Radio+Television Business Report

In mid-March, a Dallas-based entertainment and e-sports company founded in 2007 snagged a multimillion-dollar investment from one of broadcast television’s biggest owner groups, Gray Television.

In this InFOCUS Podcast, that company’s CEO, Adam Rymer, answers key questions many including our editor-in-chief has, about eSports and its future, in particular for those on Wall Street seeking a real revenue driver for an industry seeking ways to combat declining traditional ad revenues.

It’s all here, in this fresh audio offering presented by dot.FM.

Listen to “The InFOCUS Podcast: Adam Rymer, Envy Gaming” on Spreaker.

Global pay TV revenues for 138 countries have been placed under the microscope by Research and Markets, a British market intelligence shop.

What does their findings show, with respect to growth trends? On a worldwide level, revenue increases stopped five years ago.

While that’s distressing enough, the dip comes as the number of pay TV subscribers rose by 15 million during the same period.

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

The audio media company led by President/CEO Mary Berner on Wednesday (5/26) initiated actions designed to pay down $175 million of debt.

And, it is doing so by using cash on hand.

First, on May 17, Cumulus completed a $60 million repayment of its ABL Revolver due 2025, which represented the entirety of the amount outstanding under the facility.

Following the paydown, the ABL Revolver due 2025 is undrawn and available as liquidity for general corporate purposes.

Importantly, Cumulus was required by the terms of its debt agreements to make mandatory debt prepayments from the proceeds of its 2020 land sale in Bethesda, Md., once home to the broadcast towers of the old WMAL-AM 630, now an ESPN Radio affiliate under different call letters.

Then, on Tuesday (5/25), Cumulus moved forward with paying down approximately $89 million of its Term Loan Credit Facility due 2026 related to what Cumulus is calling a mandatory prepayment obligation.

Approximately $65 million of the prepayment is related to the Land Sale, and approximately $23 million of the prepayment is related to the Tower Sale.

Additionally, pursuant to the terms of its 6.75% Senior Secured First Lien Notes due 2026, Cumulus launched a tender offer for the Notes at par for approximately $26 million, which represents the pro rata amount required to be offered from the proceeds of the tower sale.

Following the expiration of the tender offer, any amounts that remain untendered will be directed toward an additional prepayment of the Term Loan.

In a statement, Berner noted that the continuing improvement in economic and public health conditions has created a backdrop where Cumulus can accelerate debt repayments, which will more rapidly de-lever the balance sheet and reduce interest expense, further increasing Cumulus’ cash flow.

She added that since Cumulus’ 2018 emergence from voluntary Chapter 11 bankruptcy reorganization, the company has reduced its net debt by nearly $600 million.

“Looking ahead, our better leverage profile and more than $200 million of available liquidity will provide us meaningful financial flexibility as we continue along our strong rebound trajectory,” Berner said.

Radio and Television license applications are due Tuesday (6/1) for stations located in several states.

What are the other highly important deadlines you should take note of between now and the end of August? Fletcher Heald & Hildreth put together a handy checklist that’s worth sharing with your leadership team.

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

When it comes to broadcast media companies, political advertising revenue is a huge boost to the bottom line.

That said, the FCC has a bottom line when it comes to the purchase of radio broadcast time made by a legally qualified candidate for office, or by a Political Action Committee.

Section 315(e)(3) of the Commission’s Rules says that a radio station must maintain a file, publicly accessible upon request, and upload any and all information about these requests to view a political file, “as soon as possible.”

The Commission considers this act critical. But, a Colorado radio station owner didn’t abide by these rules. To settle the matter, a Consent Decree has been reached between the licensee and the FCC.

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

A pair of low-powered digital television stations in the Sunshine State — one due east of Panama City and the other to the northwest of this one-time Spring Break capital — have each been warned by the FCC that they could face a financial penalty for failing to file their license renewal applications in a timely manner.

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

Nexstar Media Group has selected a woman who is now charged with leading the company’s efforts to expand diversity in hiring, promotion, and retention.

It’s an individual who presently serves as VP of Human Resources at the nation’s No. 1 owner of broadcast TV stations.

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

There’s a new Market President for the iHeartMedia stations serving the Minneapolis-St. Paul market.

Taking the post is Greg Alexander, who is being promoted.

Alexander has served as SVP/Sales for the Western Great Lakes Region, after being appointed SVP/Sales for the iHeart Twin Cities stations in 2012. In his most recent role, he directed sales efforts at iHeartRadio stations in Minneapolis-St. Paul and Rochester, Minn.; and Milwaukee, Madison and Eau Claire, Wisc.

As Market President, Alexander will be responsible for overseeing programming, advertising and operations across iHeartMedia/Minneapolis stations. He reports to Scott Hopeck, Division President for iHeartMedia.

“Greg’s extensive experience qualified him for this role, but more importantly his team lifted him into it, which is a testament to his leadership,” Hopeck said. “I’m confident that Greg and his team will lead our Minneapolis operation to new heights.”

Alexander began his career with Interep National Radio Sales, and then moved into a leadership role in South Florida at Spanish Broadcasting System (SBS). He joined iHeart in its Miami-Fort Lauderdale station group, rising from Director of National Sales to GSM before relocating to Minneapolis.

“This is an incredible opportunity to work with some of the country’s best brands and the
industry’s brightest minds,” Alexander said. “I look forward to collaborating with the
programming, advertising, and operations teams while helping elevate the Minneapolis market.”

Salem Media Group Executive Vice President and Chief Financial Officer Evan Masyr sat down with Noble Capital Markets Senior Research Analyst Michael Kupinski for an in-depth chat about the trajectory of the broadcast media company — and the discussion is now available for all to hear.

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

Sinclair Broadcast Group has confirmed the planned retirement of Barry Faber, President of Distribution and Network Relations, effective June 25.

During his 25 years at Sinclair, Faber helped Sinclair grow into one of the largest and most diversified broadcasters in the country.

During his years as General Counsel, Mr. Faber guided the company through a multitude of acquisitions, including more than 150 broadcast stations and Tennis Channel. He has served as Sinclair’s President of Distribution and Network Relations since April 2019.

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

Domestic ad spend for the pharmaceutical and healthcare category is forecast to be $11.1 billion this year, WARC notes.

What does this mean for brands, consumers and the healthcare system?

The research firm took a look.

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

The E.W. Scripps Company has promoted the Director of Sales for its NBC affiliate serving Colorado Springs to the role of VP/GM.

Earning the promotion at KOAA-5 after 5 years in the shadow on Pikes Peak is Ross White.

“Ross has a wealth of experience in the local media industry and is a proven leader who has led his sales team to great success,” said Brian Lawlor, Scripps’ President of Local Media. “His knowledge of the news business, the market and the station, along with his commitment to the community, make him the ideal candidate to be the next leader in Colorado Springs for Scripps.”

Prior to joining KOAA, White served as GSM at WMC in Memphis. He began his career at KVII in Amarillo, Tex., as a news photographer, and then as Creative Services Director. He later moved to the sales department at KVII as an account executive and was promoted into several sales leadership positions, including Director of Sales.

“In my time as KOAA director of sales, we have focused on bringing the Scripps mission, ‘We do well by doing good,’ into all aspects of our operation,” White said. “As general manager, I look forward to furthering that mission in the community I call home through a continuing commitment to quality local journalism.”

Travel east of Sky Harbor International Airport and you’ll find not-so-sleepy Apache Junction, Ariz. Once a tiny town of the Ol’ West, today it’s booming as a Mesa-adjacent community that still retains its Cowboy feel, attracting tourists to Lost Dutchman State Park.

Here, a 2kw Class A operates as a non-comm infatuated with 1980s pop and rock hits. But, will that cease once the station’s sale is concluded?

The answer is very likely yes, given the buyer. And, it is a win for Blacks in the Valley of the Sun.

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

GCI, the Liberty Broadband-owned MVPD, on January 1 discontinued carriage of “FOX Alaska,” “ABC Alaska,” and “The CW Alaska” on a newly launched “skinny bundle” offering designed to discourage subscribers from fleeing to such services as Hulu and YouTube TV.

It only took until Victoria Day in neighboring Canada for a new retransmission consent agreement to come to fruition, with the three stations finally restored for local cable TV subscribers.

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

In March 2021, a transaction was consummated that saw the sale of 20 unbuilt LPTV construction permits from Landover Wireless, a 30-year veteran of the global wireless telecommunications industry.

Now, a second deal has been struck that sees Landover shedding more low-power TV stations ahead of a deadline for building them expires. And, it involves the same buyer.

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

NAB Deputy General Counsel Patrick McFadden has offered his response to a new attempt by Microsoft to overturn recently adopted FCC rules that allow broadcasters to further the deployment of NextGen TV services through the voluntary rollout of ATSC 3.0.

In his view, Microsoft’s request submitted to the Commission can’t hide its “empty promises” to deploy TV white space devices.

We’ve got our thoughts on Microsoft’s plan … er, folly … too. It’s another RBR+TVBR OBSERVATION, and it appears below the rest of this story for Members Only.

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

In-person conferences are back on the schedule, with IBC on May 25 confirming it will stage a 2021 show in December, postponing it from September rather than scratching it off the calendar or going with an all-virtual presentation.

Ahead of that event, in late August, is a state broadcasters’ association conference that promises to be one of the more dynamic post-pandemic gatherings leading up to the NAB Show in October: the 70th Wisconsin Broadcasters Association Summer Conference.

The 2021 agenda is a dynamic one, and WBA President/CEO Michelle Vetterkind spoke with RBR+TVBR Editor-in-Chief Adam R Jacobson to share what’s on tap for attendees this year in this podcast, presented by dot.FM.

Listen to “The InFOCUS Podcast: Michelle Vetterkind” on Spreaker.

Aside from the NAB Show in Las Vegas, one of the biggest global annual events for the broadcast media industry and the vendors that seek to grow their business at such conference expo halls is the IBC affair.

Held each year in Amsterdam, in the Netherlands, the 2021 in-person edition of IBC was largely thought to have been scrapped, due to lingering pandemic concerns.

That’s not the case. It’s just delayed a few months from its normal show dates.

IBC2021 will take place on December 3 at the RAI in Amsterdam.

The announcement follows a decision at the May 24 IBC Partnership Board meeting to move the event from its usual September slot.

“Following a period of industry consultation, the IBC Partnership Board has agreed that December is the best date in terms of safety and industry readiness to engage,” IBC CEO Michael Crimp said, noting that the organization’s conclusion is based on the results of recent IBC exhibitor and visitor surveys and “macro evidence” of Europe opening up for business.

“We really value the feedback and candid input of our community — we have always been ‘By the industry, For the industry’, and this ethos continues to guide our daily decision-making process,” Crimp said.

IBC found that two thirds of the visitors and exhibitors it surveyed said assurance of robust onsite health and safety protocols would encourage them to attend, with vaccination passport entry by far the most popular measure. Further, some 86% of survey respondents said they were very likely, and 13% likely to have been vaccinated by December.

Additionally, two thirds of respondents already feel they are ready to travel, and a vast majority expect any corporate travel restriction policies to be updated by the end of the summer.

European Union commission data show that Europe is now on track to achieve its 70% vaccination target by July 2021 and to surpass this target by December.

Only one in ten of the visitors surveyed said they would not attend a December event.

Crimp concluded, “We did not shift from September lightly. However, as the evidence was gathered and considered, there was a shifting sentiment towards December from both exhibitors and visitors. We also had to consider the ability of the supply chain to deliver a high-quality event. We believe that key services such as airports and airlines, and hotels will have established smooth operations and be able to provide a more streamlined service by December.”

Effective June 7, the Audacy radio stations serving the San Francisco-Oakland-San Jose region will have a new Regional VP and Market Manager.

It’s an appointment that comes just weeks after Cumulus Media’s crosstown stations named a new VP/Market Manager. And, it is the result of Audacy’s current RVP/Manager in Northern California getting a bump up to a national sales role at the company formerly known as Entercom.

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

In Indiana’s largest market, an FM licensed to Danville, Ind., west of downtown Indianapolis, and a pair of AMs and their respective FM translators, have been transferred to a trust.

A FCC filing made Tuesday (5/25) offers a little insight as to why: the licensee of the stations passed away a couple of months ago. But what wasn’t shared is perhaps more noteworthy, as it involves the head of Connoisseur Media and the legendary Wolfman Jack.

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