The last Friday of the first quarter of 2021 wasn’t a pretty one for media issues on Wall Street. That said, one radio broadcasting company is swimming against the red tide. On Friday, its shares were on the rise.
That company is Beasley Media Group.
Trading under its Beasley Broadcast Group name, with the ticker symbol of “BBGI,” the owner of radio stations that has invested in eSports — and a Houston Overwatch League franchise — enjoyed a 4-cent gain to $2.89 on Friday.
While that may seem minor, Beasley stock has seen nothing but growth across Q1 2021.
And, as the quarter comes to an end, C-Suite executives can take pride in the improvement.
As shown above, BBGI was priced at $1.63 as 2021 began.
While Beasley shares have a long way to go to return to where they were in 2019, it appears the path has been paved to reach that destination.
NEW YORK — Madison Square Garden Entertainment Corp. has struck a deal to acquire MSG Networks in an all-stock, fixed exchange ratio transaction.
The merger is expected to be tax-free for both entities.
MSG is an institution across the Empire State and New York Tri-State Area. It is the home of New York Rangers NHL hockey and New York Knicks NBA games.
Upon the closing of the transaction, MSG Networks stockholders would receive 0.172 shares of MSG Entertainment Class A or Class B common stock for each share of MSG Networks Class A or Class B common stock they own.
The exchange ratio is approximately 4% above the ratio of the unaffected closing stock prices of the two companies on March 10, the last trading day before a press report speculated on a potential transaction.
This transaction, MSG Entertainment says, would create “a leading entertainment and media company with a more diversified revenue base that would be well positioned to deliver innovative experiences across all of its assets. The combined company would have a stronger liquidity position to support its live entertainment business, which following the shutdown of its venues due to the pandemic, is now on a path back to normal operations. In addition, the new company would have enhanced financial flexibility to fund current growth initiatives, including its planned state-of-the-art venue in Las Vegas, MSG Sphere at The Venetian, as well as future opportunities across both entertainment and media.”
With the acquisition of MSG Networks, MSG Entertainment anticipates it would capture more of the emerging revenue opportunity related to the potential expansion of legalized sports gaming in its market. The combination of the companies’ media, digital and venue assets creates a powerful platform for potential sports gaming partners, which is expected to generate significant incremental revenue in the years ahead.
As of December 31, 2020, MSG Entertainment had a federal net operating loss (NOL) of approximately $250 million, primarily due to the temporary shutdown of its venues as a result of COVID-19.
Furthermore, MSG Entertainment expects to accelerate the depreciation of significant components of the capital investment for MSG Sphere in Las Vegas in calendar 2023, which is when the venue is expected to open.
As a result of this transaction, the combined company would be able to more efficiently utilize MSG Entertainment’s existing NOL, as well as future bonus depreciation related to MSG Sphere in Las Vegas, to offset the taxable income of all of its businesses, including MSG Networks, which today is a full state and federal income tax cash payer.
For fiscal year 2020, MSG Networks generated revenue of $685.8 million, operating income of $295.0 million, adjusted operating income of $321.4 million, net cash provided by operating activities of $210.0 million, and free cash flow of $207.2 million.
The media company’s two networks, MSG Network and MSG+, also deliver exclusive live local games of the New York Islanders, New Jersey Devils and Buffalo Sabres, as well as significant coverage of the New York Giants and Buffalo Bills.
MSG Entertainment’s portfolio features iconic venues, including Madison Square Garden; production assets such as the Radio City Rockettes and the Christmas Spectacular and a majority interest in Tao Group Hospitality.
The definitive agreement was exclusively negotiated and unanimously approved by Special Committees of MSG Entertainment’s and MSG Networks’ boards, both of which are comprised entirely of independent directors. The agreement was also unanimously approved by the Boards of Directors of both MSG Entertainment and MSG Networks.
The transaction, which is also subject to customary closing conditions, is expected to be completed during the third quarter.
Upon the closing of the transaction, a current director of MSG Networks elected by the holders of its Class A common stock would be appointed as a director of MSG Entertainment.
Moelis & Company LLC and The Raine Group are serving as independent financial advisors and Wachtell, Lipton, Rosen & Katz is serving as independent legal counsel to the Special Committee of the Board of Directors of MSG Entertainment. LionTree Advisors LLC and Morgan Stanley & Co. LLC are serving as independent financial advisors and Davis Polk & Wardwell LLP is serving as independent legal counsel to the Special Committee of the Board of Directors of MSG Networks. Debevoise & Plimpton LLP is serving as legal counsel to the Dolan family.
A Scottsdale, Ariz.-based universal control and sensing technologies tech company focused on the smart home has inked a development partnership with a voice dialogue marketing platform powered by AI technology familiar to those in the radio and TV broadcasting industries.
BE SURE TO FOLLOW RBR+TVBR ON TWITTER!Please Login to view this premium content. (Not a member? Join Today!)
Wells Fargo media analyst Steven Cahall not only gave ViacomCBS a downgrade, which led to a further pummeling of that company’s stock, but presented Discovery Inc. with some bad news of its own.
Cahall’s downgrade of Discovery wasn’t a sucker punch, as he put the company in a better light than ViacomCBS. Still, investors immediately responded by selling off their shares.
The result: A 27.5% day-over-day decrease in value for DISCA resulting in value investors buying in early after-hours trading on Friday.
Please Login to view this premium content. (Not a member? Join Today!)
iHeartMedia has promoted Barbara Latham to area president for Central Florida, overseeing the Orlando and Melbourne markets.
She will be responsible for overseeing programming, advertising and operations across its stations in those cities. She will report to Division President Linda Byrd, who had been handling the Space Coast role but now will focus on her division president responsibilities, which now have expanded to include all of Florida.
[Read: iHeart Tabs Paul Rogers to Lead North Florida]
Latham has held leadership positions in Jacksonville, Melbourne and Orlando and most recently was senior vice president of sales for iHeartMedia Orlando.
She began her career as an account executive and sales manager for Hoker/Paxson Broadcasting.
Send news of hires, promotions and job changes to radioworld@futurenet.com.
The post iHeart Promotes Latham in Florida appeared first on Radio World.
Since December 1994, New Mexico’s largest market has been home to a commercially licensed FM offering bible teaching and modern worship over its Class C2 signal licensed to the town of Armijo.
Soon, the programming on this station will change, but it will remain committed to serving a Christian audience. And, it will do so under BBN ownership.
Please Login to view this premium content. (Not a member? Join Today!)
At first, it seemed like a reaction to a massive $3 billion equity offering, which was priced following the close of Wednesday trading on the Nasdaq GlobalSelect market. However, there’s more to the story, as one esteemed financial analyst shared Thursday when explaining his downgrade of the company’s stock.
With ViacomCBS shares already tumbling, the bubble burst for the company that saw its shares finish Monday’s trading at more than $100 per share.
With 90 minutes remaining in Friday’s trading session, ViacomCBS’s stock price was down by nearly 56% in just four days.
Please Login to view this premium content. (Not a member? Join Today!)
By Kelsey Taylor
Without inspiration, employee advocacy can feel like giving a bland speech on an assigned topic. Authenticity and originality should be the foundation of promoting your organization and generating exposure for it. Without a sincere spokesman or exciting content, employee engagement is hardly convincing.
Refining your brand’s image from the inside is how you’re going to successfully attract and uphold a strong workforce. Not only will it humanize our brand but establish trust. As an employee, you’re one of the most trusted sources of your buyers.
Read on for valuable tips on how to master authentic employee advocacy at your company and create a buzz around your brand that lasts.Please Login to view this premium content. (Not a member? Join Today!)
From Kennedy Space Center to Walt Disney World, iHeartMedia owns and operates a group of stations comprised of 16 unique audio offerings for FM radio listeners and those without HD Radio units who may choose to use the iHeartRadio app to consume local stations.
Now, iHeart has a new DMA leader for those 16 brands, and expands beyond her role as a Sr. VP for iHeartMedia/Orlando.
Being promoted to Area President for the Central Florida region, which includes the entire Orlando DMA, is Barbara Latham.
She adds oversight of the Melbourne-Titusville-Cocoa trio that iHeart operates independently of its Orlando cluster. In the Space Coast, the company’s stations are comprised of Talk WMMB-AM, Top 40 WFKS-FM and Adult Contemporary WLRQ-FM.
Now, Latham will oversee those stations in addition to Orlando-based Adult Contemporary WMGF-FM, Top 40 WXXL-FM, Tropical WRUM-FM, Rock WJRR-FM, Talk and Alternative hybrid WTKS-FM “Real Radio 104.1,” News/Talk WFLF-FM and W226BT “WFLA,” Sports Talk W245CL “96.9 The Game,” Latin Rhythmic W246CK “Mega 97.1,” Urban W283AN “104.5 The Beat,” and Spanish-language News/Talk WRSN-AM 810 and W250CE “Acción 97.9.”
Additionally, Latham directs the activities of three HD multicast brands in Orlando: Smooth Jazz WLOQ (on WMGF-HD3), Country “104.1 The Bear” HD3, and Alternative “Alt 101.1” HD3.
Latham continues to report to Division President Linda Byrd, who previously had the Area-level role Latham is taking. According to iHeart, Byrd will remain in her role as Division President with expanded responsibilities.
“I am thrilled to be able to promote Barb to this position,” Byrd said. “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.”
Latham began her career as an Account Executive and Sales Manager for Hoker/Paxson Broadcasting in January 1985. A decade later, Latham joined the Clear Channel Communications family, taking on the role of GSM for its Jacksonville stations following Paxson’s sale of its stations to a Clear Channel precursor. Clear Channel is the predecessor company of iHeartMedia.
“I am so excited to continue my career in this new role in Central Florida with the Orlando team and reconnecting with the Space Coast team,” Latham commented. “My goal is to continue the tradition of success that I have been a part of under Linda’s leadership in various roles over many years. She created the model of excellence in Central Florida and all of iHeartMedia, for many of the company’s most heritage brands, on-air personalities/influencers, and sales success. I am driven and excited to continue that success in this new role as the Central Florida Area President.”
With layoffs seen by Radio across 2020, even before the pandemic forced lockdowns in communities across the U.S., how can those in the C-Suite keep their current teams motivated? What is the revenue outlook for one major audio media company?
A first-ever session on Clubhouse featuring two radio industry leaders tackled those questions and more.
Please Login to view this premium content. (Not a member? Join Today!)
The author is IT and engineering manager at Riverbend Communications.
IDAHO FALLS, Idaho — KTHK is a commercial, 100 kW station owned by Riverbend Communications broadcasting KTHK(FM)/105 The Hawk throughout the southeast Idaho region including Blackfoot, Idaho Falls, Pocatello, and Rexburg.
The main 105.5 MHz FM signal, which has an ERP of 100 kW, propagates from a butte near Idaho Falls, and is supplemented with a translator on 105.9 MHz FM to service the tricky Pocatello geography.
It’s an overall challenging market to cover that was further complicated as our main tube transmitter, with a manufacturing badge dated 1978, had been increasingly hindered by component failures.
Parts became more expensive and harder to source with each passing year. The transmitter finally suffered an untimely critical failure, and an immediate replacement was ordered while the station ran on an auxiliary backup.
Fortunately, plans were in motion to replace this transmitter, and comparisons and evaluation had already been made that led to the decision of a GatesAir Flexiva FAX20 air-cooled transmitter.
The theory of operation seemed very sensible. Individual, hot-swappable power supplies for each power amplifier module will make future replacements quick and easy.
Redundancy is improved since the IPA and power amplifier modules for each power block are the same and interchangeable. General maintenance is swift and simple with occasional filter cleaning, with internal building temperature monitored by remote control.
Time was of the essence since the project changed from a planned transition to an immediate replacement.
We had two major concerns: factory lead times due to COVID-19’s impact on supply chains, and the weather condition’s effect on site accessibility. Nick VanHaaster, our GatesAir sales representative, as well as their manufacturing and shipping divisions, were helpful in sourcing a new transmitter quickly.
It is almost unavoidable with Murphy’s Law applying to emergency engineering, and we still ran into a major two-week delay with the freight carrier. Thankfully, the quality of the packaging materials and assembly alleviated most concerns. The two inches of snow expected at the tower site on the projected arrival date had turned into two feet of snow when the transmitter reached us.
After initial inspection, it was determined that the transmitter could be safely transported in the original crating covered in tarps for temporary waterproofing. With the transmitter arriving in two crates, the weight could be distributed on a flatbed trailer and towed by a 4×4 truck with tire chains.
Compared to the amount of work that went into removing the old tube transmitter, installation was very quick. After running new rigid transmission line to the combiner and three-phase delta power via top access, the transmitter was on and running into a dummy load within hours.
We have seen noticeable improvements in performance and efficiency. The difference in broadcast clarity was immediate, while reduced power consumption has had an immediate impact in utility cost savings.
Smooth operatorThe operation has been perfectly stable, with no issues since the transmitter came to air. In addition, the ground footprint is significantly less than the old tube transmitter, leaving room for another rack and future infrastructure.
This transmitter utilizes the GatesAir Flexiva FAX50 exciter, which is as easy to configure. The exciter is fed audio via composite from an Omnia processor, and the transmitter is output via Myat 3 1/8-inch rigid transmission line to an ERI combiner installed two years ago. From there, it is combined with another solid-state transmitter and run to a directionally polarized Jampro antenna bay.
Overall, this transmitter has exceeded high expectations. When it comes to installation, functionality, operation, broadcast clarity and efficiency, the affordability borders on unique. Even after the warranty expires, our expectations are that parts, labor and most importantly main transmitter downtime will be drastically diminished.
We look forward to adding more of the Flexiva line of solid-state transmitters to our fleet, and the additional savings in operating costs we will see in the future.
Radio World User Reports are testimonial articles intended to help readers understand why a colleague chose a particular product to solve a technical situation.
For information, contact Keith Adams at GatesAir in Ohio at 1-513-459-3447 or visit http://www.gatesair.com.
The post User Report: GatesAir Springs Into Action for KTHK appeared first on Radio World.
His legal name is Keith Stover. For a generation of Pittsburgh radio listeners, he’s also known as Keith Clark. In recent years, Keith has been a minority owner of a pair of FM radio stations serving the Columbia, S.C., market.
Now, he’s taking majority ownership interest in the five-year-old Midlands Media Group.
Please Login to view this premium content. (Not a member? Join Today!)
Black Lion Audio has released its first USB bus-powered, portable audio interface, the Revolution 2×2. The 2 x 2 USB-C desktop unit offers 24-bit/192 kHz capabilities and utilizes the company’s new Macro-MMC clocking technology.
BLA’s new Macro-MMC clocking technology is based on its numerous clocking products and modifications, with the aim of providing quality A/D-D/A conversion.
[Check Out More Products at Radio World’s Products Section]
Additionally, Revolution 2×2 internally integrates the company’s PG-i technology, with all power rails being highly filtered in every active stage. According to the company, with power being decoupled across all of the interface’s circuitry — preamps, converters, internal power supply and the clock — noise contamination from other devices plugged into the audio interface itself is discernibly reduced.
In terms of its analog circuitry, Revolution 2×2 is built with high-end integrated circuits with Vishay, Nichicon and Wima capacitors being used. Internal gain-staging has been optimized for a low signal-to-noise ratio, and all analog I/O connections are fully decoupled and balanced.
The interface comes with the Revolution Software Suite, which includes PreSonus’ Studio One Artist DAW, as well as select plug-ins from Brainworx (bx_digital), iZotope (Elements — includes Nektar, Neutron Ozone, and RX8), and Plugin Alliance (Lindell Audio 6X-500 hardware-modelled preamp and passive EQ).
Revolution 2×2 is shipping, but initial supply is reportedly constrained due to the shortage of the components chosen by the company’s engineers, according to Black Lion Audio chief operations officer Preston Whiting. The interface runs around $399.
Info: www.blacklionaudio.com
The post Black Lion Audio Unveils Revolution 2×2 Audio Interface appeared first on Radio World.
Please show your support by using the Ko-Fi link at the bottom of the page. Thank you for supporting REC's efforts!
