Industry News

The MIW Radio Group is all about mentoring; and it has now opened the application window for its annual mentoring initiative.

The Mentoring & Inspiring Women in Radio Group chooses four candidates each year from within the radio sales, marketing, programming and digital disciplines, and matches the “mentees” up with experienced female leaders in radio.

The Mildred Carter Mentoring Program was established in 2002. It is sponsored this year by vCreative. Applications are open until Jan. 29.

Here’s how to apply.

Entercom Vice President National Partnerships Lindsay Adams chairs the mentoring program.

The program is named in the memory of Mildred Carter, who, with her husband Andrew “Skip” Carter, founded the first African American owned radio station in the U.S. in 1950 in Kansas City. She ran the Carter Broadcast Group for many years after the death of Skip Carter.

The post MIW Group Opens Mentoring Applications appeared first on Radio World.

Radio World helps you kick off your new year with stories about the PreSonus PD-70 microphone; the impact of synthetic voiceovers; and tips for choosing your next console.

Also: In some countries, the “service following” feature of hybrid radio systems raises the possibility of “hidden” streaming fees for broadcasters; developers are working to minimize the impact. John Bisset on maintaining equipment for long life spans. And Doug Vernier offers tips on how to get the most out of a popular V-Soft FM software package.

Read it here.

The post Inside the Jan. 6, 2021 Issue of Radio World appeared first on Radio World.

Davis Wright Tremaine LLP has added a satellite and telecommunications lawyer as a partner in its Washington, D.C., office, bringing new capabilities to its team serving the technology and communications industries.

Please Login to view this premium content. (Not a member? Join Today!)

Just east of Austin is a Class A FM offering Classic Country programming.

It’s heading to a new owner, pending FCC approval.

BE SURE TO ‘LIKE’ RBR+TVBR ON FACEBOOK!

Please Login to view this premium content. (Not a member? Join Today!)

The Board of Directors of the Media Financial Management Association (MFM) have selected the two individuals who will chair its upcoming, and virtual, Media Finance Focus conference.

David Bochenek, SVP/Chief Accounting Officer at Sinclair Broadcast Group, will serve as 2021 Conference Chair and share responsibilities with Mike Lavey, Interim Chief Financial Officer, Chief Accounting Officer and Controller for Tribune Publishing Company.

The conference will be a virtual affair, beginning on Tuesday, May 11, and concluding on Thursday, July 29

The preliminary agenda calls for sessions on Tuesday and Thursday afternoons along with topic-specific roundtables on Wednesdays. The 11 weeks will offer sessions on subjects relevant to industry financial and credit professionals.

Mary M. Collins, President and CEO of MFM and BCCA, says this year’s theme is “Together Toward Tomorrow,” and is “a nod to both our goals for 2021 and what we expect to be an exciting year of transition for the industry.”

In May 2019, Deb McDermott gained the industry’s attention for the acquisition of television stations in Providence, R.I., and Lincoln, Neb., by the company she holds the title of CEO for, Standard Media Group. Six months later, Standard Media added nine properties from Waypoint Media in a deal valued at $59.2 million.

The deals cemented Standard Media’s role as a acquisitor, with McDermott, who is perhaps best-known in the media world for her association with ABC affiliate WKRN-2 in Nashville, partnering with Soo Kim on the company’s build-out.

Now, as 2021 begins, McDermott is shedding her ownership interest in the two stations acquired in May ’19.

A 27-page document uploaded to the FCC’s LMS proposes the transfer of control of 100% of the membership interests of Standard Media Group LLC from McDermott Communications to Paducah Television Operations LLC.

Translation: McDermott’s equity interest is being transferred to Soo.

To illustrate the change, an organizational chart was submitted to the Commission. Pre-transfer, McDermott controls Standard Media Group, and under that WLNE-6 in Providence, R.I., and KLKN-8 in Lincoln, Neb.

The McDermott-led group purchased the stations from Citadel Communications LLC for $83 million.

Post-transfer, Standard Media would be a unit of Paducah Television Operations, housed under Soo-controlled CNM Television Holdings, a division of his Community News Media LLC.

Soo Kim has generated much attention over the last year. As a dissident shareholder of TEGNA, he attempted (and ultimately failed) to win a seat on the board and gain control of the broadcast TV company. He’s also in partnership with Emmis Communications founder and CEO Jeff Smulyan, as Managing Member of the entity holding attributable interest in Mediaco — now the licensee of WBLS-FM & WQHT-FM in New York.

Is there a financial obligation tied to this transfer request, which awaits FCC approval?
Yes. Sort of.

A $55,803,225.17 Amended and Restated Floating Rate Subordinated Convertible Note, dated Dec. 10, 2020, appears to be integral to the transaction. The note holder is Soo’s Paducah, and it is exercising a conversion option.

What does this mean? It’s complex but it appears McDermott is acquiescing her ownership interest in the stations in return for the multi-million dollar loan, which has a maturity date of March 5, 2023.

Why? A plausible explanation is that Soo is assisting McDermott on closing the Citadel transaction consummated nearly 1 1/2 years ago, as some $27,196,774.83 may have been paid thus far in a deal struck before anyone knew the COVID-19 pandemic would strip local TV of ad dollars across much of 2020.

And, with Nebraska and Rhode Island far from political hot spots, the election-year windfall could have been peanuts compared to what was seen in Florida, Georgia or Arizona.

Serving as legal counsel on this transaction is Scott Flick of Pillsbury Winthrop Shaw Pittman. He was not immediately available for comment when reached by RBR+TVBR.

A broadcasting veteran of more than 50 years is calling it quits, and heading into retirement. But, who in the midst of a pandemic would want to invest in an AM/FM combo serving a rural area of Virginia between Richmond and Lynchburg?

Look no further than the No. 2 licensee by number of radio stations in the U.S.

Please Login to view this premium content. (Not a member? Join Today!)

What pandemic slowdown?

After dipping to nearly $56 per share on March 18, as concerns surrounding the domestic spread of the COVID-19 virus reached fevered heights, Nexstar Media Group stock started its slow climb back to where it was in early Q1 2020.

While NXST is beginning 2021 roughly $20 per share below where it was on February 12, 2020, investors should hardly be upset. Tuesday afternoon trading saw shares trading in the mid-$108 range.

Now, with news that noted journalist Ashleigh Banfield is joining WGN America to helm a 10pm ET hour-long news and newsmakers show, following News Night, investors should have plenty to cheer about come Tuesday, Feb. 23.

That’s when Nexstar will release its Q4 and full-year 2020 results. The numbers will be distributed prior to the Opening Bell on Wall Street, and a 9am conference call will see C-Suite executives discuss the results.

With a new NBC affiliation agreement just inked and ownership of stations such as WSAV-3 in Savannah, Ga., where political dollars for two U.S. Senate runoff races to be decided today were high, Nexstar seemingly has nothing but positives to share.

That’s what Zacks Equity Research thinks. “Investors might want to bet on Nexstar, as earnings estimates for this company have been showing solid improvement lately,” it said in early December. “The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.”

For Q4, the company is expected to earn $6.44 per share, which is a change of +172.88% from the year-ago reported number.

For the full year of 2020, the company is expected to earn $16.14 per share, representing a year-over-year change of +236.25%.

What’s Zacks’ bottom line? “Nexstar shares have added 28% over the past four weeks,” it said one month ago, when shares were $110.80. “[This suggests] that investors are betting on its impressive estimate revisions.”

In the San Francisco Bay Area, South Asians seeking programming devoted to Indian, Pakistani and Sri Lankan culture, news and music have had access to Ravi Kapur‘s Diya TV on the DT2 signal of KTSF-26, the multicultural broadcast station led by Jack Schwartz and owned by Lincoln Howell that just inked a fresh measurement deal with Nielsen.

Soon, local viewers will now have another way — and, perhaps, easier way — to view Diya TV.

Please Login to view this premium content. (Not a member? Join Today!)

The head of enforcement for the Federal Communications Commission says efforts to implement the new PIRATE Act against illegal radio stations have been hampered by the pandemic as well as a lack of funding from Congress.

Rosemary C. Harold, the chief of the FCC Enforcement Bureau, submitted the commission’s first annual report to Congress about its pirate radio work, as required in the act that became law a year ago.

That law raised the amount of fines the FCC can issue, up to $100,000 per day and $2 million total, and it expanded the definition of who can be fined to include people who “willfully and knowingly” help pirate radio operations.

The commission did report some enforcement activity for the year, as listed below. But Harold identified two issues that have limited its work.

First, the FCC in March implemented a mandatory telework policy. That complicated the work of pirate enforcement, which requires agents “to engage in significant, in-person activities to gather evidence, including witness statements and technical measurements of a pirate station’s operations.”

Second, the commission has received no funding to implement the PIRATE Act, she wrote.

“The Congressional Budget Office and the commission both estimated that it would cost $11 million for the commission to implement the Act,” she said.

“And yet, the PIRATE Act itself contained no appropriation or other funding source to cover its implementation costs. And because the commission’s FY 2021 budget ceiling level was established by the Office of Management and Budget on December 3, 2019, before Congress adopted the PIRATE Act, the commission did not have an opportunity to incorporate costs related to the implementation of the PIRATE Act during the president’s fiscal year (FY) 2021 budget process.”

The FCC also is supposed to conduct “sweeps” at least once a year in five markets that have the most pirate radio activity. It began studying this but the lack of funding and the pandemic-related restrictions prevented any sweeps.

Harold said the bureau’s ability to fully conduct the sweeps “will remain subject to obtaining new funding through the appropriations process” as well as the end of the pandemic.

And the FCC was supposed to develop a public database by April 2020 that listed all licensed AM and FM stations, as well as all entities that have received a notice of unlicensed operation, notice of apparent liability or forfeiture order.

But that too didn’t happen because of lack of appropriated funds.

Nevertheless, the Enforcement Bureau was not idle in 2020.

Harold cited new efforts to inform property owners and property managers of apparent pirate broadcasts from their properties and to describe the potential consequences to the property owner or manager. The first notices were issued in New York last month, as we’ve reported.

“Although these ongoing proceedings are in their early stages, initial discussions with the property owners have been promising,” Harold told Congress. The FCC is also doing more general outreach to educate commercial and residential property owners and managers.

The law also encourages the commission to skip the usual step of issuing a notice of unauthorized operation and proceed instead directly to a notice of apparent liability for forfeiture. The Enforcement Bureau implemented that in December.

And on the enforcement side, Harold listed several actions including the settlement of two long-running investigations. Acerome Jean Charles and Gerlens Cesar separately agreed to monetary settlements including “significant suspended” penalties that would be triggered if they resumed operations.

The post Lack of Funding Hampers PIRATE Enforcement appeared first on Radio World.