TM Radio Busy I less Report Voice Of The Radio Broadcasting Industry ° Volume 18, Issue 48 November 26, 2001
Bill O'Reilly to sign with RADIO NEWS DiMassimo ABC or Westwood? Not after ABC Radio Networks Brand 2 long signed Daschle aide touted for fifth Commission seat Channel's Sean to a Advertising's Fox News Hannity radio syndication deal in September (now staffer Jonathan Adelstein has been as the Doug Ray Senate proposed on 65 affiliates), the next personality from discusses that network well be Bill final FCC Commissioner—with NAB's Eddie Fritts seconding. may O'Reilly, buying in the host of "The O'Reilly Factor." The two nets in for upfront with A look at the post 9/11 radio landscape 2 currently contention the deal are ABCRN and Westwood to KM One, Rush time slot. RAB waives 2002 dues 2 go up against Lhnbaugh's While The Drudge Report says O'Reilly ap- Page 4 proached the nets with the syndication idea 2 Waitt can't wait to get the other Radio One first, the final deal maker could be whether it is signed via O'Reilly or Fox News. Fox News Hiwire: All I wanna do ... is have some funds 2 likely has final sign-off on any radio deal and will probably own the show. Westwood One Winstar buyers become a buyer 2 already syndicates Fox News Radio.
ClearOne eclipses Gentner 2
AMERICAN URBAN R/\DIO 4 NETWORKS A scattering of opinion about upfront 2002 3 OTH ANNIVERSARY 1972-2002 SALES From an RBR source: "It's Westwood, but I don't think they have a deal. They're negotiat- URBAN NEWS ing adeal, but from what I understand, they've %AMERICAN Benjamin to group CEOs: Control your inventory 5 [angered] Fox because they are not working it through Fox. ABC may be in the hunt, working with the Fox Network. Westwood is trying to work a separate deal directly through O'Reilly. " %%I� SBN NEWS Another source also confirms the deal is more likely to be signed with Westwood: "Westwood is offering him atwo-hour daily 6 Proud of Our Cumulus is back on the accumulation trail talk show. ABC is offering just to try him out on the weekends. That's the bottom line." Lew Dickey is dealing with a pair of Franks and a whole boatload The deal will not be announced this Heritage week, but "Within 30 days," said the source. of Dickeys as he expands the revitalized Cumulus empire. , RBRobsetvation:0'Reillyisahuge;mrforFox He be one of the few choices to BROADCASTING NEWS AND CCU settles down on its doubled Ohio farm 6 News. may INFORMATION TO AFRICAN AMERICANS compete with Rush. If Westwood signs him, look 1S AS IMPORTANT TODAY AS IT WAS for the current 12-2 PM talent to be bumped at Virtual CHUM runs into an Iceberg 6 would also benefit 3 O YEARS AGO. AMERICAN URBAN Infinity Talk stations. OReilly ABCRN if Clear Channel does follow with RADIO NETWORKS... through Radio One would rather lack this kind of class 7 to Rush off of ABC Radio URBAN AMERICA'S RADIO LEADER. reported plans pull affiliates as the contracts n.ui out and move him over Cumulus in Tallahassee of war 7 to Clear Channel stations where possiblc.--CM WE WERE THERE FOR THE BLACK Triad, tug COMMUNITY 30 YEARS AGO, WE WERE THERE FOR THEM ON SEPTEMBER 11 TH Cumulus' latest acquisitions: 2 deals, 21 stations, $$04.2M AND WE'RE HERE FOR THEM TODAY. AMERICAN URBAN RADIO NETWORKS... Cumulus Media (O:CMLS) has two deals to grow its station portfolio and move• REACHING AND TOUCHING into more urbanized markets. First, Cumulus will buy Frank c)sborn's and BLACK AMERICA LIKE NO OTHER. Frank Washington's Aurora Communications for $220.2M. The deal will give Cumulus 18 stations in the affluent suburbs of New Yorlc. City in New York AMERICAN URBAN RADIO NETWORKS... and Connecticut. In the second deal, Cumulus will buy three Nashville 3 O YEARS OF PROVIDING TIMELY NEWS stations from DBBC LLC for $84M. AND INFORMATION TO THE AFRICAN Aurora CEO Osborn, who will be joining the Cumulus Board of Directors AMERICAN COMMUNITY. AMERICAN following the completion of the transaction, said, "We believe this transaction URBAN RADIO NETWORKS... DELIVERING is highly beneficial to both the stockholders of Aurora and the operations of the THE NEWS THAT PEOPLE ARE TALKING stations. Station management will remain unchanged with Vince Cremona ABOUT AND THE NEWS THAT WILL continuing to oversee day-to-clay operations of the stations. At the same time, MAKE PEOPLE TALK. the stations will have access to the resources and capital of a larger company. We look forward to working with the Cumulus team to contribute to a company at the Call AURN today to add NEWS Lew Dickey ./r. forefront of the broadcasting industry." Also last Monday (11/19), Cumulus announced a deal to buy three radio to your programming mix. stations in Nashville for $84M from DBBC LI.C, a company owned by Cumulus CEO Lew Dickey Jr. and his threL brothers, John, David and Michael. John Dickey is Executive Vice President of Ctimu us. SALES 1 "The transactions we are announcing; today represent another important milestone• iu the development of this 212-883-2100 (;ompany. We are adding a total of 21 stations across six markets, and approximately $44 million of gross revenue on a trailing twelve month basis that will increase our pro forma I BITDA by approximately 40%," said Cumulus PROGRAMMING CEO Lew Dickey Jr. "Gitrthermore, we arc ,idcling great assets and talented people to our company, and positioning; 800-456-4211 ext. 4098 Cumulus for future growth." For more details of' these two transactions, see page 6. JM
Radio Business Repot @ n Voice Of The Radio Broadcasting Industry RADIO NEWS November 26, 2001 Volume 18, Issue 48 dents feel that (lie definition oh Executive Editor Jack Messmer Daschle looks to fill Rush loses all heaping Managing Editor Dave Sayler funny has changed since 9/11. empty FCC seat 0 Senior Editor Carl Marcucci 91/0 thought radio clid a good Rush Limbaugh announced Production Michael Whalen The Democi.o ik seat on the Fed- job reporting the crisis. A resound- on his show (11/19) that 100% VP Administration Cathy Carnegie eral Communications Commis- 95% saicl that radio delivered of his is and that FCC Research Consultant Mona Wargo ing hearing gone co- Administrative Assistant April Olson sion which has remained empty when it countecl.—DS, CM he will likely undergo Publisher Jim Carnegie since the departure 'of Gloria chlear implant surgery before VP/GM, Associate Publisher Ken Lee Tristani has come to the atten- the end of the Limbaugh Senior Account Executive John Neff Dues and don't at the RAB year. Leader he was Account Executive June Barnes tion of Senate Majority announced last month Tom Daschle (D-SD). He is rec- Don't worry about dues I I i i � year if going deaf and had been un- Offices Editorial/Advertising ommending his own legislative you are an Radio Advertiser Mem- dergoing antibiotic treatment 6208-B Old Franconia Road aide Jonathan Adelstein to ber. Says President/CEO Gary for Autoimmune Inner Ear Alexandria, VA 22310 President George W. Bush as a Fries, "There is little doubt the Disease (RBR 10/15, cover). PO Box 782 Springfield, VA 22150 candidate to finish out her term, radio industry faces some difficult The treatments apparently Main Phone: 703/719.9500 which expires in June 2003. economic challenges in the year didn't work. After the sur- Editorial Fax: 703/719.7910 The 39-year old Adelstein has ahead. It will take the combined gery, Rush said it will take Sales Fax: 703/719.9509 worked in the Senate for 14 years, efforts of all of us to meet these four to six weeks for the Subscription Phone: 703/719-7721 and once have Subscription Fax: 703/719-7725 the last six of which have been challenges again implant to work at its normal spent with Daschle. Like Daschle, radio lead the pacing in revenues. level if successful. Results he is a native of South Dakota. To assist in that goal, failure rate is low. is Email Addresses attaining vary, but the complete Limbaugh currently - will NOT ask for dues recer- Publisher [email protected] "Jonathan's expertise in tele- RAB under contract with Premiere Radio Networks through 2009.—CM Editorial- [email protected] communications issues and his tification for the year 2002." Sales: [email protected] commitment to seeing rural The RAB does plan to keep all JNeff@rtxcom America share in the telecommu- of its services up and running Bradenton, FL Office nications revolution make him throughout the year.—DS Westwood One Jack Messmer the perfect candidate for this job renews Phone: 941892-1631 Liddy at this time," said Daschle. Fax: 253/541-0070 Radio One Networks now Westwood One (N:WON) day- Email: [email protected] "NAB strongly supports the time Talker G. Gordon Liddy nomination of Jonathan Adelstein Waitt Radio Networks will remain a Westwood One toe the Federal Communications Nashville, TN Sales Office Colorado-based format provider daytime Talker. His show, which June Barnes Commissioin,", said NAB Presi- Radio One Networks has been Phone: 615/360-7875 airs on over 150 stations M/F, 10A- dent Eddie Fritts. "Jonathan's (11/19) Omaha-based Fax: 615/361-6075 bought by will remain on the network's commitment to service and 2P, Email: [email protected] public broadcaster Waitt Radio (70 radio roster. Terms of the which his firm of and deal, grasp broadcasting stations, outdoor advertising and were not disclosed. 2601 Rad o Business Report, Inc. Material may not be reproduced telecommunications issues will RBR reported last month (RBR.10/29, p.2) ;.,thout permission. All content may not be reproduced, photocopied TV stations). CEO Cliff Gardiner wrtlten violations will be 11 Talk radio, along with the rest of ardor transmitted without prioroonsentAny serve him well at the Commission. in a "September changed dealt with Printed in USA. remains with the company legally. said "The American people have grown up and We expect a speedy confirmation all services American," Liddy. management position, with Westwood Radio Business is published weekly by Radio have turned to grown-up radio. My agreement Report and look forward to working with the same. Waitt Media Net- Business Report, Inc. Publishers of Radio Business stay and the One is the best of my career and I am delighted."—DS Report, The Source Guide, www.rbr.com Jonathan at the FCC."—DS works has 125 affiliates who use Information Services Group database. RBRobservation: It looks like the company's Rock Alternative, this is a done deal, since Daschle Mainstream and Classic Subscription rate: One year $220. Country, and CTPI Chairman Michael Music Research and Bush have been on much Oldies and Hot AC formats with Kelly Gleason will serve as co-Chair- better terms since 9/11. JM voice-tracked ,localization that in- ofifeps barter men of the merged company. CTPI, cludes current time of day.—CM radio sta- which had previously been fo- Unfortunately many Aphitpon looks into the cused on Internet investments, tions are projecting significantly lower cash revenue for Radio Business post-9/11 radio landscape Hiwipe gets 89.5M recently fired its CEO, so FKL figures executives—CEO William Avery 2002 and higher levels of unsold is here A new Arbitron (N:ARB) study Hiwire announced 11/16 it has Music Re- report and his management team—will inventory," says Kelly via shows that consumers think radio closed on $9.5M in funding, search CEO/President Tom clearly be running the combined Kelly. to help Zone did an excellent job responding to New Enterprise Associates, some of their unsold company. JM "Bartering the recent announce- the -events of over Ventures and Clear With 9/11. Further, Ventures, Grey spots for music research will help said Channel Communications. The fund- ments of company layoffs one third of respondents they radio stations keep their on-air Radio Busi- are to radio now more will allow the ad inser- Gentnep sells and downsizing, listening ing targeted stock, product in sync with the listeners to and almost and sales to its ness Report stands ready than they did before, tion provider expand changes name while reserving valuable cash." If you're a radio half of Black and Hispanic listen- sales team, support new media part- claims that this is the first help you. in Kelly Clear Gentner (O:GTNR) sold $22.2M station or group looking to ers say that they have increased ners and improve technology. time ever that local callout and new in RBR is Most are Channel is Hiwire for its sta- equity private placements fill a key position, their listening since 9/11. using music testing services have been of more than 1.3M favorite that stream to avoid AFTRA stock—slightly offering a new service—and tuning in to the same tions offered on a barter basis. Kelly is shares at $17 each (a discount of it's free. due to news as well as targeted absolutely station, possibly prod- spots generate prepared to negotiate straight bar- Hiwire has about $2 from the trading price)— Just submit your job open- uct`being added to hundreds of online ad buys. To date, ter deals or combinations of cash and a total of to a few institutions wealthy ing, in 30 words or less, to music-intensive stations. raised $18M.—CM and barter. Market size and audi- individuals. The is also Your that have not company [email protected] Most report they ence composition will have a bear- its name. Effective with will be on our in other changing listing posted altered spending anyway, ing on pricing. Winstap network the New Year, it will be known as website, RBR.com, and sent than admitting to a bias toward RBR observation: Is barter C1earOne Communications and its via RBR's who have buyers to merge a out coast-to-coast advertisers actively compensation becoming trend Nasdaq stock symbol will change daily email service. supported relief efforts. Two months after announcing a the vendors and service to CLRO. The name was among a tele- change The study was based on deal to buy the former Winstar to the radio industry? joint at the annual providers con- approved 11/15 phone survey of 1,500 listeners Radio Networks—now Excelsior announcement follow's that shareholders' Kelly's and meeting. ducted between 10/19 and 11/5, Radio Networks—for $6.25M, of producer TM Century, Gentner said the cash from its jingle is abailable at the Arbiton website. Franklin Capital Corp. (A:FKL) and which announced it would begin will be used number of Partners private placements deals earlier this An overwhelming Change Technology accepting barter for general corporate purposes Americans feel it is a patriotic act (O:CTPI) have announced a deal to month (RBR 11/12, p.2).—DS and are possibly acquisitions. The to support the economy. 91% merge. The combined company will as stock placements were arranged making everyday purchases be owned 80% by CTPI's sharehold- are not in by Wedbush Morgan Securities. Santa shakes up CCU San planned. They any way ers and 20% by FKL's shareholders. RBR to contests on the radio. observation: You prob- stations opposed "The merged company plans to use Diego while ably are familiar with Gentner As for the holidays, only its combined assets to and develop Santa Claus is coming to town, to increase because it manufactures tele- 8% expect expendi- additional businesses in one Clear Chan- acquire interface for ra- and he's bumping tures, fully 72% expect to main- phone products radio and related media fields," the station up the dial level. 20% dio stations, but its fastest nel (N:CCU) tain their past Only announce- grow- off. companies said in their joint and another entirely Oldies back. ing business is teleconferencing. anticipate cutting will have cash be from ment. The new company It will moving CHR alert: Younger audiences manufactures audio and video KJQy-FM at to 95.7 with a new and other assets estimated $20M. 94.1 mHz are more impressed by acts of teleconferencing equipment and A new addition to CTPI's board New Kool 95.7," advertisers. 45% of the also provides teleconferencing identity—"The charity by of the Our publications are read of directors is Michael Levitt, who will feature hits 60s and cell said would be services to business clients. That and 12-17 age they the the best people in radio— left Muse, Tate & Moving off of 95.7 mHz to by to an adver- recently Hicks, business was 70s. more likely patronize growing rapidly be Classic even a few who've found them- had been a director room will Hits is to relief Furst and repre- before 9/11 and got an addi- make tiser which contributing over on selves "between positions." on the board of Taking 94.1 to 35% 55+. senting Hicks, Muse tional surge as more and more KMSX-FM. funds, compared Claus himself. One of them may be just the before will be Santa He is also a to watch Clear Channel (N:CCU) and, companies began doing more There warning 4 7 from for. rein there 2 / Thanks- pro you're looking While is that, Chancellor Broadcasting. teleconferencing to cut down will the copy. nobody against Christmas. FKL Chairman Brown on air travel. through humor, nearly half of all respon- Stephen JM giving
www.rbr.com 11/26/01
RADIO NEWS'
counties to Peter Ottmar's AAA Entertainment. continue to deliver . our clients The report will add two RBR observation: Clear Chan- by 2/1/02. The award recognizes the measured Deschutes for outstanding com- As you've probably already significant upgrades of their broad- previously nel seems to be splitting the differ- radio stations and cast and as the The addition of Jefferson and KMSX with mitment to community service, guessed, Alta is a major investor holdings emerge county. ence between KJQY and 12+ Lun- in AAA. Alta and of high-qual- Crook counties will produce a Kool" station. We tend to will be at-the Radio Egan's previous premier developer its "New presented rank the NAB 2002 Con- firm—Burr, & ity FM properties." population which would think of Oldies as covering the 50s cheon during the Egan, Deleage 4/9/02.—DS Co.—has invested in more than A longtime consultant to First market #230 out of the 285 currently and 60s, and Classic Hits as 70s and vention in Las Vegas 85 media of Simons most re- under measurement. Arbitron says Kool's 60s-70s mix dovetails companies (many Broadcasting, 80s. to be- them radio groups) in the past cently served as Director/Field this takes Bend a step closer between the two. By the way, no TM Century targets two decades. JM Engineering for ABC/Disney re- coming a full-fledged market. word what will happen on 94.1 once and for Radio Disney and Arbitron rival Eastlan Resources Santa returns to the North Pole.—DS consumers sponsible ESPN O&O stations.—CM has to measure the business markets First already agreed Broadcasting Bend market for group owner and is a new production New Spanish 2417 format HulaBear.com hires to expand around in-market operator Horizon Broad- aimed TM Cen- Arbitron looking library by producer cast Group (RBR 11/19, p.3). breaks Campos traditional First Broadcasting announced (O:TMCI) not at its the Bend to new market is in tury Simons has its sta- Eastlan, which comprised part out of the ashes of the old G- but at standard Harry joined Spanish radio customer base, A different kind of war is of the former Willhite market mea- tion development team as VP/ ratings Radio Network has sprung OM Me- businesses and individuals who want He will be heating up in Bend, which sits surement service, currently pro- dia Networks which is offering their websites, home vid- Engineering. respon- Inc., to jazz up the banks of the Deschutes vides ratings for 60 mostly smaller Presi- sible for site selection and tower along a new 24/7 Regional Mexican Hot eos, etc. Said TM the United presentations, construction as well as technical River in central Oregon. Arbitron markets thoughout Hit format network called "Mexicana dent/CEO David Graupner, (N:ARB) has been commissioned States, although its sphere of influ- stu- upgrades and operation of newly Musical." OM, which stands for Otro "Whether you're a high school in the west. stations. by G.C.C. Bend LLC, owner of an ence in concentrated is headed by former Z- on a pre- acquired Mundo, dent working Powerpoint AM and three FMs in the market, RBR observation: Horizon "Harry's technical expertise and programming exec Salva- sentation for school, or a bank presi- Spanish to measure ratings in the market President Keith Shipman said he for industry experience will play an dor Homero Campos (President). dent working on a presentation to both services role in First for the Spring 2002 survey. It had subscribed VP Affiliate Relations Jose Reynoso of Hula Bear important helping you board directors, will not be a 2001 and found Eastlan to Broadcasting expand nationally getting full-fledged during is looking for subscribers.—DS Music will provide you with the mu- there is survey, but rather a Custom Sur- be superior. Apparently need to add and further develop our operat- sic and sound effects you which uses the room for a difference of as station division," said Ron vey Area Report, opinion, an extra dimension of excitement an ing same technique and contains this latest development indicates. Langer Broadcasting a Unkefer, First Broadcasting CEO. punch to the presentation. We see rare head-to-head world-class talent much of the same information as This will be a Network launches market for Hula Bear "By attracting burgeoning will a standard report. meeting of the two services.—DS who are like Harry, First Broadcasting Alex Langer, who owns three AM products among consumers stations in the Boston-Worcester area, now editing and production their is now also Chairman/CEO of home videos on their home comput- - Langer Emmis movement that is inex- joins wagecutting Broadcasting Network, which fea- ers. It's a great product —DS is 10% tures a variety of Talk-oriented pro- pensive and easy to use.' Emmis Communications (O:EMMS) cutting paychecks to avoid in the soft ad grams. In part due to an alliance with across-the-board layoffs continuing came the Cable Radio Network, the new market. The move announced late Thursday (11/15) just Mover beats out beginner Co. announced a 5% cut for net says its programming is available days after Tribune (N:TRB) salary in east central for next for all other in 26M homes. It has also partnered Georgia 140 top managers and froze wages year not covered a union contract. with USA Radio Network to syndi- WELT-FM, a Class A station beam- employees by its To soften the blow, Emmis is giving employees a chance cate its offerings. Among topics ing out of Swainsboro GA on 98.1 an to their cut back—and more—based on the market are shopping, cooking, sports mHz, will be moving about 30 get wages of the stock. The 10% pay cut will be outdoors Ifi.sh i ng.—IBS miles west and upgrading to Class performance company's a 10% stock award. C3 under an amendment to the replaced by corresponding "Today's announcement asks all of us to draw from our early Show" FM Table of Allotments approved "The Sean Hannity Emmis when everyone, by necessity, carried an entrepreneur- by the FCC. East Dublin is in a days now has 65+ affiliates ial said CEO Jeff Smulyan. "This plan not only provides an non-Arbitron portion of Georgia spirit," immediate cut in our expenses, but also gives our employees a great Since ABC Radio Networks took the roughly the halfway point between success while I-16. opportunity to invest in the company's future aligning popular WABC-AM program from Savannah and Macon along their interests with that of our stockholders." New York into national syndication The move will result in a net gain 401(k) and ESOP Emmis will have the option of taking direct control 9/10, "The Sean Hannity Show" of 45,113 listeners, which is what Unlike typical plans, employees weeks. of the new shares in their own brokerage account or even cashing them out every two They're has signed more than 65 affiliates- allowed it to defeat another proposal also offered a restricted stock which will hold the stock for an entire year. The restricted 22 in the top 50 U.S. markets and 44 which would have placed an entirely being plan stock offers an (but more risk) than the other options, since it will buy Etmnis shares in the top 100 U.S. markets, includ- new station in Soperton, which is a plan advantage at a 10% discount to the market ing: Los Angeles on KABC-AM, San few miles Past of Fast Dublin. That price. Watson Worldwide, a human resources consulting firm, found that Francisco on KSFO-AM, Dallas on station, which would have been a A report issued 11/15 by Wyatt of the had either reduced or delayed salary increases, but that WBAP-AM, Seattle on KVI-AM, Class C3 as well, but two twists up on nearly a quarter employers surveyed few had cut salaries or were even considering such a move. The survey of 110 companies Tampa on WWBA-AM, Washington the dial at 98.5, would have reached very actually that had cut for and that another 4% were thinking of doing D.C. on WMAL-AM, Atlanta on WSB- only 38,446 people, and had the nationwide found 5% pay top management for mid-level and rank-and-file Another 2% were AM, and Denver on KNUS-AM. secondary disadvantage of being the so. Only 2% had cut pay management employees. for mid-level but 1% were at cutting pay for all worker, "It's great to be speaking with so town's second FM service. WELT will considering a cut employees, only looking in the chart below. many people," said Hannity. "We're be station 1 in East Dublin.—DS The results of that survey appear JM bringing the national radio audi- ence talk, interesting Actions are considering in the current economy straight guests FCC looking for advisors employers and a well-rounded perspective on the events of the day. It has been so The FCC's Local and State Gov- Profesni i Action Sr. mgmt Mid-mgmt Hourly rewarding to talk with listeners ernment Advisory Committee, throughout the country on a num- which advises the FCC on matters done/may done/may done/may done/may ber of far-reaching issues." of public rights-of-way, facilities cut 5%/4% 2%/2% 2%/2% 2%/1% Hannity also co-hosts the popu- siting, universal service, removal Salary lar & Colmes" 7%/4% debate show, "Hannity of barriers to competitive entry Salary freeze 11%/7% 7%/5% 5%/7% on FOX News Channel.—CM and public safety communications, Lower increases 10%/18% 13%/20% 10%/21% 10%/20% is looking to fill three vacancies. increases 13%/14% 11%/14% 12%/13% 12%/12% AP adds audio affils Atlanta Mayor Bill Campbell, Al- Delayed Councilor buquerque City Source: Watson Wyatt Worldwide More and more music stations are Michael Brasher and City Attor- news injecting and info into their mix ney, City and County of San Fran- post 9/11, and All Radio Network is a cisco Louise Renne are all exit- Its Al.) All News major beneficiary. ing. The openings are for on THE EXLINE COMPANY Radio to audio network has added mkey elected or appointed local gov- six more affiliates. That BROKERS • CONSULTANTS brings total ernment attorney and two elected MEDIA newcomers which have added the municipal officials. service in the weeks to past eight 45,40 Nominations will be accepted of which are music-intensive.—DS by the Commission through 51', WESTERN STATIONS 11/30/01.—DS NAB deadline is AVAILABLE Crystal clear his AAA card Egan gets ANDY McCLURE DEAN LeGRAS Nominations for the 2002 Alta Communications founder and Crystal 4340 Redwood Highway • Suite F-230 • San Rafael, CA 94903 Radio Awards are due at the Na- Bill has been general partner Egan Telephone • 415-479-3494 Fax • 415-479-1574 tional Association of Broadcasters added to the board of directors of
11/26/01 www.rbr.com
By Carl Marcucci The Upfront 2002: What the networks say In this week ()four 2002 \\c lool, Upfront series, :rt Ilu• Ilelworks' ,Iralegies ;Is well :rs Lu I(),, (m In )\\ Ilnr( h ur\cIll nv to sell for the upfront Intl flow nurch . c()Jrtnl)uting d(•( It to hold lot Ac :IkO I1cl sonic of [lic crs' I;il\•a I\ \ fin .� On \N,l Satcllilc R;Idio in 11 It- )uld In• sni;llh r n� I)u\ 111 )11( and \\ li(•IlIt-] r;l[c t ()Millg I �\ Ilit' I)igg(.r n� I , � hurting Is/synclic;Uut;ti,
I will hold I )acl.. 1 \\ Is who has I() advertisers When to hold and properties limited inventory, it is our c()nsl;rr)Ily change. All of these arc help grow their on one shm\ List In the x It's Ile right responsibility to the crtstonu•r's re- re; rsc nr, WI I y it is I)esl I() 11:1VC a very, I r.sincss. )I ()Illy good)d cal* end, I I Ilimcd it too to in it's when to fold said,'Perhaps lationship have that land of in- very Iluid ;rruounl oI inventory i;rli.snr, good patriotism," says .' Because with the de- quickly vcntoryav:iiL l)Icthroughthecourse the Ilighted marketplace through- Ron Ilartenbaum,,lones Raclio Network and syndicators each . mand lot this special, I kind of out the tic\eIl of the top 10 Ncl\\orks CEO. have the i r o\vri str ategy on decid- y(•;rr. thought I could have gotten more. RADAR networks belong to Pre- "I think it's a combination of ing how much to sell inventory It \\ ;rs :r \ success hsl ery big year. miere•. III were to Iced a process art and Scienc•e," Peter Kosann, for upfront and hold for scatter. I will look at that one dil'l'crently that said let's sell last ()nil in EVP Westwood It's a bit more every Sales, One, complicated than this time around." those networks in the upfront sea- Speculates. "There don't seem just drawing it line at, say, 40% to "Holding inventory for sc:utcr is that would a great deal to be hard and fast rules. At sell now son, bring any and hold the rest for a huge priority and always has been of through the the end of the clay, you have to later. "There is a disappointment strategy don't for our because we have company course of the year for people try- find a way to work with your know if it's as defined as that. I so limited many inventory networks. ing to achieve some audience val- clients and advertisers. It's a work from my gut feeling, In a very customer/service oriented ues and percentages." delicate balance between sell- frankly," says American Urban we are way, thinking through every Every media type has a strategy. ing your inventory today vs. Radio Networks CEO Jay Wiill- negotiation we go through from the The most important thing to do is be selling it tomorrow. You prob- iams. "I'm some making analy- customer's vantage point and their astute to the ebbs and flows of the ably go into it with a certain ses on what I next to vision. project year And one of the headlines marketplace and to be responsive. percentage in your head that be in terms of total of the that we are impact getting back from people "I don't think we have anything that you were willing to sell today— how the market is mov- industry, is they want to be prepared to have is so set in stone. Certainly we don't a certain dollar amount and I watch the other me- Jay Williams ing. really access to the same inventory in the have executives saying our CPPs certain inventory sellout level diums too. I watch television and flighted marketplace after the of the year. Advertising budgets and are going to go up and then hear that you are willing to go into cable and see how the market is upfront," says Premiere Radio Net- marketing strategies are volatile, stories about 50 cents CPM deals. At the upfront with. And then you and and some works moving try get President/COO Kraig based on when product can get to the end of the day, we need to see how it goes and you modify from clients. On certain feeling Kitchin. "And so, as a company supermarkets and TV schedules that provide advertisers value, we need your game plan if you need to."
XM in the upfront to 1M subscribers by the end of 2002. Well, that's 1M Bigger nets taking more of the business? subscribers over 100 channels, 30 of which are non- The latest advertising option is XM Satellite Radio, which commercial. And just because they are subscribers Some broadcasters have as of complained fully launched across the country just this month. doesn't mean they are listening to satellite full-time. It's late that broadcasters like Clear bigger Because of its direct-from-satellite delivery and no going to be a very small, fragmented audience. We Channel and are smaller Infinity pricing options for local inserts via the terrestrial repeater really are going to need some data to get us there." out of the market in some areas. Is groups network, XM can only sell national inventory. Some say "That's going to be a challenge for us. We are very this in the network biz? If will possible so, it could end up being a big competitor to traditional data-oriented for several of our clients, Hotwire in the smaller nets and be able to syndicators radio, someday. Is it being bought in the upfront? particular," says Ray. "The way we generally work is on MediaVest Director of compete? Says VP, Depends on who you ask. a test and control market basis. So we are able to National Radio Irene Katsnelson: "Syn- "There's so few people that can actually receive it, that I determine when we run radio in a local market that is dicators will have a time this tougher year don't know if that's going to be significant this year. By next supported by advertising vs. a non-supported market what that the networks will most considering year maybe. If it's going to be significant, I think it's going to the return on those radio dollars are. Unfortunately, this is costs for shares. How- likely drop larger be towards the end of 2002 and in to 2003," observes Nizich. similar to national radio and is going to be much more from an stand ever, efficiency point, syn- XM is definitely spending in the upfront this year, difficult to read with regards to the nature of the medium. dication will still be a factor." Irene Katsnelson scheduled to spend an estimated $100M in a multimedia So I think as we begin to move into 2002 and further our "It on what of- really depends they're campaign that includes radio (the Reggae musician negotiations with XM, that will certainly be a challenge we Sometimes the smaller networks are more fering. niche-oriented," talking about NASCAR on XM). $45M is slated to be spent will put in front of them, which is the measurability of it." Initiative Media says Amy Nizich, EVP/ in Q4 alone (RBR.com 7/24). "I will tell you Ray acids that the only way'to have Director of Local Broadcast Negotiations. XM is coming in and spending a lot of measumbilityatthispointmay be somesort "And if have a client that needs that so, you money. They are in and it's sizable. And that of qualitative study where individtals that to for niche, you are still going go them, and will help tighten up inventory a little bit," have XM are asked if they've been exposed you mix it in with the wired. It's kind of like said one radio network exec. to or are aware of the Hotwire message. putting a station buy together. Yes, if there Doug Ray, Managing Partner, Inte- What about traditional radio's local ad- are some small networks that are more grated Services, DiMassimo Brand Adver- vantage? If XM does start to grab the generic in nature, they could get hurt." tising, says his biggest radio client right listeners, broadcasters might have to look "Number we are of a one, significant now is online travel site Hotwire.com. He to the past for answers, says Franklin size where if you look at the traditional is currently trying out XM on a trial basis. Raff, President, DC based Raff Radio Mar- network radio there are f6t3r "I think it's the first to business, definitely thing really Doug Ray keting. This, while major-market stations We be smaller than major players. might change the landscape of the radio markets across the country are currently replacing the others, but not by that much. Espe- since FM was introduced in 1940. [This] is absolutely on voice to Amy Nizich talent—especially overnights—with tracking if eliminate the :10 second cially you something we will be recommending to our clients," he save money. "Equity in our listeners is our best equity. XM business that Westwood has. If look at Westwood's tradi- you tells RBR. "Now as far as whether we are actually going Radio is positioning beautifully to provide music. So the tional business of and it's less :30s :60s, to proceed with the buy, we have experimented with old question of `What's the difference between what's than half of the overall size of their com- XM Radio and were given some gratis units before they happening on my radio and what I can plug into my CD Hartenbaum. pany," says rolled out. At this point, I think it would be looked at as player on the road?' is no longer a valid question. Are Adds VP John Camiilleri, Technology an add-on to the buy. One of our objectives as a you willing to invest another $50K a year in local Harmelin Media: smaller Group, "Sure, significant advertiser for Hotwire would be to leverage operations to revitalize your programming? Because networks will be able to with compete the opportunity that satellite radio might be able to that is the challenge that XM Radio is bringing to the have and larger networks—always always provide our clients in its early stages—hopefully get on table," says Raff. "To have a guy out on the street with it is another market- will. If it's not pricing, early, maybe as part of some charter packages and a microphone showing me, keeping me in touch with such as niche deliv- ing/media component hopefully grow with it." what's going on locally. You position not with your client's ery. It also depends on your goals Nizich says getting her clients' dollars will likely competition, but against your competition." not and objectives—some want mass, class; depend on dependable, significant data: "We have to Next time we look at syndicated vs. network-onlyprod- some class, no mass and some both." see when they actually have some audience data they uctandget opinions on RADARa, ?erArbitron switches the John Camilleri can show us. They're hoping, their projection, is to get service's metbodolggftm call-in to diary-based.
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4 www.rbr.com 11/26/01
SALES
role the Radio Agency honcho says 2001. He lauded the Creative Fund and the not radio?" Mercurys Rate Integrity "Why have had in drawing attention to DDB Needham Worldwide Chair- the need for effective creative in man/CEO Keith Reinhard ad- radio advertising. Who should set the prices for radio spots? dressed the annual Advertiser Day "Radio needs to demonstrate The CEO David Benjamin doesn't have the answer yet, but he is asking the question. and semi-annual Board of Directors document results and creativity, of Triad Broadcasting raised the issue recently at the Kagan Radio'Summit in New meeting of the Radio Advertising get to the decision-maker," he said. York. He suggested that radio ad pricing should be determined at a higher manage- must educate adver- Bureau in San Francisco last week, The industry common in the and that needed to more - ment level than iscurrently industry groups and he had a lot to about our tisers and agencies about radio's say control what their inventory is being sold for. not its cost. closely favorite medium. His theme, "Why strategic value, just noted when RBR "Pricing is critically important in the industry," Benjamin sought not Radio," the to He noted the impressive loyalty brought gathering out more about his thinking on the subject. "We can't manufacture an infinite its feet in a ovation. of radio listeners, touting it as a standing number of some have tried recently. There is a finite the me- units—although people Discussing age-old problems major selling point for number of units that you can sensibly run per hour. And thereafter it's simply how with radio creative, he noted the dium. "Loyalty to the medium or those units. My only point at Kagan was that at many companies the the medium he receptiv- you price inherent advantage vehicle," said, "equals It seems pricing strategy and authority is pushed very far down in the organization. has by not incorporating an ex- ity to the ads (on that medium)." to me that senior management ought to be very aware of the prices that are being visual with its mes- Finishing, he asked "How much plicit image at the cluster level but also for individual stations. At the .very as is the case with television, is too much and when have you charged—not only sage take some hand in them." radio least track those rates and perhaps setting print or most outdoor. Carefully crossed the line?" He urged At the corporate level, Benjamin notes that when senior management people look at pacing reports, they really do look at dollars, but don't look much, if at all, at the rates being charged by their various stations. "Some companies are better at it than others," he acknowledged. "If you track your rates, which we're doing now [at Triad], station-by-station, there are a lot of surprises out there," Benjamin said. In most stations today, the decision on whether to accept a certain rate from a would- be buyer is generally made by the sales manager. "In reality the sales managers are handcuffed because the order comes back [from the account executive] and the deal has already been done. So then the sales manager is in the awkward position of having to send the salesperson out again—that in many cases does happen—or accept a somewhat lower rate," Benjamin observed. He ques- tions whether allowing such latitude in negotiations by individual salespeople might be giving advertisers and agencies too much leverage. "Even allowing sales managers to deter- mine rates is pushing it pretty far down in (l to r) RAB's Gary Fries and Mary Bennett with DDB'S Keith Reinhard the organization," Benjamin told RBR. chosen words create an automati- broadcasters "to to the appeal high- Just getting a handle on the issue is diffi- in the mind est not the lowest level. cally personalized image instinct; cult. "So many advertising proposals are of each listener. Radio he Since we have to be more delivers, 9-11 different. It's like automobile pricing in that "more more sensitive than ever to consumer said, personal, precise respect," Benjamin said. "Why isn't there the words fam- moods." And, he's images." Say "your although op- one price for a car? Well, because every car's for and every listener to censorship, he stressed ily," example, posed got different features—you're mixing and sees his or her own family. the need for "uplifting messages" matching—and the same thing is true in "Radio is a full-color medium," and encouraged radio broadcast- pricing radio. Many schedules are not simi- lie added, and using the color ers to remember his five key ad- lar. They're not similar with regard to grange as an example. Properly vertising points: Intent (of the dayparts, they're not similar with regard to crafted commercials can create any brand); Relevance (of the mes- quantity, they're not similar with regard to times of the week. So it's hard to lay down blanket image the commercial creator can sage); Context; Artfulness; and last rules and blanket prices. But by the same token, how many CEOs really know what the specific come up with. but not least Pride. "When your rates that they're getting in certain markets are and what the trend of those rates is?" Reinhard's agency has done very work is concluded, ask if you are At Triad, Benjamin hasn't yet changed how prices are set, but he is gathering the well at the Radio Mercury Awards, proud to put your name on it and rate data, station-by-station, from each market. That's been difficult to do and it's taking home five, including $100K if you would be proud to have your met with some resistance from employees because it takes a lot of time, particularly Grand Prizes in both 2000 and children see your name on it."—DS at first. "We are making an effort to find out what all of our stations are charging— every month, on a regular basis—and to see what those trends are. I'm finding out something else. I'm finding out that the market managers are sometimes sur- prised—because they don't have the facilities to really track it," Benjamin said. "It's Get Tomorrow's not an easy exercise to figure out what the rates are. You have to look at every daypart. You have to look quarter-to-quarter. There's a lot of analysis required to News figure out what rates you're getting." Today! While Benjamin hasn't yet made any company-wide policy changes, just gathering the data is causing some changes to take place. The results are being shared with Triad's market managers, and Benjamin says some of those managers have begun making changes RBR's Daily Email Service in how prices are •set, now that they have a clearer picture of what's really being charged by their stations. Delivered every afternoon For example, Benjamin said that the analysis discovered in one market that the lead station—the highest rated station not only in Triad's cluster, but in the entire market—was getting lower rates overall than its fourth-rated sister station. Only 199 Tracking and analyzing rates is difficult and takes a lot of staff time, but Benjamin asks what could be more important? "In many ways, from an economic standpoint, the business Subscribe today is all about rate," he noted. "In a fixed-cost business, even a 5% overall increase in rates is to a 10% increase in broadcast cash flow. So if can call 703-719-7721 and ask for April or going yield you manage your more a in are to be able visit rbr.com to subscribe online inventory just to get 5% year rate—excluding units—you going to get a 10% growth in BCF." JM
The Media Audit Sets The Pace In The Local Market Qualitative Audience Industry. • The Media Audit reports radio ratings according to its findings. • Others conform their findings to the findings of another reporting service.
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_V il� I f., I MARKETS AND MONEY
By Jack Messmer (Ichl will he (tl ; Double dm ft adds Agora ing 1),1id 1 I Cunu1- sign, •, I •1 ',If( 1, ;, I, u , d '135M fur Clear Channel corners lus will N)rru\\ 111,• , and Ilfasln* ft to ClunI fS nlir, $0.JM WNI'1.-FNI •uul A MA) I M. Alter Ohio under its cn , lil I.0 iIit\ I 1;1( ag market p1w, Aurora deduct i ng 11 $35M, III(- n if ilt iplc ort A pair <,I dc.ils announced IASI - sh;uehulden �� ill 1c1\( 10,6M the of Clear Channel (N:CCt0 is rclimining pan tlu• deal— huy- ( I 1 IV) Cui11U111, %I,•- Monday by sII;IrC., of CUill(IIU,' ,t,,, l,, worth $50M Broadcast Network approXinI.I(dy Ior WOOI<- ing Agri dia (O:CMI S) don't lmvc nrll, lI in $1 27.2N1 at Friday', ( I I li,) (I,,,ing FNI n 12.5 linics Ii(:I A, (ABN) and merging the Ohio trailing c Common,excepl111;11111,•\ iII\ul�e price of $12• Cumulus \\ it l :Ilse issue heli, �,• the total farm network with its own $840M II:1Ils,I, Iiun Ohio radio stations—aIld bosh .II Icing warrants to Aurora', ,I„trchoI(ler.s valu,• \(ill .I I I Agri-Network. The deal, which represent ! bought fi'onl sell(•I;ti 111;11 to an additi, ,tlre;Idy purchase mil 833,333 I•, ", Is signed at the National Asso- ;inti(ilmled2(H)213CI:imiliipIr Illc , have ties to Cumulus. In C u- one, shards ol'C(Initllus stocl.. For book- I \\ a ,I icks considcrcl I if, I I I, , .ition of Farm Broadcasters' •, mulus is 18 stations that buying keeping purposes, Cumulus is valu- u(In I)econle cash Ilu�\ .nur(ial convention in I{ansas p,,,,t,�,• ,I1 serve the high-inconu• suhurbs of ing those warrants at $3M. 21u12••' GaLISVlck said. is to close before City, expected New York in New York and City This deal hrings together two RBR observation: (.l i he end of the Terms uuulus ul year. of the the Connecticut—giving company companies I Jacked by Bank of ficials were to I,% I I were not disclosed. happy point out 111.0 some stations that its and America - analysts Capital Investors, through Lew Jr. these deals are both accrct n c ABN was founded in 192 Dickey to 111, - by institutional can money managers BA Capital Company LP. B of A EdJohnson, who died Iasi I'eb- lus shares company—and beyond Il,;it, dicy listen to. Tile other CLIMUhrs in the acquisition. Those gives currently owns approximately were elated that these additions rnary (RBR.coni 2/26). The net- convert into shares their will entry into the Nashville market— shares of voting upon 840,000 Cumulus' publicly give Cumulus a \\ ork has 72 affiliates. transfer to another (or if FCC positi�c nunlbcrfor currently it's largest market to date traded party (although Class A Common Stock, and after-tax cash-Flow for the II r,,i The sale of the radio network to attribudon miles so B of A can time a Houston move-on is due to com- 2M shares of change approximately Cumu- in its history. Not bad for a CCU does not include a own die shares). company weekly mence operations in 2002). lus' Class B voting nonvoting Common that was on the brink of self-de- TV program or the 015io'sCotrn- "We continue to believe in Cumuhls The larger deal will have Cumu- Stock. An affiliate of BA Capital struction a year and a half ago. tVy,loumal magazine. lus Aurora Cormnunica- and its management team. This transac- acquire owns a majority of the equity of In die ABN don announcing deal, tions and its 18 stations for $220.2M. demonstrates our commitment to Aurora, and will receive approxi- Clear Channel Radio Sr. VP/IVlicl- Cumulus will the Company as evidenced by the sig- pay Aurora's share- mately 9M shares of a new class of Journal radio revenues west Division Dave Crowl said holders in nificant stake we will hold upon comple- $93M cash (all outstand- nonvoting Common Stock of Cumu- up slightly YTD die Ohio faun network merger tion of the transaction," said Robert was just "die fast step toward a Sheriidana a Managing Director with journal Communications managed What Cumulus is getting to finish national build out in fame pro- Bank of America Capital Investors. Q3 almost flat with year-ago The graniming." Crowl said CCU wants markets and stations to be acquired in the Aurora transaction are: Greenbridge Partners LLC provided revenues—$632.1M, compared to to create a national fame footprint Westchester County, NY (Arbitron market #59): a fairness opinion to the Board of $634.7M—but that was due to in- connecting its Ohio operations to WFAS-FM, WFAS-AM, WFAF-FM Directors of Cumulus Media Inc. in creased revenues for its telecommu- nications and its other state farm networks in Bridgeport, CT (#110): WEBE-FM, WICC-FM connection with the Aurora acquisition. marketing units. The Oklahoma, Arkansas and Texas. Newburgh-Middletown, NY (#143): WALL-FM, WRRV-FM Cumulus also announced a deal employee-owned company saw rev- enues for its RBR observation: A quick Poughkeepsie, NY (#160): WPDH-FM, WPDA-FM, WRRB-FM, to buy three radio stations in Nash- drop newspaper and broadcast look at a neap will tell you that WZAD-FM, WCZX-FM, WEOK-AM, WKNY-AM ville for $84M from DBBC LLC, a operations. CCU has its eye on buying or Danbury, CT (#194): WRKI-FM, WAXB-FM, WINE-FM, WPUT-AM company owned by Cumulus CEO journal Broadcast Group reported building farm radio networks in Lew Dickey Jr. his three brothers, Q3 revenues of $99.9M, down 11.5% The three stations to be acquired from DBBC are: a lot of states fill that and 0 from a year to gap. TN John, Davidandlifliichael, (4/6) ago. Nashville, (#44): WQQK-FM, WNPL-FM and WRQQ-FM by former Cumulus Executive Chair- Through the fast three quarters of radio revenues man Richard Weening (bet you 2001, were $54.7M— still $100K ahead of the same didn't think you'd see that name pop point in 2000. The Radio up in RBR again!). John Dickey is TV, however, saw revenues TM - Executive Vice President of Cumu- plunge 22.3% to $45.2M. indeX Radio Business Report Voice Of The Radio Broadcasting Industry' lus. In this merger, Cumulus will The radio division's pre-tax prof- 220 its for were The Radio IndexTM moved transfer 5.250M shares of stock worth Q3 $2.8M, up from $63M to DBBC's owners and assume $2.1M last year. back above 200 for the first 200 approximately $21M in debt. DBBC's time since 9/5. For the owners will also receive warrants to Iceberg CHUMs up 180 \,, the 250K additional shares of eek, index rose 19.524 l purchase to the Internet LO close 11/19 at 205.807. Cumulus stock. Those warrants are 160 Mcclia.com Inc. (Vancouver being valued at $900K. Iceberg 10/29 11/5 11/12 11/19 YIC) announced the ac- "Prior to taking over Cumulus we Exchange: quisition of the assets of really didn't have any plans to put Bonzaroo.com and $1.5M in radio them in the company," Lew Dickey ad from CHUM Ltd. Ortiz Jr. said of his family's Nashville inventory Broadcasting (Toronto CHM). stations. "After taking over the com- Exchange: Bonzaroo.com is an Internet radio Corporation pany last June, I really was in a with over Internet music position where I wanted to have all portal 300 has to the assets channels. The in radio ad- agreed purchase of of my eggs in the basket where I $1.5M will be used to was spending all of my time. We vertising by Iceberg Channel 53 TV entertainment and the frankly were extremely consumed promote Iceberg's on CHUM's network of 28 Construction Permit (CP) for with turning the company around offering As con- over the past 12-15 months and traditional radio stations. displacement Channel 48 TV now was the time. With the com- sideration, Iceberg will issue on the mend and well 5,250,000 common shares to CHUM. 1I), pany doing and looking to have a strong future, Assuming approval of the transac- WKOB-LP now is the time we can turn our tion, Iceberg will have 31,881,509 attention to start to expand the issued and outstanding common New York, New York company and this was a logical shares. CHUM, Standard Broad- move to ahead to fold these casting and Newfoundland Capital /rinn go properties in. It fits very well with Corp. will each own 5,250,000 com- WKOB Communications, Inc. our strategy." mon shares, or 16.5% of Iceberg. A special committee of Cumulus' Bonzaroo.com has been under l( Board of Directors negotiated the development by CHUM for the terms of the letter of intent with past two years and features propri- $7.0 Million Cash DBBC on behalf of Cumulus. etary technology designed to en- Houlihan, Lokey, Howard & Zukin hance the programming and sched- Financial Advisors is the of Internet radio broadcasts. Mitt Younts Media Services Group represented advising uling of committee as to valuation Let's do the the Seller in this transaction. special RBR observation: and fairness in connection with the math. Iceberg's stock is currently DBBC so the Richmond, VA acquisition. George Reed of selling for 16 cents per share, Tel: (804) 282-5561 Fax: (804) 282-5703 Media Services Group represented stock it's transferring to CHUM is DBBC [email protected] as broker. worth $840K. Subtract the $1.5M in Cumulus CFO Marty Gausvick broadcast ad inventory and the sale the Aurora radio sta- pegged acquisition price of the 300 Internet Media Services price at a multiple of 14.7 times tions is a negative $660K—or a Croup 12 months cash flow and channel. trailing negative $2,200 per Adjust 13.5 times anticipated 2002 broad- that for the US-Canadian exchange cast cash flow (BCF). rate and we now know what an For the Nashville stations, Internet radio station is worth: a Gausvick noted that Cumulus as- negative $1,387.27.—CM, JM
6 www.rbr.com 11/26/01
Radio One latest class of WSLE is contingent upon the seller FCC of a action target getting approval signal upgrade (to Class C2) which will DIGEST` is the latest TRANSACTION Radio One (O:ROIA) move it into the Tallahassee market. radio company to be hit with a Cumulus plans to move the pro- by Dave Seyler & Jack Messmer class action lawsuit claiming that gramming of WWLD onto the new investors were cheated in the signal before closing on the sale of The deals listed below were taken from recent FCC filings. company's IPO. Like the recent WWLD to Triad, so Dickey says he RBR'sTransaction on all deals that involve of a station license (FCC Form 314) and substantial lawsuit against Radio Unica doesn't want to part with the old Digest reports assignment transfers of control of a licensee via a stock sale (FCC Form 315), but not internal corporate restructurings (FCC Form 316). (O:UNCA) reported last issue (RBR WWLD signal, 106.1 mHz, until the All deals are listed in descending order of sales price. Broker credits are based on contracts filed with the FCC. 11/19, p. 7), the suit against Radio new 102.3 mHz facility is operating. One charges that the IPO under- On the advice of his attorneys, Triad WNCM-FM Jacksonville. 100% of the stock of New Cov- writers received "excessive and President David Benjamin told RBR $3,000,000 enant Educational Ministries Inc. from Wiley Tomlinson, Bob Bailey, Jeana undisclosed commissions" from lie couldn't comment
11/26/01 www.rbr.com
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