mid-day host (10:00 am – 2:00 pm) on news/talk WTIC-AM “1080 News Talk” next Monday (6/21). The Audacy Hartford outlet will feature all-local programming from 5:00 am to 6:00 pm. Audacy Hartford senior vice president/market manager Stephanie Perl opines, “Radio is best when it is local, when we can discuss and look at the local issues affecting our listeners. Being able to expand our local weekday programming further separates WTIC-AM from other radio stations in the state and we look forward to unveiling this new slate of content to our audience.” According to Shattuck, “[WTIC-AM] has been serving the people of Connecticut for almost 100 years. I’m truly honored to be given the opportunity to contribute to the legacy of this great station. These are extraordinary times and I look forward to talking about our politics and culture with the thoughtful, astute WTIC-AM audience.” Shattuck previously was editorial page editor of The Boston Herald and executive producer of Boston Herald Radio. In addition, he spent four years at Boston’s WTKK as executive producer of the afternoon drive show and was a content manager, web designer, and executive producer at cross-town news/talk WRKO. In other WTIC-AM changes, morning show co-host Brian Shactman will add “Extra Time with Brian.” As of next Monday (6/21), the station’s revised 5:00 am – 6:00 pm lineup will be: “WTIC Sunrise Special” (5:00 am – 5:30 am); “Mornings with Ray and Brian” (5:30 am – 9:00 am); “Extra Time with Brian” (9:00 am – 10:00 am); “The Tom Shattuck Show” (10:00 am – 2:00 pm); and “The Todd Feinburg Show” (2:00 pm – 6:00 pm).
TALKERS 2021 Was a Success! The 24th annual installment of the talk media industry’s longest running and most important conference, the Talkers Convention, took place last Friday (6/11) on the campus of Hofstra University in Hempstead, New York. The event was a presentation of TALKERS in association with Hofstra’s multi-award-winning radio station, WRHU. More than 50 industry leaders from talk radio and cable news/talk TV spoke during a non-stop day of presentations and panel sessions. Due to strict regulations adhering to COVID-19 protocols, attendance was limited to a sellout crowd of 175 people which was reached about a week prior to the event. TALKERS publisher Michael Harrison comments, “We were delighted to be able to join forces again with our colleagues at Hofstra – the site of our very successful 2016 event – and be able to actually present a live conference in an extremely COVID-19 compliant environment which Hofstra was equipped to provide. The convention achieved its goal to boldly address key existential issues facing the talk radio and talk media industries at this dramatically critical juncture.” TALKERS will be posting extensive coverage of the event in the days to come including video documentation recorded under the direction of Art Vuolo covering every speech, presentation and panel discussion. Stay tuned for details.
TALKERS News Notes. After a five-year run at KNBR “The Sports Leader” and KTCT “KNBR 1050,” program director Jeremiah Crowe is set to depart the Cumulus Media sports talk facilities the middle of next month. A new assignment has not been announced for Crowe, who is reportedly relocating to Las Vegas … Starting next Wednesday (6/23) at 9:00 am, Audacy Chicago sports talk WSCR “670 The Score” will air a 24-hour “What About Chicago?” radiothon. In partnership with former Chicago Bears player Sam Acho, the radiothon will benefit Athletes For Justice and the Austin Harvest program. WSCR afternoon talent Danny Parkins comments, “I hate when people who don’t care about our city ask ‘What about Chicago?’ in bad faith. The name ‘What About Chicago’ is a defiant response and this radiothon will hopefully highlight what Chicago is really about: A Chicago radio station partnering with a Chicago charity with a mission to help improve the lives of Chicago kids in a Chicago neighborhood.” … In acknowledgement for its protest coverage following the death of George Floyd, Audacy San Francisco all-news KCBS-AM & KFRC has won a national Society of Professional Journalists (SPJ) Sigma Delta Chi award for “Best Radio Breaking News Reporting.” KCBS-AM & KFRC director of news & programming Jennifer Seelig comments, “I’m incredibly proud of my team’s thoughtful and compelling protest coverage. On behalf of everyone at KCBS-AM & KFRC, I’d like to thank SPJ for this prestigious honor. [We strive] to deliver comprehensive coverage of stories that resonate with our audience. This recognition underscores our unwavering commitment to our community.” KCBS-AM & KFRC was the only commercial station in the country to win in any category … Even though its officials have not released an official statement, Cox Media Group continues to rectify digital damage apparently caused by a ransomware attack. Those trying to stream a CMG station hear the following, “This stream is currently unavailable and we are working diligently to bring it back online. Our radio stations continue to broadcast 24/7; you can listen to us over the air – thanks for your patience.” Cox Media Group news/talk outlets include WSB-AM & WSBB, Atlanta; WHPT, Tampa, WDBO, Orlando; and WOKV-FM, Jacksonville.
Facebook Censors Harry Hurley’s “Heavy Hundred” Post. A post regarding Townsquare Media Atlantic City news/talk WPGG “WPG Talk Radio 95.5 FM & 1450 AM” morning host Harry Hurley being named to the TALKERS list of the 100 Most Important Radio Talk Show Hosts in America (“Heavy Hundred”) has been censored by Facebook. In an article posted this morning on the “WPG Talk Radio” website, Hurley (pictured with TALKERS publisher Michael Harrison at TALKERS 2021) says that his story about receiving the honor was taken down by the social media giant with the explanation that it does not meet Facebook’s community standards and that the URL to the feature is considered spam. To read the entire article, please click https://wpgtalkradio.com/facebook-censored-my-post-about-talkers-magazine-honor/.
Now Saluting “Kentucky Colonel” Roten. WVHU “News Radio 800” morning talk host Tom Roten was recently presented a plaque commissioning him as a Kentucky Colonel, the highest honor awarded by the Commonwealth of Kentucky. Commissions as Kentucky Colonels are presented for contributions to the community, state, or nation, and for special achievements of all kinds. The honor stunned Roten, who happened to be emceeing a grant award ceremony. Kentucky Colonels executive director Sherry Crose spoke of Roten’s commitment to the community and years of promoting charitable organizations and then made the surprise presentation. Having just marked his 20th anniversary at the iHeartMedia Huntington, West Virginia – Ashland, Kentucky station, Roten remarked, “This is such a tremendous honor – I am very grateful.” Roten has interviewed hundreds of guests from the region including many from the Commonwealth. He regularly talks to state and federal lawmakers from the Bluegrass State and speaks to representatives of many Kentucky charitable groups. For over 10 years, Roten served as public service director for iHeartRadio’s Huntington-Ashland cluster and has written/produced hundreds of PSAs for non-profit organizations. Approximately 30 Eastern Kentucky charities received a portion of $2.1 million in grants that the Kentucky Colonels will award this year. Kentucky Colonels are that state’s ambassadors of goodwill and fellowship around the world.
Total Subscribers To Paid Audio Services Double in Six Years. According to data from Edison Research’s “Share of Ear,” 47% of Americans 13+ now subscribe to at least one paid audio service. That’s just over double what it was in 2015, when 23% had a paid subscription. Edison Research president Larry Rosin comments, “While much of this doubling of the numbers is the redirection of money that was going to physical music formats to music streaming subscriptions, there is also the trend of more people paying to avoid commercials. I believe we’ll see more subscription efforts in the future, particularly from radio companies. Bauer Media in the U.K. recently launched a subscription radio service that offers commercial-free versions of their radio brands and other content. Such efforts are likely to be launched in the U.S. as well.” Growth has come across the board from SiriusXM Satellite Radio and Audible audiobook subscriptions to music streaming services such as Spotify Premium, Apple Music, and Pandora Premium or Plus.
KCUR Enlists Edgell As Midwest Newsroom Managing Editor. Effective July 6, public radio news/talk WFYI, Indianapolis project manager/assistant editor Holly Edgell will join University of Missouri-Kansas City’s similarly-programmed KCUR, Kansas City as managing editor of the Midwest Newsroom. KCUR general manager Sarah Morris states, “We are thrilled to have had such a strong pool of candidates and delighted that Holly will be joining the Midwest Newsroom as a KCUR employee. Holly has extensive leadership in working with newsrooms across the midwest and beyond. She will help form and create a highly functional and collaborative team for the hub.” NPR managing editor for collaborative journalism Kenya Young adds, “We’re excited to see Holly join our team of stellar managing editors leading the hub newsrooms across the country. Holly at the helm ensures our mission to plan shared coverage and create stories that reach local, regional, and national audiences. Holly will be an agent of change in the midwest region; I look forward to seeing how she shapes collaborative journalism within our network.” KCUR is lead partner in the NPR-formed Midwest Newsroom, a collaborative among Nebraska Public Media; Iowa Public Radio; St. Louis Public Radio; and NPR.
iHeartPodcast Network Adds Three True Crime Mysteries. The new entries include: “Missing On 9/11”; “After The Uprising: The Death Of Danye Dion Hones”; and “Algorithm.” From the producers of “Missing In Alaska,” “Missing On 9/11” traces the whereabouts of a woman living near the World Trade Center who disappeared on that horrific day. John Duffy and Ray Nowosielski-hosted “After The Uprising” is an 11-part series that examines the truth behind the hanging death of a St. Louis Black Lives Matter activist. From iHeartMedia and Tenderfoot TV, Ben Kuebrich-hosted “Algorithm” is an examination of a reporter’s algorithm he claims can detect serial killers.
Report: Savage Program Changes the Result of ‘Corporate Censorship.’ In an analysis/opinion piece in The Washington Times, writer Cheryl K. Chumley quotes both Michael Savage and Daniel Horowitz (identified as Savage’s lawyer) in a piece that asserts the coming changes in Savage’s program from three live hours to one live hour and a one-hour podcast and the resulting, anticipated loss of affiliate stations WABC, New York; WLS-AM, Chicago; WMAL-AM/FM, Washington; and KABC, Los Angeles are not business decisions but political ones. Horowitz is quoted saying, “Michael’s voice, unlike [his conservative competitors] has always been very independent. Savage is completely a wild card, right? And that’s what they’re trying to kill. It’s all about corporate control. Taking him off the air is not a business decision.” Horowitz adds, “Networks are actually losing millions of dollars in order to keep Michael’s voice off these stations.” Savage himself seems piqued the aforementioned stations won’t delay-broadcast his shows at night. “The only reason I can see is because of politics. It makes no sense. I have a loyal, large audience. Why not at least do reruns at night?” Read the Times piece here.
Dave Glover Re-Ups with KFTK-FM, St. Louis. St. Louis radio talk show host Dave Glover signs a multi-year contract extension with Entercom’s news/talk KFTK-FM to continue hosting his afternoon drive program on the station. Entercom St. Louis SVP and market manager Becky Domyan says, “‘The Dave Glover Show’ has been a cornerstone of the afternoon drive at ‘FM NewsTalk 97.1’ from the very beginning and I am thrilled that Dave will be a part of the team for the foreseeable future. I have been honored to work with Dave for the last decade and look forward to continuing to work with him in the years to come. Dave leads the way on so many levels and strives for excellence in everything he does on a daily basis.” Glover has been with KFTK-FM since 2000. The station says Glover’s program finished #1 in 2017 with persons aged 25-54, according to Nielsen PPM ratings.
iHeartMedia Settles Lawsuits Removing Two Roadblocks. Two lawsuits that were partly responsible for postponing iHeartMedia’s Confirmation Hearing in its Chapter 11 reorganization have been settled. Creditors GAMCO and Norfolk County Retirement System objected to iHeartMedia’s use of cash sweeps from Clear Channel Outdoor Holdings and filed suit. An early December agreement between GAMCO and iHM called for iHeart to provide a revolving line of credit of $170 million to CCOH. This latest settlement calls for the revolving line of credit to be hiked to $200 million after iHeartMedia and CCOH become separate companies – part of the Fifth Amended Plan. iHeart is also indemnifying CCOH for up to 50% of certain tax liabilities.
TALKERS News Notes. Beginning January 2, Las Vegas talk radio pro Heidi Harris hosts a three-hour morning show on Kemp Communications’ news/talk KMZQ-AM, airing from 6:00 am to 9:00 am. Currently, Harris is hosting the 8:00 am to 10:00 am slot on the station. The station also swaps out Salem Radio Network’s Dennis Prager and Michael Medved in middays for SRN’s Mike Gallagher and Sebastian Gorka. Harris tells TALKERS magazine she continues to produce her podcast in addition to hosting her radio show. Harris has served with Entercom’s KXNT-AM and Beasley’s KDWN in the Las Vegas market…..Sales pro Ed Krampf joins Sun & Fun Media as senior account executive for its affiliate sales unit. Sun & Fun co-founder Rob Koblasz says, “Adding Ed to our team continues our mission of having the best and brightest minds in the industry serving our affiliates.”…..Premiere Networks announces the continuation of a long-standing “Coast to Coast AM” tradition of listeners being treated to live, holiday-themed programming, including special guest appearances, open lines, music and surprises on Christmas Eve, Christmas Day, New Year’s Eve and New Year’s Day. Program host George Noory says, “When I began this journey 17 years ago, I made a promise to our faithful listeners that there will be live programs on the holidays – a time of joy, but also a time of loneliness for some. I look forward to sharing this special time of year with my ‘Coast to Coast AM’ family.”…..Tomorrow, WABC, New York personality Sid Rosenberg, along with WNYW-TV FOX 5 “Good Day New York” host Ines Rosales, will visit Maimonides Children’s Hospital in Brooklyn. The two will deliver presents and holiday surprises from the hospital’s wish list for every child in the unit to make their holidays a little brighter. Rosenberg says, “As the proud and loving dad of two, I can’t think of a better way to spend my holiday season than with the children at Maimonides Medical Center. Bringing laughs to my listening audience is fun but putting a smile on these kids’ faces will be the absolute best.”
Trump-Russia Investigation/Russian Election Meddling, Border Wall-Government Shutdown Threat, Dow Dips 500+/Recession Worries, Obamacare Status, Moonves Gets Nothing from CBS, Criminal Justice Reform Bill, and NFL Action Among Top News/Talk Stories Yesterday (12/17). The Robert Mueller-led investigation into possible connections between the Trump campaign and Russian agents and the related intelligence regarding Russian election interference; the battle in Washington over funding for the Mexican border wall that could shut down the federal government; the continuing stock selloff and concerns about a recession; the status of Obamacare in the aftermath of a federal judge’s ruling it unconstitutional; CBS reveals ousted chief Les Moonves will get no severance; the criminal justice reform bill that would reduce sentences for non-violent offenders; and the weekend’s NFL action were some of the most-talked-about stories on news/talk radio yesterday, according to ongoing research from TALKERS magazine.
Remembering Dave Robbins. Social media was abuzz Monday night as news spread about the sudden passing of highly respected programmer and general manager Dave Robbins. To see glowing tributes for someone who has died isn’t unusual, but the well-earned praise for Robbins was particularly voluminous and the word “mentor” was frequently mentioned. Held in high esteem for his days programming Columbus CHR WNCI, Robbins was among the most successful PDs who transitioned to the GM’s chair. What follows is a very brief sample from the many weighing in on him. Noted consultant/programmer John Sebastian: “He was my GM in Chicago at WJMK. He was a great boss and a very good man.” Executive vice president/programming operations at iHeartMedia Jon Zellner: “I have two mentors in this business and Dave Robbins is one of them. He literally taught me everything I know through the many years I had the opportunity to work with him at Nationwide and CBS Radio – I am forever grateful. No one was more creative, inspiring or motivating – a true strategist in every sense of the word. Dave possessed every trait of a natural leader, but he also was one of the most nurturing human beings I ever met. It truly brought him joy to see people on his team succeed.” Breakthrough Management partner John Parikhal: “This is terrible news. I was a huge fan of Dave’s and we had some serious fun working together. I’m so sorry to hear this.” WTUZ, New Philadelphia (Ohio) director/operations & programming Steve Kelly: “This is the most difficult post I have ever had to write, but I know our radio family and Dave’s friends will want to know that my dear friend, Dave Robbins, passed away today. Godspeed my friend.” Longtime Chicago programmer/consultant Buddy Scott: “I’m stunned – today we lost one of the greatest guys in radio and in life, Dave Robbins. We worked together twice and were corporate mates once. I loved Dave – he was my friend. [This is] so sudden and so sad.” Zapoleon Media Strategies president Guy Zapoleon: “We lost someone very special today, a broadcast industry legend; mentor to so many in our industry; and a great human being who always had time for anyone who would reach out in need. [This is a] heartbreaking loss for all who were blessed to know Dave Robbins. I was blessed to have worked with and partnered with Dave at Nationwide Communications. I always called him ‘the general’ because he had an amazing strategic mind that he applied to radio and was the greatest strategic mind I’ve met in our business, truly a leader of men. Most importantly, Dave was a wonderful nurturing man who mentored so many people in our business and taught them the secrets of success in radio and in life. Dave was simply a one-of-a-kind, once-in-a-lifetime human being.” Executive vice president/programming at iHeartMedia Tony Coles: “This afternoon brought the stunning loss of my friend and mentor, Dave Robbins. Dave was the person responsible for getting me into programming. All of these years later, I have never made a major career decision without consulting Dave – I am so thankful to have known him.” Cumulus Media Holdings vice president/programming operations John Dimick: “I am devastated at the news. [Dave] gave me my first shot and truly taught everyone how to be their best self. Programming WNCI with [him] as the GM is a bright spot in my life. The universe is just a little out of balance tonight.” Also “heartbroken” to hear the news of Robbins’ passing was Saga Communications Asheville (North Carolina) operations manager Neal Sharpe: “He was one of the most incredible people I’ve ever had the pleasure of knowing. He was a mentor, a friend, and the greatest radio leader I’ve ever known.” WLNK, Charlotte on-air talent Ramona Holloway remarks that Robbins had, “one of the most unforgettable voices in the business.” Executive vice president of global music marketing & strategy for iHeartMedia Alissa Pollack: “Wow – I’m devastated – I just spoke with him. He was one of my all-time favorites. I’m so sorry to hear this about Dave ‘Rock & Roll’ Robbins.” Three comments from record company executives included this from Alchemy Entertainment owner Bill Pfordresher: “Dave was an amazing bright light in my life. Yes, he was a great radio executive, but also an amazing friend. You always felt special in his presence and he was able to do that with everyone he met. He had true soul and I am deeply saddened at his passing. He is in a good place and will be remembered and loved always.” What’s In-Store Music partner Bob Catania: “I will never forget my first meeting with Dave. He handed me a hand grip, stuck a quarter in it, and told me if I could hold it for five minutes without dropping the quarter, he’d give me an add. Of course, I couldn’t – he had tested it with many a promo person prior. That was the beginning of a beautiful friendship [with a] true gentleman and a brilliant programmer. This news breaks my heart.” Hitpredictor owner Rick Bisceglia: “Dave was tough – almost impossible – but highly intelligent and fair at the end. He was compassionate and made me better.” From January 2006 to the time of his death, Robbins was owner and chief executive officer of Windermere, Florida-based Getaway Vacation Homes, where he owned/managed 50 vacation homes and condos along Florida’s beaches and at Walt Disney World. Prior to that, his lengthy radio resume included a five-year stint (2010 – 2015) as senior vice president/market manager for CBS Radio Orlando’s WOMX, WJHM, WOCL and eight years as vice president and general manager for four of that company’s Chicago stations – WUSN, WCFS, WBBM-FM, and WJMK. Prior to that (1998 – 2003), Robbins was VP/GM for Columbus facilities WHOK, WLVQ, and WAZU; as well as vice president and general manager of Nationwide Columbus’ WNCI, WCOL, and WFYI. He spent seven years as Nationwide’s vice president of programming (1988 – 1995) and, from 1982 – 1988, programmed KHTR, St. Louis. Just 59 years old, Robbins was reported to have suffered a massive heart attack. He’s pictured here (center) with his wife Patti (left) and Radio’s Best Friend Art Vuolo (right).
Music Radio News and Career Moves. Syracuse morning duo Ted Long and Amy Robbins have signed a multi-year contract extension with Cumulus Media to continue hosting the “Ted & Amy in the Morning” show on CHR WNTQ “93Q,” something they’ve been doing for 30 years. Long says, “To be able to do what I love for so long, with the same people whom I admire so much, and at a company that not only cares for the audience they serve, as well as their employees, really makes it a no-brainer when it came to re-signing our contract. Amy and I both feel very privileged to hold the positions we have had for so long here in Central New York. I am excited to continue to inform and entertain our great audience of listeners on 93Q.” Robbins adds, “I truthfully find it hard to believe that I have spent more than half my life on the airwaves of ‘93Q.’ We are beyond grateful to our amazing listeners who continue to keep us as a part of their daily lives and to Cumulus Media who continues to recognize how important local talent is to each and every market they serve.”…..Alpha Media names Frank Wright content director for adult contemporary WXLC, Waukegan, Illinois. Wright – midday host on the station – takes over for Haynes Johns, who exited the position in October of this year.