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Today's Headlines August 23, 2010 |
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Radio revenues were up 6 percent in the second quarter of the year, the RAB reports, to to $4.5 billion, with national spot up 16 percent, to $702 million, and local rising 3 percent, to $3 billion. Digital surged 25 percent in the quarter, to $157 million. For the first half, revenues overall were also up 6 percent, to $8.2 billion. RAB President/CEO Jeff Haley said, "The momentum we've built through the first half bodes well for radio compared to other traditional media going forward." |
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| Business |
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Once again, Emmis Communications has delayed a vote on parts of the plan to take the company private. Next Friday another meeting -- the fifth -- will be held to try again. Negotiations are ongoing with the group of preferred shareholders that has so far held up the deal. Emmis has once again extended both the note exchange offer for preferred shareholders and the tender offer for common stock, through next Friday. |
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Citadel has registered 10 million shares of new class A common stock with the SEC and made stock grants to top executives. CEO Farid Suleman receives the largest block, 1.9 million shares, with an estimated value of more than $43 million. Among those receiving smaller grants are COO Judy Ellis and CFO Randy Taylor. |
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The Gores Group is providing additional capital of up to $20 million for Westwood One, comprising $15 million in equity and $5 million in a guarantee on a credit facility. The first $10 million will be provided by September 7. |
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Major lenders have withdrawn their support of Tribune Co.'s reorganization plan in light of an examiner's report that talks in its 2007 leveraged buyout "bordered on fraud," AP reports. Tribune will file revised plans next week, and a hearing will be held September 15. |
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Entravision Communications/Denver will be represented by Internet Sales Manager Jeremy Dannebohm at the upcoming "Innovative Dealer Summit" being held by the Colorado Automobile Dealers Association next month. Dannebohm is set to talk about "Reaching Spanish Speakers Using New Media." |
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ADVERTISEMENT -- REALTORS® spend $1 billion annually to market their services and 30% are ready to buy radio! See the video from the NATIONAL ASSOCIATION OF REALTORS® Annual Conference. Read more. |
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| Industry |
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The John Bayliss Broadcast Foundation will be transferring the administration of its long-running scholarship program to a third-party provider until industry conditions allow it to once again operate independently. Bayliss Board Chairman Gary Fries said, "Through these challenging times for our industry, preserving the funding for our mission is our most important goal." Foundation Exec. Director Kit Hunter Franke, who has overseen the scholarship and intern programs for 25 years, will assist with the transition and then depart to pursue other opportunities. |
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Joel Burke, the longtime programmer of Lincoln Financial Media's Country KYGO/Denver, has resigned. He'll be heading to Texas to launch the new Wooden Media Services. |
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| Washington |
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FCC Commissioner Michael Copps said at a hearing on the "Future of the Internet" in Minneapolis Thursday that a "compliant FCC" was wrong to define broadband as an information service and free it from regulations that apply to telecommunications providers. He said, "Our job now is to correct course by reclassifying broadband as the telecommunications service that it is ... and then craft rules and procedures that will protect consumers against discrimination, protect against a privatized Internet, and protect against the cannibalization, cable-ization and further consolidation of broadband technology." |
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Sen. David Vitter (R-LA) has lawyers threatening to sue radio stations if they continue to air an attack ad from opposing candidate Chet Traylor, Baton Rouge's Advocate reports. |
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| Radio Ink |
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Radio Ink is looking for the Best Programmers in Radio, and we're counting on you to tell us who they are. Click the headline to learn more. |
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Andrew Ross Sorkin joins the lineup at Radio Ink's Forecast 2011, set for December 7, 2010 at the Harvard Club in New York. Sorkin is the chief mergers and acquisitions reporter for the New York Times and the best-selling author of the recent Too Big to Fail, and he's as well connected in the financial world as anyone in radio. The thrice-daily "Business Brief With Andrew Ross Sorkin" is produced and distributed by United Stations Radio Networks. Click the headlne for Forecast information and registration. |
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Radio Ink magazine the first radio industry publication on the iPad and among of the first of all publications. With the iPad's touchscreen, you can flip through the digital edition just as you would a copy of the magazine, with live links, interactive ads, links to video, and with more interactive features on the way. |
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The economy is slowly turning around, and broadcasters are beginning to hire again. Put your name in front of the industry with a free listing in Radio Pros Available. And we'll be happy to post your aircheck or demo, or a link to your website. Click the headline to learn more. |
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August 23: Cover 
From a reader: "
