8-2-2012
He's probably one of the most recognizeable Wall Street faces covering radio, and has been for a long time. Senior Analyst/Managing Director at Wells Fargo Bishop Cheen is retiring today at the young age of 64. On quite a few earnings calls this week, radio CEOs and CFOs were wishing him well, a clear sign he was very respected.
Wells Fargo Managing Director/Equity Research Media and Cable at Wells Fargo Marci Ryvicker said of Cheen, "Bishop has been an inspiration, a wonderful colleague, and a confidante. He will be sorely missed -- not only at Wells Fargo but across the entire media landscape. We will miss him but wish him well in his retirement."
Cheen started out as a DJ at the age of 17 on WRGW-AM in Washington, DC and has been in media ever since on the operating side or the financial side. "It feels like the right time. Not because I?m 64 -- that?s still young these days as the actuary curve trends longer -- but I want to have time to pursue other interests. Capital markets is very rewarding but also very demanding." We caught up with Cheen last night and asked him to give us some thoughts about radio.
We first asked Cheen how he thought the radio industry handled the implosion of the economy? "Surprisingly well. And not just the borrowers -- the financial community mostly worked with the operators to help them get past the abyss. I think a lot of people were looking for a lot more defaults, wipeouts, crashes -- all the horror stories you can imagine -- but they were isolated and less severe than many thought because of creative solutions, hard work, and in general, good will.
"Hopefully, the lessons will not be forgotten. I think corporate America is much smarter today about how to stay out of harm?s way, and if so, the investment community is as well." And, what do you expect to see in the radio industry over the next five years. "More innovation, competition, some consolidation, and a lot of surprises. Five years ago, did the trades and the investment community talk much about Pandora and iHeartradio? TV Everywhere? Mobile TV? 4G LTE? The Cloud? Tablets vs. Ultras? 3D Features? Yes, IMAX was available but in limited venues. Now, large-format movies are everywhere. Tech and content is a terrific combo for making great stories, characters, music, and images even more compelling and more enduring ?. and the evolution of media appears to be accelerating So if you want to be a part of it -- either in operations or in finance -- you better bring it because the industry and its investors are not going to slow down for you. So grab a seat belt (and maybe a cup) -- it?s going to be a memorable ride."
When we asked Cheen what he's going to miss about his work, he said the people. "Salespeople, traders, analysts, bankers, the media entrepreneurs who pursue their visions -- everyone wears a specialty hat but the common denominator is they are very bright, driven, professional people who take pride in what they do. Ditto for our institutional customers. And I have a special affection for the corporate issuers because they are indeed the ones who create the media products and services that we all love to consume."
And, Cheen adds, on the financial side, "Figuring out the model -- how all the pieces work, the economics that drive each piece, how to model it, and then how to project the performance; and second the capital structure and appropriate fit to the economics, how it can change for better or worse, why, and when; and finally value -- what drives it, how might it change, when, and how much. Put that all into the context of a dynamic industry, and I found media capital markets to be a great brain teaser -- not a bad living either."
As for what he'll do now. "A combination of chill, charitable work, and activity -- consulting, analysis. Stay tuned."
Congratulate Bishop for a great career bishop.cheen@wellsfargo.com
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