in too 1I\ 01.0 bet to "ant 1.11 h I going lit' ill TVBR ous wouldn't we does it hen c\ but now, right deck on business kinking esnitent ins any have doesn't Ilithidc.isting Noting observation: decision.-JM shateholdeis that insisted previ- its look another take to inesuitent. that Irons return receive eeilltiallv uclll a ,isling young that !unto!. Young Vincent Ago, years two paid old lei the price at )N.'. KR( shopping been Ii.ts Broad( willing is court the that mean belo 11)A% is the in liquidii\ n Thew it Young loiu,otd going assets of soils these lor enthusidstit There nt.al.et. does Hut scuttled. being is ue you some ate premium .1 .11 of out easily «m1,1111,1 .e and ti)d.tv verge on is right tell can't just that things, Those nice altogether business the he of the duopolies .1 us to \\ It we Nile tithe, or iwt, Al we'll' hen Irons dear "Hid TV for rule voices eight that the three be easik ()111(1 this hen' .landing \ I \ N ironnient. en current in a or a he could Young so capacity. mg hollow (if Hem the that mean doesn't petition the seller buyer either I prving.o im is iscititarl,et hant vtacum to) Atigutes (01KcAl. $(),...,d),Ai,.11,.. its front junk the in .1,11 cunip,"" the dim note(' also le Sinclair's to respond to FCC \ spc.11,114.4 I at da !Iwo the the that guidance previous his repemed Young Vincent ) CH Young conference. Media urines set bank )etitsche the for order court's The uractes 111. sui Ill, Lynch," till Met Im corrected he to yet h.oe It case. another in nine to inaccuracies these acknowledged has Lynch Merlin although and reports, its in inaccuracies factual crossownership TV and cable Cohen Reif Jessica Merrill previously VIII offering. public 1996 a in Broadcasting the out throw to decision court's of Lynch informed has Ad(lttionallY, Young for underwriter lead role its of a s of Awdre been have should With Merrill same the with conflicts FCC the result information incorrect cont,uned report report. the in contained information to back matter the send to sion that factually the Moreover, suhstantiate to Y131 contact Lynch Merrill at authors the did report this of preparation the deci- the that arguing is Sinclair the time no At report. the of contents at w.is company "The .3: () hack fired Young be. should rule the decides during the dismayed volume.1 heavy extremely on day Ilse for $1.80 down $20.20, at 5/31, day, that it what for justification with up (Young private its to 50% a .it tra(lc should Young that belk.ve We share. come and rule the at look other closed value." market discount per is value market private Young's that estimate we KRON, for buyer duopoly a "Without year. an- take to opportunity an sion $24-35 to 2000 in KRON at that projected Fawcett and Cohen Reif Commis- the gave but arbitrary, this $19M $95M from plunge would flow cash Pain," "Ironic report their Titling sell.- "reduce, to Young analysts Merrill the affiliation," was rule FCC's the that ruled downgraded its of loss the with collapsed has Francisco San in KRON-TV at flow cash "broadcast that Charging had court The ago. months Fawcett. Keith associate, her and Cohen Reif Jessica analyst media Lynch Merrill by two did it as reconsideration issued report research a of denunciation public a issued (O:YBTVA) Broadcasting Young move, rare a In for Commission the to back it sending merely than rather over Young duopolies, TV for rule voices downgrade Merrill livid Broadcasting - eight FCC's the revoke pletely your to excuse an com- should court the whether worst.-JM its at "logic" -beltway -the inside That's pocket! pick on the that now So on rehearing a for court the as debacle the use to wants McCain lurch, the in broadcasters left and transition digital ball the dropped have politicians a whom? To $70B. worth was elephant white a of gift asking Sinclair from petition are . nor new receive to able to respond to FCC the ordered temporary this that hearing started we Then program. the with get companies cable the make to signals, digital the spectrum inferior cases, most in for, has Circuit Columbia of District that sets make to manufacturers receiver requiring by through follow to failed FCC the Then assignments. First TVBR the for Appeals of Court US channels -held long their swap to have eventually will they whereby deal a accept to stations TV forced Congress observation: that is result net the case, either The stations. TV two own can free. for time the provide to have would broadcasters year per broadcasters charge to is other The broadcasters where markets In payments. voucher in it return then allocations, DTV their for fees spectrum in $320M around time air the take simply to is the limiting rule FCC's the out requirements. interest public licensee's the under mandate a as qualifies it claiming by nothing for broadcasters from is would vouchers those how Exactly throw to court appeals federal option One bill. the drafting supporters and staffers McCain the by out worked being apparently still work a meet and parties third (including a get to effort its in victory qualify. to threshold fund-raising who independents) go Two time. air TV claim to campaigns for minor a claiming is (O:SBGI) candidates to third other the and parties Democratic and Republican the to would vouchers the of thirds new by lobbying heavy after law Group Broadcast Sinclair vouchers distribute will which bank" "broadcast a of creation propose will bill The NAB. the and broadcasters even goes proposing is McCain What Reform Finance Campaign year's this of out stripped was which Amendment, Torricelli the beyond far campaigns. political to give to free for stations TV from limit duopoly at in and conference news 6/19 a billing is time air take to legislation new unveil will -AZ) (R McCain John Sen. which Washington symposium away. a coming one this saw Broadcasters TV of repeal for Campaigns Better for Alliance the way the is Reform" Campaign In Thing Next The Time: Air "Free mile pressing Sinclair ads TV free wants McCain of out taken was money this of much how then and market scatter the to I market." syndication and cable the seem doesn't just this and logical, be things like or just is money this of much how wonder and logical."-CM forth brought was money this of much how spend added a we sudden a of All jail. to going execs] [corporate from scatter the from Bizarre. market. big have my can "I 2001 networks all among levels sell-out with markets, got you've mess; a is which budgets at look only levels: besting people other and off people laying clients may the of some suggests Donchin from? come money the all did Where you year. strange damn a such is "This forward moved have dollars upfront market, stock the at look When the in money much so there's surprised I'm heavy. and Hot TVBR real." is it of mulch how wondering marketplace-I'm best: it said Pool Jean observation: pretty We viable. very still are networks Primetime the that come Cesa Bob (6/3). today day the of end the by done much be will registered." fully be and in to budgets of SVP/Director AM 8:00 until office his leave didn't who Donchin, Andy Broadcast National more a waiting just I'm frankly, Quite shows "It Saturday. a of couple for a was than money more lot definitely "It's USA Carat says market," network healthy it's anticipated, originally quickly. very move to start could things but place, sign good a is this Hopefully, on economy." the for market- the of end front the really "We're TVBR. money more was that fact the to due it's That's anticipated. really had anybody than there tells Sales, Program Cable and Sales EVP/Advertising issue. the a came pace TVBR tells PHD, EVP, Keeshan, Harry 6/3. continued frenzy Cesa done," being are deals and think "I unexpectedly. bit fast the Television's 20th Bob into busy the extended sellers and Buyers are and in budgets our of most and (6/1), morning Saturday -earlynight Friday late week up definitely budgets the may $8.1B Y2K's math, the to away. will $6.9B year's last say, to Needless broken. be well have We upfront. network strong the from benefit blown be Most were is zone. $7.5B the in were upfront total the for projections going we're that feel "I 6/6. play in get to starting doing however, done; and said all After up were CPMs, Its year. last than less $100M $1.5B, bigger The sold. been had inventory upfront year. last $150M from up $235M, sold UPN 5%. however, deals more $150M and year last than more the of 15%-20% about presstime, At sold ABC year. last with par on $1.2-$1.3B, between scored Fox 2000. than syndication or stay the with WB, The an in done thing this get and try I do late I upfront highest its posted also (15.5%), increases CPM highest basis?" orderly $100M That's ever-$575M. Moonves Les CEO So deal. better a get they late, stay they if that week. last 'do between, caught they're year last creatures they're hand, other the On to. want don't in largest the is "This '00. than more $300M and think they and habit of President/ CBS said CBS," of history the upfront a all they're that them, of out season. scoring -breaker,record upfront this they late, stay to have don't they if and tired than business more $650M did CBS 2002-2003 the for $1.95B year so up everyone networks "The Why? casually. up were CPM NBC's '00. than more $350M and last [tar] the beat and late kept called also CBS around. time this 8% around increases TVBR told vendor cable One Primetime its closed which NBC, more bit a move may syndication and cable more $800M with upfront, $2.74B record a posted 6/4, sales upfront story to going we're than it that word on order." to go holds these of all until the know market. scatter the for inventory more back hold would it so too, properties good any not would it that agencies think really don't I sense. make wouldn't game, buying the in early also was WB The bit. buyers The further. CPMs drop was strongman Market lot a has Syndication buys. advertisers' to putting sellers its with blink, to buyers the cause to first the NBC of Pool Jean out word the digits, double most on place a has certainly Cable do. year? last like scatter for back hold why had Many to trying we're what generally not that's and stronger be would upfront years' this predicted the into climbing CPMs network last-with than aggressive costs, their increase would It syndication. a nets six big The 5/29-5/30. began that opening inventory. their of 80% staggering sold broadcast TV scatter, of out money pulling a to proven so has marketplace upfront The and cable more and early an with TV, network for -frenzynear be far be would they why imagine can't "I USA. Mindshare President/Operations, Pool, Jean says that," indicating be to seems certainly It down. trickle will it predict would "I same cable, expense for hoping syndication syndication? and cable of, the at be or to, down trickle success works' A net- the Could dollars? the for line in next upfront; network -breaking record the syndication, and cable about What 2002 10, lune 22 Issue 19, Volume Industry Broadcasting Television The Of Voice Report Business Television Voice Of The Radio Broadcasting Industry ® RADIO NEWS June 10, 2002 Volume 19, Issue 22 ExecutiveEditor JaCk Messmer Westwood to launch deals likeI )enter.We think that Managing Editor Dave Seyler R;idiosays 'ShowMe The Liquor Money' Senior Editor over timewe're going tosee more Carl Marcucci CMT for radio Fries List Fyi, Production Michael Whalen more of the companies that In an impromptu answer by RAU l'iesideni (1( )Gary VP Administration Westwood One ( N:WON ) is sci Cathy Carnegie are, let's say, ranked bet \\veil Ill1111-at amedia press ciinference during the RAII's animal convention onthe FCC Research Consultant Mona Wargo a new Country announce let - her three and number 2(1 froma amount of money radio eouklbe lookingal Iron litlourativertising,he AdministrativeAssistant April Olson workincooperation with c Nov, three months later\h. Publisher Jim Carnegie revenue standpoint, are going to blurted out $ NAM. equal to beer. Viacom's(N:VIA) CMT cable VP/GM, Associate Publisher Ken Lee net- consider more seriouslymergingPresident has a so-so survey to back up the statement.Problem \\itll Senior Account Executive John Neff work. WW1 CFO Joel Hollanderand finding ways to consolidate. I the survey deals with the laws of statistics.sample slit:, completion, Account Executive June Barnes let the cat out of the bag 0/3 at the think that the conversations wewho \\ as interviewed, etc.But at least we have a survey that told us Deutsche Bank Securities Media Editorial/Advertising Offices are having now are perhaps morewhat \\e already know. Take ihe money. 6208-B Old Franconia Road Conference in New York. interesting than they have been at The issue of liquor is deeper. Itis money tied to broadcaster Alexandria, VA 22310 "Viacom is obviously a very :un) time in that regard and, frankly, responsibility. NBChad themarketing plan down pal. They backed PO Box 782 Springfield, VA 22150 important relationship for us,"I would he disappointed if some-away nut topolitical or public opinion but its own business agenda with Hollander said." c'ic going totime during the next year or twogrowing and adding more television stations toits powerfulnetwork. Main Phone: 703/719-9500 announce tomorrow that we're EditorialFax: 703/719-7910 Entercom did not end up acquir-Will NBC change its mind? Yep, just \\air SalesFax: 703/719-9509 going to form the CMT Radioing at least one other company of Subscription Phone: 703/719-7721 Network. We're very excited aboutscale." Some of RAB's 2002 Survey on Hard Liquor Advertising SubscriptionFax: 703/719-7725 that brand extension from Viacom. Asked about pacings, Field said Email Addresses One of the things that you canthings are still looking up-much Does your station currently accept advertising from hard Publisher. [email protected] continue to expect from us is anythe same as what he reported in liquor manufacturers? Editorial. [email protected] of the products that Viacom has Yes 62% Sales: [email protected] his last quarterly conference call. [email protected] that make sense for radio, we will"June is stronger than May. May No 38% extend them into radio." Bradenton, FL Office was stronger than April. And, in How long has your station been accepting/pursuing hard But while Hollander said the Jack Messmer fact, July is stronger than June," he liquor advertising? Phone: 9411792-1631 official announcement would said. 1 to 6 months 26% Fax: 253/541-0070 come 6/4, it still hadn't surfaced RBR observation: That #3 ra- 7 to 12 months 14% Email: [email protected] asRBRwent to press 6/6. dio revenue slot has been chang- More than a year 60% Nashville, TN Sales Office Hollander told the roomful ofing hands in recent years-it's June Barnes Wall Street investors that he re- For the next year, do you plan to increase your sales in this Phone: 615360-7875 currently held by Cox (N:CXR)- Fax: 615/361-6075 mains "really excited" about Billbut nobody has yet put together a category? Email: [email protected] O'Reilly's "Radio Factor" less than merger or acquisition deal to jump Yes 81% Brookfield, CT Sales Office a month after the biggest launchone of the $300M or $400M billers No 19% David Frankel ever for a new Talk show. Hol-into the $1B club with Clear Chan- Why does your station not currently accept advertising of Phone. 203/775-3928 lander told the NYC confab that dfrankel@rbrcom nel (N:CCU) and Viacom's (N:VIA) hard liquor products? (More than one answer possible) O'Reilly is now airing in all 50 ofInfinity. The basic problem is that Company policy. 51% 2002 Radio Business Report. Inc Material may not be the top 50 markets. everyone wants to be the acquirer, 26% reproduced without permission. All content may not be Hard liquor ads would upset our loyal listeners. reproduced. photocopied and,or transmitted without written prior The WW1 CEO said the com-not the acquiree. .-JM Did not know how to get started. 24% consent.Any violations will be dealt with legally. Printed in USA. pany has gotten a payoff for its Thought that advertising of hard alcohol was illegal. 24% lactic, Business Report is published weekly by Radio decision last September to offer Our format is not a correct match. 23% 3usiness Report, Inc. Publishers of Radio Business WWJ/WXYT union eport. Television Business Report, The RBR Source its news feed for free to non - Guide, RBR Daily Email, RBR Radio, www.rbr.com and the Information Services Group database. affiliates for 72 hours after the issues continue terrorist attacks on 9/11. Since Now the key factor is if radio gets the assumed $100M, can they keep Infinity's WWJ-AM and WXYT-AM Subscription rate: One year $220. then,Hollander said, the com- it? Or will the money that didn't go to NBC head for Cable which is DetroitGMRich Homberg has panyhas added more than 200 running the likes of Smirinoff ads. Cute and responsible. Radio with affiliates for its news products. forced union meetings out of the building, so on 6/5 at 6:00pm, on -RAB must work more closely with the distilled companies. Again Radio Business Report RBRobservation: Never one to responsibly to keep the money and make it grow. What radio is facing let an opportunity go by to get in a air and off -air members of the is here to help AFTRA union there held a bar-is like a local metro newspaper strike. No newspaper so dollars flow dig at his chief rival, Premiere Radio into local radio and when the strike ends bye bye dollars because radio 11 you rea radio station or Networks, Hollander managed togaining unit meeting on the side- group looking to fill a key walk outside the Infinity studios.executives didn't build business relationships to keep the dollars. get in a Slap without even mention- Nobody in public power speaking on behalf of radio wants to take position or someone looking Infinity, through Homberg, in- ing Premiere's name. He told the a solid position on liquor advertising. We asked that question to to make a change,RBR is investors that WW1 has only oneformed the AFTRA members that numerous high level execs ...(RBR/TVBR 4/22) and got mixed results, now offering a free service major competitor for radio news-even though they've been hold- but NAB Pres./CEO Eddie Fritts said it on the record "We have taken Just submit your job Disney's (N:DIS) ABC Radio. Clear ing meetings inside the building opening or situation wanted, Channel -owned (N:CCU) Premiere for years, they will no longer bea position that every company -big, small, local, national-should in 30 words or less,to has no news network.-JM permitted to do so. The union ismake their own decisions...". [email protected] Your currently in negotiations with In- Again the survey: The biggest reason for not accepting liquor ads listing will be posted on our finity to incorporate NXTX'YT staff-was company policy, 51%. In the final analysis 62% are accepting hard website, RBR.COM, and sent Entercom still stalking ers into the existing WWJ collec- liquor ads. Surveys can be very useful in marketing plans if they deliver out coast -to -coast via RBR's large radio acquisition tive bargaining agreement. Inthe facts. RAB contacted members but who, how many, etc. The survey January, WXYT staffers voted byneeds to be more complete for it to be a useful planning and sales/ Daily Email Service. We'vebeen hearing cur two years an 86% margin to join the existingmarketing tool. Mr. President at least it is a start Jim Carnegie (JC) or more about the next wave of (see RBR's daily news Email 6/5) consolidation, which will have aWWJ bargaining unit. -CM third mega -group emerge to com- Account Managers pete with Clear Channel (N:CCU) Cox Radio is currently look- and Viacom's (N:VIA) Infinity. At THE EXLINE COMPANY ing for highly motivated indi- the Deutsche Bank Securities con- MEDIA BROKERS CONSULTANTS viduals to join their sales team ference, Entercom (N:ETM) CEO Fi.l ,zw in great markets like Jackson- David Field insisted that major ville, Orlando, Tampa, Stam- growth is still on the horizon- &14 14 STATIONS ford, CT and Long Island, NY. and it won't come just from piece- Prior media sales experience mealdealssuchasthe SOLD THIS YEAR a plus but not required. superduopoly he recently as- sembled from Tribune (N:TRB) Send resume to: and Emmis (N:EMMS) in Denver. ANDY McCLURE DEAN LeGRAS Debbie Carter at "We think the market for 4340Redwood Highway Suite F-230 San Rafael, CA 94903 [email protected] growth is going to accelerate in Telephone 415-479-3484 Fax 415-479-1574 the future-and it's not just from

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dMarc Networks"dRDS Radio Text" with CC LA RBR News Briefs subcarrier management and wireless data distribu- dMarc Networks, an RDS Freeman repeats as Mercury winner tion furn, announced6/4 the production launch of its patent -pending dRDS check, has gone to Cliff (Dynamic Radio Data Service) system,which allows text to be broadcast and Top prize in the 2002 Radio MercuryAwards, the Grand Prize and $ WOK displayed on car radio LCD and LED screens.In partnership with Clear Channel Freeman and Partners-the secondbig win for the New York ad shop, whichalso won in 1995. Radio Ins Angeles, dRDS ismaking its debut on five stations: KYSR-FM, KBIG- The winning :60 spot for Hollywood Video waswritten by Adam Chasnow and IanReichenthal, Bijur. FM, KIIS-FM, KOST-FMand KHHT-FM. The launch is in coordination with produced by Katherine Cheng and engineered by RoyKamen. The creative director was Arthur Clear Channel's Wango Tango Concertbeing held on 6/15. The radio -produced category also produced a repeatwinner. For the second year in a row, the McKenzie RBR observation: Wait asecond-isn't that one of the promises of winner was NextMedia's WZSR-FMCrystal Lake, IL-far suburb of Chicago. WZSR's Steve iBiquity Digital's upcoming IBOC system? Sofar, the best RDS system produced the winning spot for a local Internet company,OWC.net. we've seen has been used on WKOC-FM Norfolk-Virginia Beach. It For the entire 2002 Radio -MercuryAwards winner's list. go to RBR.com scrolls in real time the artist, song title and station name.-CM Self -promotion at its finest CCU tenders for Ackerley bonds If you ass n a bunch of radio stations and billboards,what's How many ways has The Ackerley the best way to promote your brand name? With radioand Clear Channel (N:CCU) has begun a cash tender offer for Clear Channel Group's (N:AK) $200M in outstanding 9% seniorsubordinated notes billboard ads, of course. Clear Channel (N:CCU) is preparing reached you today? displays with a due 2009. The offer to buy back Ackerley's bonds inconnection with to do just that with radio spots and billboard common theme of "How many wayshas Clear Channel the company's merger into Clear Channel is scheduled toexpire 6/28 touched you today?" at 5pm ET. Bondholders are being offered a consentpayment of 2.5% p. CLEARCHWitl. If you're not a Clear Channel station, don't expect to get 31tR, in addition to their principal and accrued interest. RADIO OUTDOOR ENTERTAINMEW RNATIONA TELEVIS, of face in on the buy.-JM

Gabelli buys even more of Interep Matt Feinberg upped to SVP u,usly reported Interep (O:IREI'1 has reported to the SEC that its prev Zenith Media NA was pleased to announce 6/3 the sale of $5M in new securities to mutual fundsmanaged by Mario Peggy Green, President/National Broadcast, promotion of Matt Feinberg to the position ofSVP/National Radio: "Since Matt's arrival at Zenith Gabelli has been increased to $6M. The additional saleconsisted of 10K four years ago, the national radio departmenthas increased its billing dramatically, and its units-with each unit consisting of one share of convertiblepreferred efforts of Matt and his great team, Zenith Interep reputation as a leader in the field. Indeed through the stock (with a face value of $100) and 6.25 warrants to acquire is now recognized as an opinion leader bysuch noteworthy publications as the Wall St. Journal common stock at a strike price of$4. and Radio Business Report.", said Green.-CM Although Interep has never identified the buyer of its securities,Gabelli reported buying the entire $5M original offering in his own SECfilings.-JM

Duopoly is Devils handiwork Entercom Stops Singing duopoly deal there Devils Lake, ND is far from any Arbitron Metro, but a And joined the bandwagon 6/1 and pulled the plug on all of it'sremaining stations who were streaming. With still carries a price tag of $820K as one local owner buys outanother. the continue problems not going away with performanceroyalties and fee proposed by CARP has shut down Double Z Broadcasting, which already owns KZZY-FM, isbuying another valuable marketing/sales tool for the radio business.(see RBR daily news email 5/31) Broadcast- KDLR-AM & KDVL-FM from long-time owner Dakota Rose RBR Observation: Young Mr. DavidField and company you are notalone on this one. Indeed, putting ing, owned by Dale and Doris Alwin. Double Z isowned by GM Larry the US politicians in the same boat as labels may be a bit counter-productive as your KISS 98.5 did in telling Larson and members of the Teigen family. Broker: JerryJohnson. web listeners of the shutdown. We trust the politicianswill look out for consumer and voter interests as Johnson Communication Properties TNT the final royalty rules are constructed by the USCopyright Office/Librarian of Congress 6/21. What politicians don't realize is what is driving the today's economy.Baby boomers have the Bear reduces Sirius subscriber estimates money and they aren't spending on newartists. I'm a baby boomer and the last CD I bought was"The Best of Jimmy Buffett" 2 years ago. Hello congress, RIAAand ones involved with their hand out for Bear Steams has trimmed its '03 and '04 new subscriber estimatesfor Sirius money from radio. Radio is yourfirst line of traffic into the store to buy CD's. Baby boomersdrive Satellite Radio 5/31, saying it had concerns about the company'sdeals with I to work everyday. Listen in the office etc.Bite the hand that feeds you? DA? auto makers. Analyst Robert Peck cut his '03 estimateof net new subscriber As for radio we lost a valuable marketing tool to theadvertiser and agencies. If I were a national additions to 450K from 550K, and for 2004 he cut his estimate on the samebasis rep account exec pounding the streetspitching a boutique unwired buy I'd love to go to the Internet to 1.4M from 1.8M. He said the changes weredriven by the expiration of and let the buyer listen to what they are getting.-IC exclusivity clauses in the satellite radio broadcaster's deal with Ford and BMW, where the two will install Sirius radios in their cars as an OEM option. -CM

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KM, Sirius in talksto resolve interference issues with wireless providers Intit .1St " Washington Beat At ((tiding lit Nielett tittle ate sonic X11 smelhte \N o, \\11(.1t.s. 1 11111).11IW (,nksigns in 2)1112 S.td\t'tti%iilgI. I misiana tine stands timing out olit. tailspin1)ining the t's \\ III( IIILI\ 1, II MINIM/1,11111.1111.1:1:11:11..1.111::1"11:::::::::1:1:%.,"\\III11;1 hist (wai te'. nit leased 1 5".,, 1 FC( Aanding bum on halitling (Ciltil.it Mid I10 WI\ it I pt I W.lit Mt' Irill ',11111 Ills t'. IIiii ht 1ii.t .1, I ittMI1111111.11 \ litini out lines hit engineering rules \\ MACS. \It t'.1111(1111.1C Iill' m\ it ", 11,1\ t'.1Im It 1111114.11tl" 111C''11( \ 11+,111 111 'MINH 11111`,IrliANC(1 I'.I lir 1/1"\ It tiims. The licensee of WSLA A,\1 Ili t Mist' of NliCt l,il it111111 11.11 Midi( 1) 111,'i° .11 .1111t' pi( 11111, 1(111,1111N 11 )111(.\% 11,11 \Cif, \N 1111 LA, MAPA Bioadt asting, had petitioned I() get Amble sliatt glahIcti ahcail t1t thcilicitticsis MUM. li Illik\111k slims the FCC to drop a $2.5K line, arguing I tic (onunissi.,has Been pcimmiciii ft)! p.Wcl Icck hill in}; P Ill,lilt)(01(11, silt II.Is that only an admonishment w Itt't\\een !ht.: paint's tttiiid as appro l !PIC 111.111(1 it'll(1.11 WIC`, /lull",`Mil (1(1%111Itltl flitIIIII Now111.11dill('11.1s 1)(VII11(1111 prime. The company said the fence I\ 111(111 (Id `1111111l 1 `( 1 1.111°1 \ "11 11.1 (1 1).1111' slit t\\s111.11Illt 1 S lttultl (AI/CH(111e around its tower is properly maintained working t th Al)ernatliy smtl I" 'WIPP" 11 111, ( (1111111INNI( /11CI int 'tics(giV 2",14,1 2002:11w t and that a gate \\ as open when.111 FCC ata hilchilP. Ihc\ I (o in a hum ItIli mitt l tit' It ha\ kIt. hl.)\h)i \\mil ( inspector came by only because main- tenance was taking place. And it attrib- utedits otheriolation-anI' As re- Nielsen sees signs of ad recovery WLVVinks the Reds for five more ceiver thatdidn't comply with1:CC Nielsen Media Research us IurCrasting that spending in de\ eloped 1 uunu It s, including I lit l 111,it Ilia I 16 '1.and tutu the \\ 111 Iut shghlk in the set 1-(1 hull til ihis but that conies alici a 7(let line regulations-to confusion by its(.1M (,Itanners \\'I.\\' -AM have signed anew last over W hat was required. (*.II.\\ bile (IV\ cit)ping commies saw ad spending gi'mN heeai ointract through the '07 MLB The FCC didn't accept those expla- nit Nielsen's forecasters, led by Ian Garland, had to s.t.thout the I 's m.trket: season Reds (.(x I John Allen and CC "The United Stitt s, ianked number 113 billion in ad\ (liking nations as good excuses and it refused one in the world \\ H,1111,, s\ PDavid Crowlannounced 6/ spending last \ eat to reduce the $ 2.5K fine, noting that it . iemains a bellwether for the global ad rinsing economy. Yet it w :is one 6.\\I A has been the flagship of the of the worlds hardest hit ma, kets in 2001. According had already cut the fine from $ISK to to data l'rom Nielsen Monitor Reds Radio Network since 1969, All advertising spending in the ,t.ites dropped 7°;', last \ eat. v.. oh ;ill media ally( ted by reflect the stnall broadcaster's limited Reds regular -season games and most the downturn. The one bright spot on the [LS. advertising scene was I IISpaniC spring training games are carried on where strong performances such networks as unk ,,ton and Telemundo fueled a 30% the network, consisting of 60 affiliates in six states, and can he heard as far away as Las Vegas. -CM

WPB stations complaining DICKSTEIN SHAPIRO about pirates The Palm Beach Post reports 6 that MORIN& West Palm Beach market stations OSHINSKX, have been fed up with pirate radio stations pulling away listeners. We had heard rumors that WRMF was Legal Innovators having interference problems from a second -adjacent pirate in parts of its PRESENTS listening area as well. The Post names a few other stations complaining about the pirate phenomenon in BROADCAST FINANCING FOR THE- NEW MILLENNIUM: South Florida that has earned the title of the capitalof pirate radio for SUCCEEDING IN A NEW ECONOMY years now. Excerpts: "Lissette Diaz,GM, WPSP-AM, An Annual Program of the NAB Radio Show which features Spanish music and talk during the day and Creole at THURSDAY, SEPTEMBER 12,2002 night and weekends, says so-called AM "pirate" stations have been unfairly 8:30AM -11:30 competing for her advertising dollars WASHINGTON STATE CONVENTION AND TRADE CENTER and listeners for the past four years. The unlicensed broadcasters, who feature shows in Creole, have been KEYNOTE SPEAKER kicked off the airwaves repeatedly, only to return after a short period of Drew Marcus, Deutsche Banc Alex. Brown time or to be replaced by another ambitious operator who uses a cheap PANELISTS FM transmitter to go live,she said Although Diaz's AM broadcasts Samuel D. Bush Frank Kalil are not directly affected by the pi- rates, who operate only on FM, her Saga Communications Kalil & Co. station loses revenue when a client drops its ads because its message is Lewis W. Dickey, Jr. David E. Kennedy getting out on the pirate station." Cumulus Media Susquehanna Radio "Another station manager,Helen Hortonof Stuart -based WHLG-FM Barry Drake Bruce Levy "Coast" 101.3, has spoken to her Wachovia Securities attorneyin Washington to see Backyard Broadcasting whether more legal action can he Chuck Dreifus William K. Lisecky brought to bear on the pirates or the FCC. Horton said she spent $1.2 mil- CIT CIBC World Markets lion to launch her station four years ago, and pirates operating close to Eddie Esserman Katherine C. Marien her frequency have been interfering Media Services Group Textron Financial with her signal. Horton said she has complained to the FCC numerous David J. Field McHenry T. Tichenor, Jr. times, without result. On Tuesday, Entercom Communications Hispanic Broadcasting however, FCC officials from the Tampa office were visiting Horton, who said she is considering a trip to MODERATOR:Lewis J. Paper, Dickstein Shapiro Washington to see whether some- thing else can be done sooner." "In 1999, the FCC shut down three Spanish -language stations in Palm Beach CONTINENTAL. BREAKFAST PROVIDED BY MEDIA SERVICES GROUP County transmitting illegally on FM fre- To REGISTRER, VISIT WWW.LEGA I IVNOVATORS.COM/NAB OR CONTACTJAMIE HOLLOWAY AT 202.861.9165 quencies 88.5, 88.7 and 96.1. Federal agents confiscated the pirate stations' equipment." -CM www.rbr.com 6/10/02 MEDIA MARKETSAND MONEY By Jack Messmer

Clear Channel hopes to HAMMETT & EDISON,INC. Lf-,itadel seeks $575M from Wall Street CONSULTING ENGINEERS avoidAckerley spins RADIO AND TELEVISION : :u.idel Communicationsis back on Wall Street. Just a year after taking Serving the broadcast industry since 1952... f he companyprivate for $2B, Forstmann Little & Co. is back with an IPO Now that Clear Channel (N:CCU) has : ) sell part ofCitadel to public shareholders for up to $575M. It plans 12 -month waivers from the FCC to Box 280068 San Francisco 94128 to trade on the NYSE as "CDL." spin-off stations in five markets from 707/996-5200 1 Ted Forstmannand his investors will be taking some of their money 202/396-5200 its acquisition of The Ackerley Group [email protected] ir )ut of the company, although the exact split and many otherfinancial (N:AK), one questioner at last week's HE www.h-e.com 'culls will be filled in as the stock sale approaches-likely in Q3.Part of Deutsche Bank Securities Media Con- t., he IPO cash will go intoCitadel's coffers to pay down its debt owed to a ference wanted to know which CCU p milk consortiumled by JP Morgan Chase, but some of the proceeds will will divest-radio or TV stations? The 40 directly to ForstmannLittle's investment funds, which will reduce their surprising answer was neither-at Mona Wargo economic stake in Citadel while retaining voting control ofthe company. leastif things go the way CCU's With CEO Farid Suleman in command for only a couple ofmonths, Independent Research executives hope. tor Broadcast Forstmann Little bought out the Analyst/Consultant lot much has changed at Citadel since "I am certainly hopeful that the FCC, and Telecommunications )uhlic shareholders and eventually recruited MelKarmazin's long- Randall Mays in going through its biennial review is Phone: 703/243-9352 ime right-hand man to run Citadel. relates to the one -to -a - controls boostedgoing to either eliminate the voice test as it Fax: 703/243-5795 Q1 revenues were off 0.7% to $72.6M, but cost include all of marginmarket waivers or substantially change the definition to Skypager: 800/759-8888, )roadcast cash flow 16.3% to $23.3M. That improved the BCF PIN# 1207582 Suleman wasthe voices, which was the intention I think ofthe voice rule. If that is 1 from 27% to 32%-still far from the 40s and 50s that done and it's done on a timely basis, we may neverhave to actually email: [email protected] accustomed to at Infinity. But Mays also 1600 North Oak St. #1401 Arlington, VA Citadel already has dry powder available to make acquisitions,butdivest any of those stations," said CFO Randall Mays. anything in the i0 far hasn't made much use of it sincelast year's buyout. It still hasnoted of the FCC, "They have not moved very timely on wady $150M undrawn on its $700M bank credit facility. Asof 3/31,past, so I don't have a tremendous amountof comfort there." high tax basis Citadel had total debt of $1.05B-$500M in 6% bonds,$551M in bank If divestitures are required, Mays noted that Ackerley's sell TV debt and $2.6M in "other." for most of its TV stations could make it more attractive to Just about every media -oriented investment bank onWall Street is stations than radio. would be to do a getting a piece of this deal. The IPO group includesGoldman, Sachs & RBR observation: The ideal situation for CCU Co., Credit Suisse First Boston, Deutsche Bank Securities,Merrill Lynch tax -deferred swap of one or moreof Ackerley's regional TV clusters Sr Co., Bear, Stearns & Co., JP Morgan and WachoviaSecurities. for some radio stations. That would probably have tobe a three-way RBR observation: Many past radio IPO's have gotten theirbuzz ondeal, since there are no obvious direct swap candidates.Entercom, Wall Street by tying their public stock debut to a big acquisition.NotTribune and Sinclair are doing the same thing right now in Denver so in this case, where Forstmann Little istrying to compensate by(radio) and Indianapolis (TV).

creating buzz about its superstar CEO (see page 1). RBR Interviews So why go public now? Two reasons. First, Forstmann Little isunder from the Spring NAB pressure from some of its investors todemonstrate that it still knowsNew Mexico duop changeshands how to make money for them after seeing some other investmentsVeteran California air personality and PD Steve Rooney isgetting into Listen to RBR Radio decline in value. Second, the market is open now, as LIN TV(N:TVL) ownership by buying Sandi Bergman's stations in Portales andClovis, recently demonstrated. The stock market is far from robust, so that IPO NM-KSEL-AM & KSMX-FM. The trio fetched a price of $1.15M. Rooney at www.rbr.com window could close again for just about any reason. is wrapping up his air duties at KSON-FM San Diego andwill be moving Broker: Doyle Sponsored by Citadel's financials (S in millions) to New Mexico to be a hands-on local owner -operator. Hadden. Hadden & Associates. Category 2001 Q1 '02 Net revenues $332.5 $72.6 Radio thissiness Report 290 Broadcast cash flow $110.9 $23.3 BCF margin 33% 32% The Radio Index" 280 Free cash flow $33.6 $2.4 -$111.0 -$90.9 TV's strong upfront still isn't /70 Net loss getting investors interested in Source: Citadel SEC Form S-1, 6/5/02 media stocks. The Radio IndexTM closed 6/5 at 273.681, up a mere 260 0.891 from a week earlier. 5/15 5/ 2 2 5/ 2 9 6/5 NextMedia exits Panama City NextMedia is taking Panama City, FL out of its portfolio of radio markets-and at aloss. NextMedia assembled itsfive -station superduopoly for $8.3M in two 1999 deals, including a $3.6M deal to Cumulus Media, Inc. buy three of the stations from Kim Styles' Styles Media Group. It also has agreed to purchase the assets of radio stations hired Styles to come back and manage the cluster about a year ago. Now NextMedia is selling all five stations to Styles and her husband, Tom WDDO-AM, WDEN-AM/FM, Dibacco, for $5.25M. An LMA began 6/1. "We'll take a loss, cut it and move on," NextMedia Chairman Carl Hirsch WMAC-AM, WAYS -FM, told RBR. "We're doing well elsewhere." Although he said the Panama City WMGB-FM, WMKS-FM market is already improving and holds long-term promise, particularly for an in -market owner such as Styles, Hirsch said NextMedia's management and WPEZ-FM decided that its resources could be put to better use elsewhere. RBR observation: About the time NextMedia assembled its Panama Macon, Georgia

City superduopoly, Clear Channel (N:CCU) launched an Urban format on fro m WEBZ-FM and took a big chuck of listening away from CHR WILN-FM, which had been NextMedia's ratings and revenue powerhouse. WILN dropped from a 12.3 share 12+ Spring 1999 to as low as 5.1 Fall 2000 US Broadcasting, Ltd. before rebuilding to sevens. Meanwhile, WEBZ went from a zero to nines. for WILN, incidentally, wasn't one of the stations that Styles sold to NextMedia, but she's been the one working to rebuild it. A troubled market, even one ranked #241, isn't something that $35.5 Million* NextMedia wants to have in the IPO it's expected to file later this year. R. Thomas McKinley and George R. Reed of Media Services Group represented the Seller in this transaction. Cumulus picks a Magnolia Tom McKinley Lew Dickeys Cumulus Media (O:CMLS) is venturing across state lines ( 4 1 5)924-2515 [email protected] to expand its Shreveport, LA superduopoly. It's paying $1.75M for George Reed KVMA-FM Magnolia, AR. This is a cash for stock deal to acquire all of (904) 285-3239 [email protected] the stock of Columbia Broadcasting Co. from Ken Sibley, Bill Hoglund and Dennis Neiderer. Broker: MGMT Services *PendingFCC approval. RBR observation: This 100kw station is already positioned to put a signal of some sort into both the Texarkana and Shreveport markets. But if you look at the lineups in each market, you'll see other signals Media Services Group which would block a 107.9 mHz move -in to Texarkana, while the high end of the dial is wide-open in Shreveport. Lew Dickey confirmed our suspicion. He does indeed plan to move the transmitter closer to Shreveport, where Cumulus already has one AM and three FMs. 6/10/02 www.rbr.com 5 www.rbr.com 6/10/02

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Hispanics.-JM particularly Adspender CMR from TVB, Source: underrepresented, were minorities other said authors study's the TV, network estimates spot and *Local on group minority represented heavily most the were Americans African while But combined sales national (N:VIA). Viacom are was CBS most by owned Both second,. while characters, black -5.1% $42,623,400 Mills General 10 the had UPN that found also It comedies. in appear to likely most were characters black that concludes study The (UCLA). Angeles Los at California of University the from study new a says -13.2% $44,650,100 Corp. Motor Toyota 9 'ghettoized,"' be to continue they on Americans television, African of number large the "Despite +9.4% $46,980,000 Ltd. Co. Motor Nissan 8 diversity lack still shows Study:TV +213.1% $49,580,700 Assn. Dealer GM 7 -13.6% $58,258,200 Ltd. Co. Motor Honda 6 October.-JM by Commission full the' to report it said will force task The 7/23. -18.5% $60,302,400 Verizon 5 comments reply and 7/8 due are Comments timetable. short a -with spectrum on comments public for request own its issued Kolodzy, Paul by headed staffers, FCC of force task The +28.9% $64,741,000 Co. Motor Ford 4 commissioners. all of vote a by approved Inquiry of Notice a four full-fledged wanted also They -9.7% $79,762,700 Assn. Dealer Motor Ford 3 mission. its on force task new the guide to supposed that's questions of list the about consulted weren't they said Copps, Michael Democrat and Martin Kevin Republican couple, odd +27.9% $106,785,100 Corp. Motors General 2 FCC's The commissioners. fellow his of two from complaints sparked (6/6) Force Task Policy -2.0% $113,513,700 AG DaimlerChrysler 1 Spectrum a appointed had he that Powell Michael Chairman FCC by announcement routine A force task spectrum over joint of out Noses Q12002 advertisers*, TV local Top

-CM tail. its chase to continues industry The significantly. bills estimates Adspender CMR from TVB, Source: cable monthly up crank would and expensive extremely be indeed would bandwidth combined sales spot national and *Local says to nets. needed The FCC. the (yet), have don't They cable and broadcasters the all -5.5% $100,394,200 Activities Leisure 10 from signals DTV carrying networks cable the of issue the also there's And convert. to cost affiliates' the as just expensive, that's But events. special offer just than rather -15.3% $101,219,900 Travel/Hotels/Resorts 9 in signal, the simulcast could stations the HDTV, everything simulcasted networks the +14.7% $110,589,700 Financial 8 if Maybe DTV. with problem egg and chicken the always It's observation: TVBR year." last of January to agreed was that And was. standard the what agreed everybody until air, -22.0% $128,453,600 Products Food/Food 7 on put to were to reluctant the programming the reluctant broadcasters and product the market +2.8% $147,254,700 Stores Furniture 6 were manufacturers resolved, was that Until year. a over for up things tied That COFDM. vs. 8VSB with thing unfortunate whole that of because year, a over bit little a for standard broadcast +1.7% $174,138,000 Telecommunications 5 to -upon agreed an had we've Realistically, perspective. in things put important "It's adds, He +21.1% $181,581,900 Dealers Car/Truck 4 year." last than year this sold tuners more see you and sales tuner in jump a seen you've months of couple last the over why explains that and there, out content +30.4% $234,432,500 Government/Org. 3 more is There HD. in be to going was lineup -time prime its of 50% that announcement ABC's +3.2% $330,372,700 Restaurants 2 and Olympics the NCAA, the Masters, The with available content broadcast compelling more and more seeing you're Recently, DVDs. in been has content the of most now, until Up +7.9% $754,475,200 Automotive 1 content. to attracted are Consumers far? so sales the explains what is question the sets, the on providing you aren't why as it phrasing than Rather consumers. to available market the Q1 categories*, ad TV local Top boxes top set and sets integrated of models of dozens are there market, the on are sets what at 2002 look and guide, DTV our at look you "If TVBR. tells CEA, Policy, VP/Technology Petricone you on Michael from," it at looking you're side what on depends "It And, ask. whom estimates Adspender CMR from TVB, Source: can Depends monitors? just is pushing is industry the what if ground the off get DTV How it." in tuner digital and +3.5% $9,901,718,600 TV broadcast Total a set Fritts Eddie analog an with set get -they DTV +6.6% $5,563,739,000 TV Network a buy they when get to expect they what is gets consumer the what that sure make -12.6% $709,203,100 TV Syndicated and that correct to need they and frankly, +2.5% $3,628,776,500 TV broadcast Local quite public, the on fraud a that's And them. in tuner TV digital a without built being are sets many "Currently, NAB2002: 2002 Q1 rev, ad Television at interview exclusive our at (RBR.com) well as problem the mentioned Fritts 20.-JM top the of ten Eddie and 4/8) (TVBR issue the about and advertisers TV 10 top the of eight for accounted associations dealer us told have manufacturers The companies auto all, In $106.8M. to 27.9% by spending increased very isn't monitor DTV their and either. heartening (N:GM) Motors General $49.6M. -placeseventh a to 213.1% -top set signal. DTV a receive also (#2) itself or set TV analog an into plugged boxes 128,845 boosted who Associations, Dealers GM the from boost big a were units DTV 1,459,731 of out So spending could that sets DTV actually 70,295 sold, got But $113.5M. to 2% declined spending TV its although more on at remains figure broadcasters $2.6B." than of sales units 1,459,731 unchanged the again was (N:DMX) DaimlerChrysler over increase 1,025% 70,295-a to revised were sets spender, biggest single product DTV 2001 total The 2000. category. #3 the as $330.4M of sales Unit 2000. from increase 251% a representing 128,845, totaled boxes was integrated to 30.4% -upOrganizations and Government by spending in it: confirm release 3/27 a from figures CEA etc. service -top set digital of sales "2001 top in jump biggest The $754.5M. to 7.9% up spending -great monitors merely but sets, integrated aren't sets categories 25 the DirecTV players, DVD for biggest industry's the remained Automotive promising, appear first figures sales the While signal. 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NEWS® TV www.rbr.com SAN 391-4877 (415) OFFICE FRANCISCO OFFICE CHICAGO www.mediaventurepartners.com 266-6484 (312) Tel Radio Television your assessment sale. for actively stations several have We station. of PARTNERS properties MVP discuss to Call VENTURE MEDIA confidential a for or purchase for available currently a 1987. since markets of range wide in clients our for value Finding M T N ES V N I A & ; ( N K N A B TME

Associates. & Daniels Broker: from Transfer College. itself. college -run state the to foundation -related college WCEU-TV N/A Co. Gazette & Press News to LP Licenses Bend from OR Bend, KTVZ-TV $18,875,000 Community Beach Daytona to Foundation WCEU from FL Orlando, to up now is group local fast-growing This 80%. owning up ended Calvo Edward ation. Virginia. West in all stations, three & FM KUAM-AM, N/A Virginia West to SJL from WV Huntington, WOWK-TV $40,500,000 consider- no for brothers among Guam-transfer Hagatna, TV Holdings. Media IPO, that on Based IPO. LIN's for holdings Capital. Dominion Toronto and Partners Capital Dearborn $87M. at deal -swap stock this valued TVBR investments with LLC phia Muse, Hicks, (N:TVL). TV LIN to Corp. Television Madison Corp., Regional Slope Arctic Hillard, Stephen by group TV its consolidated Furst & Tate CP WPHA-TV N/A WUPW-TV OH, Dayton, WDTN-TV Philadel- of Broadcasters Hispanic of City-reorganization Atlantic Sunrise from TX Abilene, KRBC-TV & OH Toledo, San KACB-TV $87,000,000 MI, Saginaw, WEYI-TV RI, Providence, WPRI-TV TX, Angelo, Community Alabama Sr. Bowlin Harvey to Rock the of Church from Television WQIL-LP $81,000 on TVBR $25.7M. of transfer stock -100% AL Sylacuaga, W63CK & AL Talledaga, $100M. than less no is side each value market fair the figures an is swap this for basis tax its that filing SEC in disclose did Meredith but announced, two owning to Communications. Patrick Broker: Cities. Quad the in UHFs non-commercial was value No duopolies. new create Both one. Oregon the gets (N:MDP) Corp. Meredith so on station new a for application satellite, back be soon should College Hawk Black 30, Channel and stations Florida the gets (N:FOX) Television Fox FL. Ocala, WOGX-TV Iowa deal, this Under Board. Broadcasting swap competing its withdrew also Broadcasting Public its and FL Orlando, WOFL-TV for OR Portland, KPTV-TV of $100,000,000 Public Iowa to College Hawk Black from -IL IA Cities, Quad KQCT-TV $200,000 times. 17 at pegged Tribune multiple $180M-a -newspaper its with mesh really didn't VHF Utah rural this it's the of operation. -radioTV City Lake Salt for (N:ETM) Entercom to stations Denver three its selling for getting cash as own own to opportunity the got Matheson Daniel GM taxes, on saves that decided Bonneville station his most of reinvestment -deferred tax for buy this use will it since also to Bonneville from UT City, Cedar KCSG-TV $450,000 cost West. Broadcast Corp. International WIXN-TV. with duopoly a having of synergies the from -savings including Tribune on pro times 11 it call to prefers Tribune flow. cash 2001 contract the and 4 Channel flow, cash 2002 forma -eligible." 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Television ACME of some off sell may it that indicated Gray required, spin-offs Gray bankruptcy. trustee the from WI Madison, WHPN-TV $5,594,271 team. management its to Yager Jim President Benedek adds also to LP Family Puri for bankruptcy to times 10.5 11 Chapter of out company Benedek's Richard buy flow cash no are Systems. Partners. Venture Media Broker: Phoenix. in translators for deal this in -ups match regional several but duopolies, There Benedek $500,000,000 two to has it though, now, For 11. Channel on also DTV, to switches it Communications Gray to stations) (22 Broadcasting UHF with do make near when Phoenix to closer much move will but AZ, Holbrook, of license of city its off move a is -closing. post way is 11 Channel on signal analog current Its Phoenix. to -in DTV actually This Boston. First Suisse Credit Broker: Inc. as saw 2001 expected on network. 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