Radio+Television Business Report

The first of the broadcast media industry’s quarterly earnings reports surfaced on Thursday morning, as Meredith Corporation, which is in the final stages of the sale of its Local Media unit to Gray Television, released its fiscal 2022 first-quarter results.

With Barry Diller’s IAC purchasing the National Media arm, and all other assets, of Meredith, this will be the final Q1 report television industry observers and financial analysts will see from Meredith. And, as is typical in non-political years, tough comparisons are at play, explaining a 7% Local Media revenue decline.

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The nation’s biggest owner of radio stations has repurchased and cancelled all of its outstanding shares of Series A Perpetual Preferred Stock. To do so, it used cash on hand, wiping 60,000 outstanding shares out of existence.

It is officially iHeartMedia Inc. subsidiary iHeart Operations Inc. that made the move, one that sees the audio content and distribution company behind iHeartRadio voluntarily repurchase the full balance of its $60 million preferred stock.

According to iHeartMedia Chairman/CEO Bob Pittman, it demonstrates the company’s commitment to strengthening its balance sheet and increasing free cash flow, while still maintaining “ample liquidity.”

Pittman added, “Repurchasing early allows us to realize interest savings, exit the most restrictive instrument on our balance sheet, and continue to reinforce iHeart’s commitment to improving our capital structure. This action continues to demonstrate our confidence in our business moving forward.”

The cash repurchase price for each Series A Perpetual Preferred Stock is $1,000, plus a premium equal to the remaining dividends required to be paid through the optional redemption date of May 1, 2022 — discounted at a negotiated rate. This results in an aggregate redemption amount of $64.35 million to be paid to the holders of the $60 million Series A Perpetual Preferred Stock.

On word of the repurchase, IHRT shares were up 22 cents to $19.81 in after-hours trading on Wednesday.

Following in Spot Inc.‘s footsteps in 2016 would have been a good move. Today, with respect to its finances, it is ill-advised.

Tell that to Jack Dorsey, the billionaire CEO at Twitter. His company’s shares plummeted Wednesday on Wall Street following the release of less-than-stellar Q3 2021 results.

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The Board of Directors at the Northern Virginia-based broadcast TV company that’s reportedly considering bids from Byron Allen and from a partnership between embattled investor Soohyung Kim’s Standard General and Apollo Global Management has declared a shareholder dividend.

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With Wednesday’s Closing Bell on Wall Street, 100 shares of Audacy Inc. stock would cost, minus any broker fees, $321.

That’s still not even close to the revised price target one financial analyst just put on a single share of Spotify stock, lauding the streaming audio company for an “excellent” Q3 2021 report card and an outlook that is “quite strong.”

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ANNAPOLIS, MD. — For 24 years, he’s served as a partner at radio industry programming and sales data and insights consultancy Research Director.

Now, after 40 years in the radio industry, he’s announced his retirement at year’s end.

On December 31, Charlie Sislen will conclude a career that began in 1981, and since 1997 has exclusively involved his role at Research Director.

Sislen comments, “It has been a pleasure being part of Research Director for the past 24 years. I woke up every day excited not only about what would come next, but also more importantly the people I would interact with. I enjoyed every conversation with Research Director’s amazing team, our tremendous clients, and everyone who makes our industry great.”

Sislen thanked his partner, Marc Greenspan, who he says had the vision to bring him into the company.

Sislen continued, “I am leaving a phenomenal team, whose hard work made my role as the face of the company easy. They made the difference for every one of our clients. Now is the time of my life where I must shift my focus from my career, which I love, to my family and my community. Research Director and the radio industry will always be in my heart.”

Sislen’s transition is already underway, with much of his duties being handed to new Director of Client Services Karen Morriss.

She was most recently a senior account manager at Nielsen Audio.

There is a way to buy radio advertising that is thousands of times better than using ratings points.

What, pray tell, could that possibly be? The Southern California Broadcasters’ Association (SBCA) has the answer, thanks to a study conducted for the advocacy group by Nielsen — the very company delivering audience measurement via Nielsen Audio ratings every month to local radio.

According to SCBA President Miles Sexton, the study demonstrates the power of impression-based buying for the AM/FM radio industry.

The findings, SCBA reports, show that agencies are increasingly using impressions to evaluate media, while also demonstrating the usefulness of impressions to evaluate radio and digital using a common metric.

According to the study, the benefits of impressions-based buying offers increased granularity over ratings and adds value to more dayparts and easier comparison across markets.

The SCBA also notes that it gives audio and digital platforms the ability to capture all of their audiences no matter where content is consumed.

Additionally, the study showed that impressions also provide a brand safe environment for advertisers looking for premium impressions at the local level.

“The importance of combining radio and digital advertising effectively cannot be overstated, and impressions are clearly where the industry is headed,” Sexton commented. “As radio continues to evolve within the digital ecosystem, the building blocks of a successful cross-platform campaign will include impressions.”

Today, some 54% of agency professionals are now buying on impressions.

• To view the report in full, please click the link below:

SCBA-Nielsen Impressions 10-27-21

 

WASHINGTON, D.C. — On August 2, television stations located in Illinois and Wisconsin  were required to file applications for license renewal for terms expiring on December 1.

Two stations failed to do so.

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Since October 19, the musicFIRST Coalition-backed American Music Fairness Act has gained the support of nine House of Representatives Members.

It suggests the lobbying efforts of Florida Democrat Ted Deutch and former Congressman Joe Crowley have turned an important corner on Capitol Hill.

The NAB reminds us that those seeking to impose new royalty fees on broadcast radio stations have much more work to do.

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“The last year has placed the media industry at a crossroads, and it’s clear that the chosen path ahead is the road less traveled,” remarks Bill Livek, Executive VP and CEO of Comscore. “The marketplace is no longer willing to settle for a measurement source that relies on small panels to drive decision-making for a multi-billion-dollar industry. Rather, the appeal of the future is a transparent path built on a stable, reliable methodology and a foundation of proven technology, which captures the shift change of modern viewership consumption.”

With that, Livek has made it clear that Comscore has “pioneered” the modern technology powering the future of media measurement. And, the company executive trumpets that view in what he calls “an open letter to the industry.”

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Radio and television executives have had few opportunities to share their perspectives, projections, and visions for the broadcast industry in-person for the last 18 months.

That’s one primary reason why Forecast 2022 is the C-Suite Event of the Year — with attendance from radio and TV’s top leaders confirmed.

Will you be among them?

With a full-day of panel discussions and keynote addresses, there’s nothing like Forecast 2022. And, with a “no outside press allowed” promise, getting all of the details from Forecast 2022 simply means you have to be there.

Who will be there?

HERE’S YOUR CHANCE TO BE PART OF THE EXPERIENCE. REGISTER NOW BEFORE THE PRICE INCREASES $200 ON NOVEMBER 1! Debra OConnell — President, Networks, Disney Media & Entertainment Distribution, The Walt Disney Company Bill Wilson — CEO, Townsquare Media

 

FEATURING

 

… and others to be announced shortly!

 

Forecast brings together the best and brightest talent in broadcasting and advertising to forecast the coming year, and to discuss the trends and momentums that will affect ratings and revenue. From Washington to Wall Street, Forecast focuses on what’s ahead in the broadcast community’s future and how to prepare for its opportunities and challenges.

Don’t hesitate: Join today’s industry leaders and be part of the discussions and debates about what’s ahead for radio in 2022 and beyond.

 

Register now for Forecast 2022. Act now and save $200! Complete agenda HERE.

NEW YORK — Ad-supported streaming local television news service Haystack News has helped bring The E.W. Scripps Co.-owned Newsy expanded reach on the platform the digital multicast network originally used to connect with consumers — an “OTT” app.

Live streaming of Newsy on Haystack News commenced Wednesday (10/27). It further widens Newsy’s reach, which grew substantially with its addition to over-the-air broadcast signals on October 4.

Branded as an “opinion-free national news network,” Scripps has 14 news bureaus across the U.S. dedicated to Newsy, which provides 17 hours of daily news in a manner not to dissimilar to the PBS News Hour and without talk shows offering news stories and roundtable observation with a political slant — a feature emblematic of the U.S.’s three heritage cable news networks.

Newsy dates to 2008, when it sold news and content as a third-party provider. In January 2014, Scripps bought the operation for $35 million, and launched a OTT-only news channel around the brand. In September 2017, to grow Newsy’s audience, Scripps replaced Retirement Living Television (RLTV) with the formerly digital-exclusive network. This cleared Newsy on cable television systems. That ended on June 30 as a direct result of Scripps’ merger with ION Networks, and the decision to transition Newsy to a digital multicast channel.

— Editing by Adam R Jacobson

Bonneville International announced several significant executive promotions as part of a strategic focus on growth.

“With this structure in place, we are well-positioned to support our existing business and develop in many new areas of opportunity,” said Bonneville President Darrell Brown.

Scott Sutherland has been promoted from his role as Market Manager for Phoenix to EVP/Regional Media Operations to directly oversee the Denver, Phoenix, Sacramento, San Francisco, and Seattle markets, with the Market Managers reporting directly to him.

Tanya Vea has been promoted from her role as Market Manager for Salt Lake City to EVP/Content and Media Operations to lead content and digital strategy for the company. Vea will also continue to lead TV and radio operations for the Salt Lake market, where Bonneville is headquartered.

Jason Englund has been promoted to the role of EVP/General Counsel, succeeding Mike Dowdle. Englund had previously led the HR function for the company, along with acting as Associate General Counsel.

Former General Counsel Dowdle will work with Brown to lead Bonneville’s strategic initiatives as the new EVP of Business Affairs and Strategy.

Matthew Sadowski has accepted the role of SVP of Business Intelligence and Analytics. He will lead and build analytics and business intelligence functions.

Kent Nate, Bonneville’s EVP/CFO, will continue to lead finance functions.

The U.S. Black population has a complex and powerful legacy that continues to shape countries and cultures around the world. Yet, when it comes to representation in media, the complexity that creates the richness of their experience is often lost, and when present, undervalued.

That’s a key takeaway from a newly released report on the power of the African American Community from Nielsen.

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The pricing of Gray Television‘s previously announced private offering of $1.3 billion aggregate principal amount of 5.375% senior notes due 2031 by Gray Escrow II Inc., a special purpose wholly owned subsidiary of Gray, has been affirmed.

This represents an increase of $175 million over the amount previously announced but is shy of the $1.5 billion Gray could have gone up to in the bond market.

The Notes were priced at 100% of par.

The offering of the Notes is expected to close on November 9, subject to customary closing conditions, at which time the proceeds of the offering will be funded into an escrow account.

The Notes are being offered to finance, together with cash on hand and anticipated borrowings under Gray’s senior credit facility, Gray’s pending acquisition of Meredith Corp.’s local media group, immediately after all spin-off deals are completed.

Closing is now expected to occur in December.

Finally. After months of questioning from across Washington, D.C., the White House on Tuesday formally nominated Jessica Rosenworcel to serve as the first woman to officially serve as Chair of the FCC. At the same time, President Biden selected Gigi Sohn to serve as a Democratic Commissioner.

While Sohn’s nomination will certainly trigger Republican opposition, Democrats in the District of Columbia were pleased to learn of Sohn’s selection.

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Since September 2020, he’s been a Senior Advisor at the Mozilla Foundation, the entity that brought internet users the Firefox web browser.

His past experience includes roles as Director of Digital Economy for the U.S. Department of Commerce, and from 2005-2012 was an Americas Director of Public Policy for Google.

If Congress says yes, he’ll become the Assistant Secretary for Communications and Information at the Department of Commerce’s National Telecommunications and Information Administration (NTIA), where FCC Commissioner Nathan Simington last worked.

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Among the more colorful entrepreneurs in broadcast media is Frank Copsidas, an individual well-known across New England who is now leading the recently launched LPTV Broadcasters Association. 

Copsidas has bought and sold many LPTVs. Now, he’s spinning a property licensed to a town of less than 2,000 in the Deep South. The buyer? Gray Television.

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Is a bumpy road ahead for broadcasters across the rest of the Biden Administration, now that Jessica Rosenworcel is set to officially become Chairwoman of the FCC and Gigi Sohn, a “net neutrality” champion, is the White House’s nominee to become the fifth Commissioner?

There’s already chatter Inside the Beltway about what could come for the Rosenworcel Commission — or, perhaps, what won’t come. Ahead of his exclusive Forecast 2022 appearance, BIA Advisory Services Senior Vice President and Chief Economist Dr. Mark Fratrik shares his views on whether or not “regulatory burdens” seen under the Wheeler Commission could come back. Deregulation? Don’t count on it, he says in this InFOCUS Podcast, presented by dot.FM.

Listen to “The InFOCUS Podcast: Dr. Mark Fratrik, BIA” on Spreaker.

 

Don’t Wait! Early Bird Registration remains available! Reserve your seat today.

BALTIMORE — Sinclair Broadcast Group has awarded scholarships to seven university students as a part of its annual Diversity Scholarship program.

Having provided more than $100,000 in tuition assistance during the last six years, the scholarship program aims to invest in the future of the broadcast industry.

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