Radio+Television Business Report

“There is no small irony in the observation that the deal to combine WarnerMedia and Discovery will, at least initially, have a far greater impact on linear TV than it will on streaming,” note Craig Moffett and Michael Nathanson of MoffettNathanson, the esteemed Wall Street analyst house. “Yes, the deal is ostensibly about assembling the right assets for a DTC future. But perhaps its most significant impact early on will be that it slows rather than hastens the pace of the transition.”

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Newly released research finds that the total market value of digital content will grow by 105% over the next five years.

This value, says Juniper Research, takes into account pay-per-download revenue, in-app content spend, subscription revenue and ad spend over digital content.

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LISTEN. LEARN. PROFIT.

That’s the first thing you see when you visit Hala Taha‘s website.

Hala is the host of the Young and Profiting Podcast and the CEO of YAP Media. She started both brands as a side hustle, scaling to $1M in revenue and 30 employees before quitting her day job.

And, at the How to Make Real Money Podcasting virtual conference in July, Hala’s going to teach you how to turn your side hustle into a profitable business, too.

Hala has never been afraid to smash through the lanes and make her own path. She began her career in radio as an interim producer at WQHT-FM “Hot 97” in New York on The Angie Martinez Show, while pursuing a bachelor’s degree. Pouring her heart and soul into the success of the show, Hala decided to drop out of college and work full time for the radio station — for free.

After being rejected from her dream job at Hot 97 and later starring in an MTV reality show only to have the TV network pull the plug right before airing — Hala knew it was time to invest her time and talent in a brand she would own herself. She was tired of the gatekeepers telling her no.

She launched the Young and Profiting Podcast as a side hustle, to teach people how to be financially wise and have a more successful life. She grew to be one of the biggest influencers and podcasters on Linkedin. And then she decided she would scale and offer what she built for herself to others, and the social media and podcast agency YAP Media was born.

Today, Hala has graced the cover of Podcast Magazine and the Young and Profiting Podcast continuously ranks as a #1 Education podcast across all apps. YAP Media has several high-end clients and over 40 employees, around the world and will generate $2M in revenue in its first year.

When Radio Ink Editor Ed Ryan interviews Hala on July 15, she’ll share all of her secrets to success. What drives her? How did she turn her side hustle into a profitable business? She’ll explain how she thrived on rejection and used it as a stepping stone to success. And, she’ll tell you how you can make money podcasting.

LOS ANGELES — He stayed on with the company following its emergence from Chapter 11 bankruptcy protection and transition from LBI Media.

Now, Estrella Media‘s VP of PR and Corporate Affairs is moving on.

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There’s a new platform available now to athletes and celebrities who wish to build their personal brands on the stage — and on camera, too.

It comes from television production and strategic marketing firm BrandStar.

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With its stock in a comfort zone following a run-up to $100.34 on March 22 from $36.60 to start 2021, ViacomCBS’ Board of Directors approved a quarterly cash dividend for its Class A and Class B Common Stock.

There’s also another dividend for its 5.75% Series A Mandatory Convertible Preferred Stock.

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By Rob Dumke

U.S. House Energy and Commerce Committee Republican Leader Cathy McMorris Rodgers (Wash.) and Communications and Technology Subcommittee Republican Leader Bob Latta (Ohio) have just paid a trip to the White House.

Why? To talk about the “American Broadband Act” — a topic broadcasting executives may wish to pay more attention to, given the rapid growth of streaming audio and Connected TV/OTT platforms.

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By Rob Dumke

A Class D AM radio station licensed to serve a city just west of State College, Pa., is being sold.

The seller? A licensee that in January 2020 purchased this property. He’s now selling it for a slight loss.

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By Rob Dumke and Adam R Jacobson

On February 17, the world lost Rush Limbaugh. It took more than three months for iHeartMedia-owned Premiere Networks to announce the eventual successor offering to The Rush Limbaugh Show, and that won’t arrive for more than three weeks.

For some non-iHeartRadio affiliates, including those owned by Cox Media Group, sticking with programs built around archived audio clips of the late Limbaugh wasn’t something they desired. This led to CMG-owned WOKV-FM in Jacksonville moving market veteran Mark Kaye to Limbaugh’s old slot.

Now, CMG has made a move at its flagship News/Talk property in Atlanta that can be replicated at other stations across the U.S., should it wish to defect from Premiere.

Erick Erickson, the midday host at WSB-FM 95.5 in Atlanta, is heading into national syndication.

And, it will be ready 20 days before the debut of The Clay Travis & Buck Sexton Show, the heir to Limbaugh’s talk radio throne.

The Erick Erickson Show will take the Noon-3pm Eastern slot, starting June 1.

Erickson has already been self-syndicating across Georgia.

“We’re excited to announce this partnership,” said CMG SVP of Radio Rob Babin. “Erick has performed successfully for many years on 95.5 WSB Radio, and no doubt, he’ll make an impact as the Erick Erickson show expands.”

Erickson added, “I’ve been working towards this for a very long time, and I appreciate my long relationship with CMG. We look forward to continued success at 95.5 WSB and many new affiliates across the country.”

By Rob Dumke and Adam R Jacobson

It was offered as an exclusive to The Wall Street Journal early Thursday (5/27).

And, iHeartMedia-owned Premiere Networks confirmed all of the information in the story as true — ahead of an official announcement scheduled for release at 3pm Eastern.

That’s now happened, allowing all who cover the media industry to say for themselves that a successor offering to the deceased Rush Limbaugh‘s syndicated Talk radio program has been finalized.

Taking on the noon-3pm time slot that is presently the home of freshly produced episodes of The Rush Limbaugh Show that rely on archived commentary to reflect today’s headlines are Clay Travis and Buck Sexton.

“We couldn’t be happier to have Clay and Buck — two incredibly talented personalities from our Premiere family — at the helm of this new program,” said Julie Talbott, President of Premiere Networks. “Rush Limbaugh is irreplaceable, but we’re confident they will continue his legacy by delivering their own brand of intelligent, informed and entertaining talk radio, while providing our partners with a powerful platform to connect with their consumers.”

In an interview with WSJ, Talbott insisted that Travis and Sexton are not replacing Limbaugh. Rather, their arrival is “an evolution of the show with fresh voices—those that grew up on Rush an admired him.”

Travis is 42 and is a lawyer, TV analyst and sports journalist. He is the founder of the sports website Outkick.com and has been hosting Outkick the Coverage with Clay Travis and Wins & Losses With Clay Travis on Premiere-distributed Fox Sports Radio.

He will be paired with Sexton, who is 39 years old and a former CIA offer and a New York City Police Department Counter-terrorism expert. More importantly, he is the host of The Buck Sexton Show on Premiere Networks and was a frequent guest host on Limbaugh’s program.

Sexton currently holds the 6pm hour on iHeartMedia’s Talk WOR-AM 710 in New York.

This will change on June 21, when The Clay Travis & Buck Sexton Show debuts. Interestingly, the Fox Sports host gets top billing over the Talk host.

“I’ve loved spending the past six years building ‘Outkick The Coverage’ into one of the most-listened-to sports talk shows in the country, but I couldn’t resist the opportunity to join Buck Sexton as we launch this new program in the most coveted timeslot in the talk format,” Travis said. “While no one will ever replace Rush Limbaugh, Buck and I are excited to continue advancing the causes he held dear, most importantly American exceptionalism, a fervent
embrace of capitalism, and a belief in a robust marketplace of ideas. At a time of rabid cancel culture and toxic identity politics, we will be the voice for many who feel scared to say what they
think for fear of the censorious online mob. We can’t wait to get started.”

Sexton added, “I could not be more thrilled – and am deeply humbled – by the opportunity to host this new program with my co-host. We think it’s important to carry on the
tradition of Rush Limbaugh and bring truth to the masses. One thing I can promise all EIB
listeners out there: we’re with them and we will always fight for them with the show Clay and I do every day.”

By Rob Dumke

Over the Top (OTT) provider Gamut, which is owned by Cox Media Group, has appointed Soo Jin Oh as its President.

For the past eight months, Oh has served as Co-Chief Operating Officer at CMG.

And, she’s been with CMG for four years, during which time Oh has been “a driving force at Gamut,” CMG Executive Chairman Steve Pruett said. “As a passionate and respected visionary, she brings a level of unmatched energy, diligence and entrepreneurial leadership to every role she takes on. She has a proven track record of fortifying organizational capabilities that delivers enhanced revenues and customer value, and I am thrilled that we can, once again, tap internal talent for such a critical leadership position.”

Oh commented, “I am excited to take the helm at Gamut, the leading local OTT company with the best-in-class product and the most talented team in the industry. Since Gamut’s inception, our team has rallied around always doing what’s right by each other and our customers with an unwavering commitment to excellent service and performance.”

On May 17, African American-centric media company and casino owner Urban One entered into an Open Market Sale Agreement with Jefferies LLC.

This opens the door to a Class D share offering, the company tells the SEC.

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Gordon Smith, the outgoing CEO of the National Association of Broadcasters, is the recipient of the 2021 Lifetime Leadership Award.

The formal presentation of the honor to the former Republican U.S. Senator from Oregon is set for Radio’s Financial Summit: Forecast 2022, scheduled for November 16 at the Harvard Club in New York.

The announcement was made by Deborah Parenti, EVP/Publisher of Radio + Television Business Report.

“No one could be more deserving of this recognition than Gordon Smith,” Parenti said. “His advocacy and statesmanship over the past twelve years have won many admirers throughout the industry as well as on the Beltway. He has charted a course that will continue to positively impact the industry for years to come.”

Smith joined the NAB as its President/CEO in November 2009. Under his leadership, NAB saw its New York show grow as the Radio Show evolved to a co-production with the Radio Advertising Bureau (RAB).

Aside from his time on Capitol Hill, Smith served as a senior advisor in the Washington offices of Covington & Burling LLP.

His successor is the NAB’s Chief Operating Officer, Curtis LeGeyt. He will take over on Jan. 1, 2022. Smith will transition to a 36-month advisory and advocacy role at the end of 2021, as previously reported.

Smith joins a list of previous honorees that includes Ralph Guild, Lowry Mays, Gary Fries, Eddie Fritts, Bill Burton, Dan Mason, Peter Smyth, Cathy Hughes, Bruce Reese, Dick Clark, Frances Preston, George Beasley, and Jeff Smulyan.

More information and registration for “Forecast 2022” can be found Here.

Acting FCC Chairwoman Jessica Rosenworcel has outlined the agenda for the agency’s June 17 Open Commission Meeting.

While radio and TV broadcasting leaders have had little of late to be mindful of, there is a matter involving low-power radio stations that may be worthy of your attention.

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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.

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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.

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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.

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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.

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