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Radio+Television Business Report

Bloomberg Radio Renews Entercom Content Pact

Radio+Television Business Report
4 years 3 months ago

Some 26 Entercom spoken word radio stations will continue to receive business and consumer news supplied by Key Networks-affiliated Bloomberg Radio, thanks to a new agreement signed by the audio media entities.

The deal includes such all-News stations as WINS-AM in New York, KNX-AM in Los Angeles, and WBBM-AM & WCFS-FM in Chicago — all former CBS Radio stations.

It extends a relationship that dates “several years,” Key Networks notes.

In addition to news content, Bloomberg Radio provides live, customized reports, Bloomberg Money Minutes, and Bloomberg specialty features including Bloomberg Business of Sports, Green Report, Small Business Report, Real Estate Report, and similarly themed vignettes.

Other Entercom stations that will continue airing Bloomberg Radio content are:

  • WPHT-AM in Philadelphia
  • KCBS-AM & KFRC-FM in San Francisco
  • KRLD-AM in Dallas
  • WJFK-FM in Washington, D.C.
  • WWJ-AM in Detroit
  • WCCO-AM in Minneapolis
  • KDKA-AM in Pittsburgh
  • KMOX-AM in St. Louis
  • WTIC-AM in Hartford
  • KXNT-AM in Las Vegas
  • WBEN-AM in Buffalo
  • WRNL-AM & WRVA-AM in Richmond

Key Networks Chief Revenue Officer Dennis Green notes, “This partnership brings Bloomberg-created content to listeners and advertisers and we look forward to building on this successful partnership with Entercom.”

Adam Jacobson

Townsquare Repurchases Oaktree’s Remaining Company Stake

Radio+Television Business Report
4 years 3 months ago

Chatter across the media finance landscape indicated a move was imminent.

On Wednesday morning, those rumors became reality: The entirety of Oaktree Capital Management L.P.‘s stake in Townsquare Media has been repurchased by the local media company headed by CEO Bill Wilson.

To do so, $80,640,000 will be paid by Townsquare, publicly traded on the NYSE.

The transaction effectively concluded Tuesday (3/9), with Townsquare snapping up the 12.6 million shares and warrants in the company held by Oaktree at a price of $6.40 per security.

Townsquare subsequently retired those securities.

It’s a great value for Townsquare, as its common stock closed at $10.51 on Tuesday, its best finish since July 2017.

With programmatic and local digital key revenue drivers for a company steeped in mid-size and smaller markets across the U.S., Townsquare has enjoyed strong growth on Wall Street since the 2020 U.S. presidential election. On October 26, 2020, TSQ was valued at just $4.52.

That amounts to 132.5% growth in less than five months.

The $80.64 million share buyout follows the January 25 Townsquare Media announcement that it was repurchasing at least 10 million of the 12.5 million shares of Class A and Class B common stock — and warrants — held by funds managed by Oaktree Capital Management L.P. for $64 million.

The $64 million question, if you will, for shareholders then is whether or not Townsquare would execute an option at a later day to acquire the remaining 2.5 million shares.

That’s now transpired.

As such, Townsquare’s total payout is the $80.64 million amount.

And, the company’s reacquisition is comprised of 100% of Oaktree’s  1.6 million shares of Class A common stock, 2.2 million shares of Class B common stock, and 8.8 million warrants.

“Based on current share counts, the transaction is expected to be immediately accretive on a free cash flow per share and adjusted earnings per share basis in excess of 70%,” Townsquare said in a release distributed at 7am Eastern and immediately Tweeted by RBR+TVBR. “At 10 million securities, the repurchase would have been accretive by
approximately 50%.”

How did Townsquare make the transaction happen? Cash on hand was used to pay $80.4 million aggregate purchase price.

Townsquare will also pay Oaktree a $4.5 million consent fee related to the transaction in four installments, the first of which is due on April 1.

With the repurchase’s completion, Townsquare will have approximately 16 million securities outstanding, inclusive of common stock and warrants.

“We could not be more pleased to share that given our strong cash position, we were able to repurchase 100% of Oaktree’s ownership interests in Townsquare, capturing a strong return for our shareholders,” Wilson said in prepared remarks. “This is a beneficial transaction for our investors and the company. The Oaktree share repurchase is significantly accretive on an earnings per share and free cash flow per share basis in 2021, and entirely eliminates Oaktree’s ownership overhang for current and potential shareholders.”

Wilson also thanked Oaktree for their long-term support of the company.

Houlihan Lokey Capital Inc., which acquired MVP Capital, home of Elliot Evers, served as financial advisor to the Special Committee in connection with the repurchase.

Oaktree’s investment in Townsquare Media dates to August 2010, when the company was created from the post-Chapter 11 ashes of the former Regent Communications. With Oaktree’s dollar infusion, Regent was merged into Gap Broadcasting; the resulting entity was renamed Townsquare.

Townsquare Media CEO Bill Wilson tells RBR+TVBR that Tuesday (3/16) will see the unveiling of the company’s Q4 and full-year 2020 results. They’ll be distributed prior to the day’s NYSE Opening Bell. And, as has been a tradition for Townsquare, a big pot of coffee will be brewing as C-Suite members will host a earnings call for investors and analysts starting at 8am Eastern/5am Pacific on March 16. 

Adam Jacobson

The Racial Equity Imperative

Radio+Television Business Report
4 years 3 months ago

Deloitte has created what it calls an “equity imperative.”

What’s the reason for Deloitte’s action? It says it has done so with the goal “of inspiring better understanding, deeper insight, and more meaningful action now toward greater racial equity.”

It is composed of three linked sections that “acknowledge the legacy and realities
of racism in the United States, imagine various potential futures for racial equity
in the United States over the next decade and beyond, and suggest specific
steps leaders can take to promote more equitable outcomes, both in their
organizations and more broadly.”

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RBR-TVBR

Radio Hall of Fame 2021 Nomination Window Opens

Radio+Television Business Report
4 years 3 months ago

The Radio Hall of Fame Nominating Committee is now accepting suggestions for 2021 nominees.

Hurry! The nominations window closes in three weeks.

Suggestions can be made through March 31, 2021, in the following categories:

Longstanding Local/Regional (20 years or more)
Active Local/Regional (10 years or more)
Networks/Syndication (10 years or more)
Longstanding Network/Syndication (20 years or more)
Music Format On-Air Personality
Spoken Word On-Air Personality

Inductees will be honored at the annual Radio Hall of Fame induction ceremony, with plans to be held live in Chicago at a date to be announced later this year.

Radio imaging and production company The Mix Group is a presenting sponsor of the 2021 Radio Hall of Fame induction ceremony.

The Radio Hall of Fame was founded by the Emerson Radio Corporation in 1988. The Museum of Broadcast Communications took over operations of the Hall in 1991.

The Museum of Broadcast Communications is recognizing Radio’s 100th anniversary with a variety of events in 2021, including special tributes and recognition of the many talented men and women who’ve contributed to the medium’s ongoing success.

RBR-TVBR

A Neal Ardman-Owned AM’s License Renewal Put To FCC Judge

Radio+Television Business Report
4 years 3 months ago

A 1kw Class C AM serving Sylvania, Ga., is presently dark under a STA.

It’s been dark for a while. In fact, it’s been silent for so long that the station has been designated for a license renewal hearing by the FCC.

As such, Tampa-based owner Neal Ardman has a potential battle on his hands to save the station.

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Adam Jacobson

Another FCC Proposed Fine For a Late License Renewal

Radio+Television Business Report
4 years 3 months ago

The FCC has been active in sending out of late Notices of Apparent Liability for Forfeiture with respect to the untimely filing of a license renewal application.

The latest licensee to get a proposed fine? It is the owner of a Class A noncomm in Iowa used by a station housed at Maharishi International University.

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Adam Jacobson

Entercom’s Sixth Amendment: A Lender Tweak Explained

Radio+Television Business Report
4 years 3 months ago

Entercom Communications on March 5 signed off on Amendment No. 6 to an October 17, 2016, credit agreement it struck with JPMorgan Chase Bank.

Specifically, Entercom is amending the financial covenant set forth in Section 7.09 of the agreement.

What will this accomplish?

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Adam Jacobson

Comscore Shareholders OK Charter Stock Issuance

Radio+Television Business Report
4 years 3 months ago

A special meeting of Comscore Inc. shareholders is now over. And, the results of the Tuesday event are now known.

It’s good news for one of America’s biggest MVPDs and internet service providers.

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Adam Jacobson

Tales of Hoffman: TEGNA Board Snubbed Over CEO’s Valet Snafu

Radio+Television Business Report
4 years 3 months ago

In Washington, D.C., Adonis Hoffman has been a leading voice on media and communications law and policy, in particular FCC regulatory moves, for years. In February 2008, as SVP and Council for the American Association of Advertising Agencies (4 A’s), Hoffman was one of several key participants in a “No Urban/Hispanic Dictates” meeting held between the FCC and key advertising and marketing associations.

Hoffman would later serve as a former FCC Chief of Staff and as a senior legal advisor to former FCC Commissioner Mignon Clyburn, and is the founder and Chairman of “Business in the Public Interest” and Adjunct Professor of Communication, Culture & Technology at Georgetown University.

As of last month, he was in Fort Lauderdale, speaking to a China-owned news channel as the founder of the “Responsible Technology Initiative.” And, until this morning, an additional role was in the works for Hoffman.

That’s been scratched, TEGNA has announced.

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Adam Jacobson

Lougee Speaks Out On Hoffman Incident

Radio+Television Business Report
4 years 3 months ago

TEGNA on Tuesday provided the Securities and Exchange Commission (SEC) e-mail communication sent to shareholders that outlines, in detail, the decision by Adonis Hoffman to withdraw his nomination for a TEGNA board seat.

TEGNA also submitted to the SEC another piece of e-mail communication.

It’s a letter to employees from TEGNA CEO Dave Lougee that addresses Hoffman’s decision to withdraw his candidacy for a company board seat.

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Adam Jacobson

Adonis Hoffman: A Well-Respected Capitol Hill Vet

Radio+Television Business Report
4 years 3 months ago

WASHINGTON, D.C. — When it became known that a nominee for a TEGNA Board of Directors seat had withdrawn himself from consideration, due to a 2014 case of mistaken identity gone wrong involving company CEO Dave Lougee, the name of the nominee was shared.

But, TEGNA didn’t share details of who Adonis Hoffman is, and why Lougee mistakenly thought he was a valet at a 2014 event is so potentially explosive.

Hoffman is a highly accomplished African American who once served as Chief of Staff of the FCC, and held key positions in the U.S. House of Representatives.

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RBR-TVBR

A TEGNA Trio’s License Shuffle Generates A FCC Filing

Radio+Television Business Report
4 years 3 months ago

Here’s a transaction that will likely raise eyebrows: TEGNA‘s CBS affiliate serving Tampa Bay, along with two properties in Maine, are being transferred to a new licensee.

No, TEGNA isn’t selling the three TV stations. Rather, it’s doing some internal housekeeping, and the paperwork shows that a dissident shareholder is still very much a key investor in the company.

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Adam Jacobson

Video’s New Stream: From Local TV To A Global Viewer Platform

Radio+Television Business Report
4 years 3 months ago

By Brian Galante
Special to Weekly Tech Roundup

ST. PETERSBURG, FLA. — Sarina Fazan has established herself as a trusted source for local TV news viewers in the Tampa Bay region for nearly 20 years.

As a member of the news team at The E.W. Scripps Co.’s ABC affiliate, WFTS-28, Fazan established herself as an influential storyteller with a reputation for landing exclusive interviews, gaining national attention along the way.

Now, she’s ready to gain a worldwide audience, thanks to what’s essentially a video podcast.

It’s the culmination of efforts that began two years ago, when Fazan launched Sarina Fazan Media. Her flagship production, “On The Record With Sarina Fazan,” is a weekly podcast that largely uses the formula of local public affairs shows seen on broadcast TV stations across the U.S.

As of press time, Fazan has produced 63 episodes.

The rollout of “On The Record with Sarina Fazan” is thanks, in part, to Fazan’s time at WFTS. In 2013, she met the station’s then-Director of Engineering Lowell Beckner. He now serves as GM of CP Communications, the live content acquisition and production company and tech services provider that set up shop in St. Petersburg two years ago. CP, with Beckner’s assistance, helped Fazan to bring the video podcasts to life.

The video podcast proved to be a welcome pivot for CP. Known primarily for its live sports production, its mobile production trucks were idled when the pandemic hit. With the at-home production business rapidly surging, CP moved to serve clients in this arena at a much greater capacity than it already had been doing.

In 2018, CP launched Red House Streaming to fulfill at-home production needs. A year later, the all-in-one CamSTREAM systems for remote shoots were added to the roster of products. With plenty of space in St. Petersburg, a professional studio and network operations center were added.

For Beckner, overseeing the launch of Red House Streaming (RHS) including a talent search, with him sniffing out talent that wished to broadcast live from the RHS studio.

The RHS business officially opened in early January 2021, ahead of Super Bowl LV at Raymond James Stadium in Tampa.

LIVE, AND ON-DEMAND

As Executive Producer for “On The Record,” Audra Butler through the end of 2020 oversaw production in a small office studio that, while sufficient, had modest technical capacities.

“We didn’t have the ability to go live, so all podcasts were distributed as pre-recorded content,” Butler said. “That changed when we walked into the RHS studios. Most shows are now produced and streamed live from the set. It is a studio facility with that live broadcast feeling, even when the podcasts are recorded.”

Fazan’s first live-streamed podcast from RHS took place on January 15. The successful “test run” laid the groundwork for what was next.

Butler recalls, “By this point, the Buccaneers had won the NFC Championship and were headed to the Super Bowl. Sarina raised the idea of doing daily podcasts leading up to the game, which, in addition to the studio shows, included a live remote two days before the game. It was the perfect situation to create a podcast series with local and national interest.”

With Kurt Heitmann leading CP operations as CEO and providing the vision that led to RHS’s creation, the studios boast Panasonic cameras, vMix live production and streaming software, Simplylive all-in-one production systems, Aja KiPro quad recorders, and Blackmagic ATEM Studio 4K production switchers.

A professional editing studio, Dante-enabled audio production workflow, and large intercom matrix are also available, along with the adjacent NOC for signal monitoring and quality control.

The technologies are used for full in-house productions such as Fazan’s podcasts and for at-home productions. Clients include Carr-Hughes Productions, CBS Sports Network and Verona Productions.

Beckner notes that a chroma key wall and virtual sets have brought a unique visual experience to each podcast, which were helpful when the podcasts shifted from weekly to daily. The initial run of five shows swelled to eight, including one on Super Bowl Sunday.

Beckner directed up to four camera shots for most of the shows (and, for one special production, served as a camera operator), and assigned a full crew for other positions.
“We had a technical director running the switcher, an audio specialist producing the sound, and an engineer overseeing the entire production from the NOC,” he said. “We used technicians with different skillsets along the way, from experienced professionals to CP warehouse technicians that stepped up when needed.”

REPORTING FROM ANYWHERE

A list of enthusiastic guests, including current and retired NFL players, drove the series’ expansion to eight shows.

A special remote show highlighted Rebuilding Together’s Super Bowl-sanctioned event, Kick Off to Rebuild, which focused on helping families in need with home repairs. “We traveled to the Northdale community of Tampa,” Fazan said. “We had an established rhythm in the studio, but I was no longer behind the news desk. We were now on location, and needed to meet the same quality expectations.”

It was then that CP Communications’ at-home production model came to life.

“The human element of being back on a normal news set is amazing to me on so many levels,” Fazan said. “They are creating virtual sets with these very different and appealing backgrounds, while using our graphics and colors and giving us creative control. With streaming, it’s all about creating the content you want, and building your own audience.”

Now, Fazan is planning her next moves. CP Communications’ services and products will be involved. “I very much intend to launch my own channel on Roku, Amazon, and other OTT platforms,” she said. “My goal is to bring newsmakers and high-profile people on this show that can draw both local and national audiences.”

As audience numbers continue to rise, “On The Record With Sarina Fazan” has permanently shifted production to the RHS studios. With live streams and podcasts available over YouTube, Facebook, and Fazan’s website at https://sarinafazan.media/podcast, she is planning her next moves with CP Communications.

Adam Jacobson

AdLarge Puts Senior Stripes On Two Key VPs

Radio+Television Business Report
4 years 3 months ago

Audio ad sales network AdLarge has promoted a pair of Vice Presidents to Senior Vice President positions at the New York-based shop.

Donelle Brown is now Senior Vice President of Marketing Insights & Client Relations.

Ilwira Marciszek takes the role of Senior Vice President, Head of Revenue Operations and Digital Sales.

Brown has worked in the audio space for the majority of her career, beginning in local radio promotions in Boston. She has led cross-functional marketing teams at Jones MediaAmerica and Dial Global, and has been associated with AdLarge since 2015, when she took the role of Marketing Solutions Director,

With over 15 years of media experience, Marciszek currently works with AdLarge’s key content and technology partners on driving revenue growth for the company and overseeing sales operations. She is celebrating her 10th year with AdLarge.

AdLarge Media was founded in 2011 by Cathy Csukas and Gary Schonfeld and today includes a digital portfolio, cabana.

RBR-TVBR

The InFOCUS Podcast: Jay Prasad, LiveRamp

Radio+Television Business Report
4 years 3 months ago

Believe it or not, we are just two months away from the 2021-2022 Upfronts. But, what’s different this year are presentations that reflect an internal reorganization that blends together sales, operations, content and distribution.

This single organization approach has very much changed the selling process, and we’re wondering what the biggest change for TV as we prep for the next season.

Providing the answer, and more, in this podcast, presented by DOT.fm: Jay Prasad, Chief Strategy Officer at LiveRamp TV.

Listen to “The InFOCUS Podcast: Jay Prasad, LiveRamp TV” on Spreaker.

Adam Jacobson

The Full Scoop on Virtual Mixing with Axia iQs Console Software

Radio+Television Business Report
4 years 3 months ago

A new webinar focused on the features of The Telos Alliance‘s Axia iQs is planned for St. Patrick’s Day. The online event will offer broadcasters a learning opportunity on how to control their mix anywhere, on any device, for optimum remote broadcast and virtual workflows.

The webinar, “Virtual Mixing with Axia iQs Console Software,” will be held at 1pm Eastern on March 17.

It serves as a coming-out party, if you will, for the Axia iQs AES67 Mixing Console Software.

According to Telos, it the first soft console controlled via HTML-5, allowing users to control a mix from anywhere and across devices and operating systems.

In this webinar, Telos Alliance’s Kirk Harnack and iQs developer Milos Nemcik demonstrate how the Axia iQs “delivers virtualization’s promise of added scalability, adaptability, cost efficiencies, simple deployment, and reliability, with demos, examples of how to deploy iQs” in a way that best fits your company’s needs.

Those interested in attending the webinar can sign up here.

For those that are unable to attend, Telos Alliance recommends signing up anyways, and a recording of the webinar will be sent via email.

RBR-TVBR

A New Signal For TV Tech Infrastructure Firm

Radio+Television Business Report
4 years 3 months ago

It’s business focus is the same. But, the technology infrastructure company founded in May 2019 as Public Media Group has rebranded.

PMG is now Signal Infrastructure Group (SIG) while it recommits to delivering ATSC 3.0-focused products to public and commercial broadcasters.

“As a company, we serve the entire broadcast industry,” said SIG CEO Joe Chinnici, who believes the company’s old name limited its potential consumer reach. “We feel it is important that our name reflects our mission to serve both commercial and public
broadcasters with our physical and digital infrastructure.”

Having recently launched a new software platform, SIG’s products now include those designed to improve facilitating market transitions; designing, building and operating Single Frequency Networks to enhance signal density; workflow orchestration software to manage and configure the flow of information; and products designed to allow broadcasters to launch new interactive, NextGen applications.

RBR-TVBR

Access, and Analysis, of Cross-Media Campaign Data Comes To FreeWheel

Radio+Television Business Report
4 years 3 months ago

Users of the FreeWheel Strata ad management platform now have access to a single source of insights, giving them greater knowledge of how to budget for a cross-media campaign from the Comcast Company-owned system.

Introducing the Strata platform Data Warehouse, which Comcast says is interoperable with agencies’ existing business intelligence solutions.

“Advertisers have historically faced several challenges when accessing and analyzing insights into their advertising campaigns,” Comcast says. “They often pull insights from multiple locations and platforms, which provide a fragmented look at their media performance. The process of multiple data interfaces can also be cumbersome and time consuming even for the most seasoned data analysts.”

Strata Data Warehouse users are promised a simple, consolidated multimarket cross-media report, something FreeWheel Chief Revenue Officer Mark McKee says is a “must” in today’s ad environment.

“This is valuable time that can be used to put these new insights to work to power the planning, execution, and optimization of their media campaigns,” he says.

Data Warehouse will be available to all Strata users in April and is currently being used in beta phase by five Strata agencies, including Harmelin.

Cooper-Smith, a full-service media agency headquartered in Toledo, Ohio, has also been using Data Warehouse to access and analyze campaign data.

Later this quarter, FreeWheel will be launching the next phase of Data Warehouse that will include deeper analytic tools. These capabilities, says Comcast, will provide “extensive functionality to all agency users – from buying and planning to finance teams. The tool will provide visual reporting options, drag and drop functionality and customization based on users’ needs.”

RBR-TVBR

Max Headroom: For U.S. Broadcasters, It’s More Than Vintage TV

Radio+Television Business Report
4 years 3 months ago

German converter manufacturer Ferrofish has added the new +24dBu I/O model to its Pulse16 Series of AD/DA converters. The new modification increases the maximum input and output level from +20dBu to +24dBu, an important upgrade for American broadcasters requiring proper headroom.

“One of the core components at Ferrofish is providing end-users with cost-effective, high-performing converting solutions,” said Derek Badala, Director of Sales for the Americas for Synthax, the regiona distributor of Ferrofish products. “This new modification is no different, offering US broadcasters with the tool they need to help them get the best possible audio experience.”

With the new Pulse16 +24dBu I/O modification, maximum input and output levels are increased from +20dBu to +24dBu (in steps of 1 dB), complying with the American SMPTE guidelines which call for +24dBu levels for the analog portion to keep all analog and digital levels uniform.

The Pulse16 is a high-density converter providing 16 x 16 balanced analog TRS I/O. Thanks to its Cirrus Logic converter chips, the Pulse16 operates with an active digital jitter elimination, which compensates shifts or jitters in the audio signal and provides audio engineers with the highest-quality audio possible. The Pulse16 family now includes the Pulse16 DX, Pulse16 MX and the original Pulse16. The new +24dBu I/O model is available for all Pulse16 versions.

In addition to the new Pulse16 +24dBu I/O model, Ferrofish also recently announced a new Pulse16 CV Out, perfect for users working with modular synths using CV/Gate technology.

For more information, visit ferrofish.com.

In American broadcasting SMPTE guidelines call for +24dBu (decibel) levels for the analog portions of audio in order to keep all analog and digital levels uniform. This new Ferrofish Pulse16 model’s input and output levels are increased from +20dBu level (what the old version was) to the new +24dBu level to comply with SMPTE’s guidelines.
RBR-TVBR

Veritone Stock Slump Overshadows Big Gains On Monday

Radio+Television Business Report
4 years 3 months ago

Radio and television broadcasting companies publicly trading on U.S. financial markets mostly enjoyed a strong start to the new week.

Monday’s trading saw gains of significance for Salem Media Group, Sinclair Broadcast Group, ViacomCBS, Disney and Cumulus Media.

That said, Veritone Inc. suffered another dip of significance, falling $4.29 to $28.92 to continue a retreat from a recent growth trend for the audio attribution technology company actively seeking TV and radio clients.

 

Adam Jacobson

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