Townsquare Announces Successful Refinancing

4-1-2015

Townsquare Media announced on Wednesday the closing of an offering of $300 million in aggregate principal amount of its 6.500 percent senior notes due 2023. Townsquare also announced a $325 million senior secured credit facility, including a new seven-year, $275 million term loan. Both were to complete the company's previously announced redemption of the outstanding 9.00 percent senior notes due 2019, in aggregate principal amount of $410.9 million.

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Does the FCC Care About Your Successful Hoax?

As we reported yesterday, some listeners to Shoals Radio's WMSR in Alabama believed aliens were taking over the station. The stunt even had some residents thinking schools would be attacked so parents kept their kids home and police beefed up security at schools. Management was trying to bring attention to the station for an upcoming format switch and aired fake conversations between aliens. It worked to perfection bringing the station local and national attention. We asked broadcast attorney John Garziglia if this stunt had any legal downside.

by John Garziglia
Any stunt or hoax that causes the invocation of law enforcement is a promotion that the FCC severely frowns upon.  But, assuming that someone files a complaint with the FCC (no one has yet, as far as we know), would the FCC care?  It is difficult to say.

The FCC in the past has tried to clarify its hoax rule (yes, the FCC has an actual rule on hoaxes ? it is Section 73.1217 of the FCC?s rules) by explaining that a broadcast about amoebas invading the city was an ?obvious hoax? and would not be covered by the rule.  On the other hand, the FCC noted that the broadcast of a mock nuclear attack on the United States with a siren sounder was not an obvious hoax and merited a $25K fine, and a false report of a nearby volcanic eruption was likewise not an obvious hoax and merited an FCC admonishment. 

So, were aliens effectuating a radio station?s format change more akin to a fake amoeba invasion, or more likely to be regarded by the FCC as a fake nuclear attack or volcanic eruption?   The seminal event that this promotion recalls is the 1938 Halloween eve broadcast of the War of the Worlds radio drama which, in a fashion  similar to the WMSR promotion, had aliens invading the Earth.  Notably, this broadcast occurred prior to the FCC?s 1992 adoption of its hoax rule. 

We live in a society that is hyper-sensitive to possible catastrophes.  Simply substitute the word terrorist for alien in this radio stunt and we would not be debating whether a promotion designed to fool the audience was a good idea. Earlier this year, in the ?FCC Protects You From Yourself  April 1st?, I noted that the FCC in adopting the hoax rule stated that it was not its intent to ?restrict harmless pranks or to deter broadcasts that might upset some listeners but do not pose a substantial threat to public health or safety?.  The dividing line, however, might not be as clear as we might prefer. 

The FCC?s broadcast hoax rule prohibits the broadcast of false information concerning a crime or a catastrophe when: (1) the broadcaster knows the information is false; (2) it is foreseeable that the broadcast of the information will cause substantial public harm; and (3) the broadcast of the information does, in fact, directly cause substantial public harm.  The FCC states that the diversion of law enforcement or other public health and safety authorities from their duties is ?public harm?. 

The good news from this incident is that people listen to and believe in what they hear on the radio.  The bad news, however, is that law enforcement was apparently required to respond to citizen fears by adding security at schools and making social media pronouncements which could arguably fit within the FCC?s definition of ?public harm?. 

The bottom line is that special place that FCC regulation still occupies in our radio programming landscape.  If a cable channel or an internet radio station had run this stunt, we would not be asking if the FCC might get involved because there is no hoax rule for either of these media. 

Rather, it is broadcasting?s unique distinction to be saddled with restrictions on programming for public interest reasons ? restrictions on indecent speech, political speech, contests, advertising and hoaxes.  With that in mind, any radio promotion that leads listeners to believe that something is happening that is not, is a promotion that should be fully vetted in advance for compliance with the FCC?s hoax rule. 

John F. Garziglia is a Communications Law Attorney with Womble Carlyle Sandridge & Rice in Washington, DC and can be reached at (202) 857-4455 or jgarziglia@wcsr.com. Have a question for our "Ask The Attorney" feature? Send to edryan@radioink.com.

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Five Questions With a Successful D.O.S.

8-21-13

Beth Coughlin is the VP of Sales for Ed Levine's Galaxy Communications. Luckily for Radio, after 14 years in Television, Coughlin decided radio was the place to be. "Radio was definitely more creative and offered more value for my local client base than television. Creating local promotions/events was definitely a hot button for me and radio was the best place for execution of those types of successful marketing campaigns." Coughlin is one of Radio Ink's Radio Wayne finalists and is competing against several Sales Executives across the country to be named the top D.O.S. in the country. The Radio Wayne awards will take place next month in Orlando at the NAB/RAB Radio Show.

Galaxy CFO Michael Lucarelli says in a short period of time Coughlin has taken the best of what she learned in the television business, inventory management and growing a client base, and merged it with the inherent creativity of radio.  "She has truly become a radio professional that wonders now how she ever did it in TV without the creative aspect. When Beth took over the DOS job in 2008, the sales staff was in need of make over.  She managed to make the necessary changes, without disrupting a successful sales operation.  The net result is that the five year CAGR is 8.2% for net revenue and through the first half of 2013, the local revenue has grown 12.7%. Beth has an incredible knack for being able to see the entire playing field in front of her, while drilling down to the smallest client account.  She holds herself accountable everyday, every week, every month, to her staff and her clients.  This never wavering attitude resonates with her staff.  She is a "do as I do" leader, who leads by example."

Here are our five questions for Galaxy VP of Sales Beth Coughlin

What is the most important quality you look for in your sales team?
Honesty, personal integrity are important qualities. When our stations started out, we were #1 ? when you turned the ratings book upside down! That start up mentality hasn?t changed. I understand that our ratings have improved since then, however, since we don?t subscribe to the ?big? ratings service, I can only confirm those increases in our Eastlan results.

How do you encourage seasoned reps to aggressively go after new business?
This year, we developed a new innovative combined monthly sales incentive. With combined budget hit, everyone shares a pot of money over $15k. Sellers away from the ?me? mentality; ?well, I?m at budget?.  This teamwork has led to budget delivery ytd +4.2%.

What characteristics do you look for in hiring a sales manager or account manager?
They have to be creative.  Being an entrepreneurial company, a  Galaxy employee is creative, thinks beyond what?s been done, and has a sense of humor.  Our motto, ?Have fun, make money!?

Beyond media, are there any professions you look to for fresh faces?
We look to bar/restaurant wait staff.   A waitress or bartender is on the front line of customer service and has to deal with demanding, drunk customers.  We figure, if they can handle them, they can handle our radio clients who are typically sober.

How many client visits do you attend with your sales team on a weekly basis, and what is your objective in doing so? I see clients every day.  My objective is simple:  Enthusiasm is contagious.  From the top down, we have fun in our company and celebrate the wins.  With net local revenue up 13%, on average, over the last five years, there?s a lot to celebrate!

Reach out to Beth and wish her good luck in the upcoming Radio Wayne competition. bcoughlin@galaxycommunications.com

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Five Questions With a Successful D.O.S.

8-21-13

Beth Coughlin is the VP of Sales for Ed Levine's Galaxy Communications. Luckily for Radio, after 14 years in Television, Coughlin decided radio was the place to be. "Radio was definitely more creative and offered more value for my local client base than television. Creating local promotions/events was definitely a hot button for me and radio was the best place for execution of those types of successful marketing campaigns." Coughlin is one of Radio Ink's Radio Wayne finalists and is competing against several Sales Executives across the country to be named the top D.O.S. in the country. The Radio Wayne awards will take place next month in Orlando at the NAB/RAB Radio Show.

Galaxy CFO Michael Lucarelli says in a short period of time Coughlin has taken the best of what she learned in the television business, inventory management and growing a client base, and merged it with the inherent creativity of radio.  "She has truly become a radio professional that wonders now how she ever did it in TV without the creative aspect. When Beth took over the DOS job in 2008, the sales staff was in need of make over.  She managed to make the necessary changes, without disrupting a successful sales operation.  The net result is that the five year CAGR is 8.2% for net revenue and through the first half of 2013, the local revenue has grown 12.7%. Beth has an incredible knack for being able to see the entire playing field in front of her, while drilling down to the smallest client account.  She holds herself accountable everyday, every week, every month, to her staff and her clients.  This never wavering attitude resonates with her staff.  She is a "do as I do" leader, who leads by example."

Here are our five questions for Galaxy VP of Sales Beth Coughlin

What is the most important quality you look for in your sales team?
Honesty, personal integrity are important qualities. When our stations started out, we were #1 ? when you turned the ratings book upside down! That start up mentality hasn?t changed. I understand that our ratings have improved since then, however, since we don?t subscribe to the ?big? ratings service, I can only confirm those increases in our Eastlan results.

How do you encourage seasoned reps to aggressively go after new business?
This year, we developed a new innovative combined monthly sales incentive. With combined budget hit, everyone shares a pot of money over $15k. Sellers away from the ?me? mentality; ?well, I?m at budget?.  This teamwork has led to budget delivery ytd +4.2%.

What characteristics do you look for in hiring a sales manager or account manager?
They have to be creative.  Being an entrepreneurial company, a  Galaxy employee is creative, thinks beyond what?s been done, and has a sense of humor.  Our motto, ?Have fun, make money!?

Beyond media, are there any professions you look to for fresh faces?
We look to bar/restaurant wait staff.   A waitress or bartender is on the front line of customer service and has to deal with demanding, drunk customers.  We figure, if they can handle them, they can handle our radio clients who are typically sober.

How many client visits do you attend with your sales team on a weekly basis, and what is your objective in doing so? I see clients every day.  My objective is simple:  Enthusiasm is contagious.  From the top down, we have fun in our company and celebrate the wins.  With net local revenue up 13%, on average, over the last five years, there?s a lot to celebrate!

Reach out to Beth and wish her good luck in the upcoming Radio Wayne competition. bcoughlin@galaxycommunications.com

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(DIGITAL) 7 Habits of Highly Successful Digital Sellers

8-19-2013

There are a handful of radio sales reps that are incredibly successful at selling digital advertising. I?ve met them. Ever wonder what makes them tick? 

Inspired by Stephen Covey?s ?7 Habits of Highly Effective People,? I have distilled my observations of these special sales reps into the ?7 Habits of Highly Successful Digital Sellers.?

1. Constantly Learning

They devour as much information as they can about digital advertising and marketing. It?s almost as if they were pursuing a graduate degree in digital marketing. They read books like The Long Tail, The Cluetrain Manifesto, The Innovator?s Dilemma, and Rework. Their guru?s are Seth Godin, Faith Popcorn, Gary Vaynerchuk, and Guy Kawasaki. Mashable, eMarkater, ClickZ, and NetNewCheck are their daily reads.

2. Share and Teach

They understand sharing is no longer to be feared in sales. They embrace it. They understand sharing ideas is the new currency to grab the attention of busy prospects. Teaching their colleagues and clients about new digital media tools or how to respond to the latest digital media trends is second nature to them.

3. Experiment

Failure IS an option for them because they understand the power of learning from their mistakes. The low cost of digital media tools also virtually erases the financial cost of any of their missteps.

4. Focused

They keep distractions to a minimum and only focus on what they have control over.

5. Know Their Numbers

The rest of your sales team might know how many unique visitors come to your website each month, but a successful digital seller knows the traffic spikes, the average conversion rate on your social media promotions, and the redemption rates on mobile coupons. They also take the time to research their client?s cost per lead, average sale, and customer acquisition cost.

6. Always Connecting

Instead of observing the old ABC sales mantra of ?Always Be Closing,? they practice a new one, ?Always Be Connecting.? They have made a regular habit of connecting with clients and prospects on LinkedIn. There?s never a shortage of new prospects coming into the beginning of their sales pipeline.

7. Sell Local

Most local broadcast websites and mobile apps will never have big enough numbers to interest advertising agencies or national advertisers. Successful digital sellers know their time is better spent reaching out directly to local advertisers who need help with their digital marketing.

As you think about recruiting new sales reps for your station going forward, give extra consideration to some of the above sales habits. After all, these habits are the local advertising sales skills of the future that are desperately needed in radio right now!

Stephen Warley is the founder of inboundarts.com, a research and training firm dedicated to helping radio broadcasters use digital tools to generate more qualified sales leads. He is also the founded of LocalBroadcastSales.com in 2008. Have a question for Stephen?  Email him at stephen@inboundarts.com or connect with him on LinkedIn.

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(AUDIO) From Feeding a Goat to Successful 20 Year Morning Man.

7-22-13

Dave Ryan is in a somewhat exclusive club in the radio industry. He's been on the air for 20 years - in the same city - for the same station. And, he'll be there for at least another three years after signing a new deal with Clear Channel owned KDWB in Minneapolis. Ryan had an interesting start in radio and was fired multiple times from his on-air jobs, before catching on in the Twin Cities. His love for radio and desire to be on the air since he was a little kid kept him motivated to make it big where he has for KDWB. Clear Channel Minneapolis Market Manager Michael Crusham says, "When you work with Dave every day, you understand why he's been so successful for the past 20 years in Minneapolis." Here's our exclusive interview with Dave Ryan about his new contract, his love for radio and his advice to others about how to consistently churn out a successful radio show in a PPM world.

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SALES MEETING - Successful Selling in 2012

Download this show

Radioink.com introduces a new weekly program called Monday Morning Sales Meeting. This new feature is a thirty minute podcast with D.O.S.'s from across the country who answer questions about issues managers and salespeople deal with every day on the street. Today we have Adam Maisano (pictured below), Director of Sales for Curtis Media in Raleigh and Director of National Sales for Greater Media in Philadelphia Matthew Cowper. Topics include getting political dollars, the insurance category, the art of selling in your market and why the reps should stop apologizing for radio.

Listen to our Monday Morning Sales Meeting
for Monday December 19th.

(12/19/2011 7:41:20 PM)
EJ...whoever you are...God Bless You for your straight talk. Our business is Cannibalizing itself and we have the 'leaders' at the major groups to thank for it. Idiots all!
(12/19/2011 7:40:27 PM)
EJ...whoever you are...God Bless You for your straight talk. Our business is Cannibalizing itself and we have the 'leaders' at the major groups to thank for it. Idiots all!
(12/19/2011 3:27:26 PM)
Who, other than the obvious people in radio that should apologize like Cumulus and Clear Channel for commoditizing the most unique message delivery system ever created, should apologize? My AE's make no apology for delivering advertiser messages to thousands of people every week, in fact we brag about it!
(12/19/2011 8:20:58 AM)
Love this concept. Short, mobile, focused. I think the sessions will become more valuable if they present a case study of business success stories ("This is how we did it") vs.a warmed over version of what smart managers can debate about on any given day.

Managemnent styles & approaches may vary, but show & tell can inspire replication.There's a load of business opportunity for business-minded (not just media-minded) sales ops. Let's hear a de-construction of those stories soon.

(12/19/2011 7:07:29 AM)
The question is what has the account been saying that leads the sales person to say im sorry for the mess? You and i know that degegulation has almost destroyed GOOD radio.

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View the original article here

SALES MEETING - Successful Selling in 2012

Download this show

Radioink.com introduces a new weekly program called Monday Morning Sales Meeting. This new feature is a thirty minute podcast with D.O.S.'s from across the country who answer questions about issues managers and salespeople deal with every day on the street. Today we have Adam Maisano (pictured below), Director of Sales for Curtis Media in Raleigh and Director of National Sales for Greater Media in Philadelphia Matthew Cowper. Topics include getting political dollars, the insurance category, the art of selling in your market and why the reps should stop apologizing for radio.

Listen to our Monday Morning Sales Meeting
for Monday December 19th.

(12/19/2011 7:41:20 PM)
EJ...whoever you are...God Bless You for your straight talk. Our business is Cannibalizing itself and we have the 'leaders' at the major groups to thank for it. Idiots all!
(12/19/2011 7:40:27 PM)
EJ...whoever you are...God Bless You for your straight talk. Our business is Cannibalizing itself and we have the 'leaders' at the major groups to thank for it. Idiots all!
(12/19/2011 3:27:26 PM)
Who, other than the obvious people in radio that should apologize like Cumulus and Clear Channel for commoditizing the most unique message delivery system ever created, should apologize? My AE's make no apology for delivering advertiser messages to thousands of people every week, in fact we brag about it!
(12/19/2011 8:20:58 AM)
Love this concept. Short, mobile, focused. I think the sessions will become more valuable if they present a case study of business success stories ("This is how we did it") vs.a warmed over version of what smart managers can debate about on any given day.

Managemnent styles & approaches may vary, but show & tell can inspire replication.There's a load of business opportunity for business-minded (not just media-minded) sales ops. Let's hear a de-construction of those stories soon.

(12/19/2011 7:07:29 AM)
The question is what has the account been saying that leads the sales person to say im sorry for the mess? You and i know that degegulation has almost destroyed GOOD radio.

Add a Comment | View All Comments Send This Story To A Friend

View the original article here

Seven Keys To Successful Selling

by Wayne Ens

Why does a lawyer earn more than a garbage man? Because nearly everyone is capable of doing the garbage man?s job, but the lawyer knows something most of us do not. So she makes more money. Why are accountant?s paid far more than the average person? Because they know something the average person does not. Knowledge is power and knowledge earns big bucks for those who have it in the new economy.
I?ve heard it said that ?Sales is sales, and anyone who can sell can sell spots.? That?s probably true. A lot of people ?sell?; from retail clerks to car sales people, and from insurance agents to yellow pages people, thousands upon thousands of people can sell. Advertisers today are bombarded with advertising sales people selling their ?commodities?; from sellers of online directories, to web malls and banners, to traditional media and more, so selling ?spots? isn?t really worth all that much. The advertising sales people that earn the most in the new knowledge economy are those who can teach advertisers how to make strategic sense out of a fragmented and rapidly evolving digital media and traditional media mix.

And of course to be able to teach, you have to have knowledge. Just as other paid professionals like doctors and lawyers invest time and money in knowledge, you have to invest time and money in your knowledge of the new media landscape to be more valuable than your competitors. Virtually all of your competitors have had sales training and can sell.   

Investing in strategic marketing knowledge not only gives you a strong competitive edge against those look-alike sellers, but that investment stays with you forever. Today, selling is teaching, and teaching is a skill unto itself. We have studied the proven inductive learning model used by the most successful teachers today and developed it into a proven successful sales model called Guided Discovery Selling.
The seven core elements of selling as teaching are;
1.) Care about your students/clients. Some teachers have jobs?but the best teachers, as with the best sellers, are on a mission to help their students, and their customers, succeed.

2.) Keep learning  yourself. If they respect and trust you, advertisers will be asking you questions about the new media landscape. If you do not understand the various platforms, and how to articulate radio?s role in a multi-media environment, you?ll quickly lose their confidence in you.

3.) Questioning is key. Old school sellers merely asked questions until they found an opening to close a sale. Teachers, and new-school sellers, research and prepare their questions to guide advertisers to tap into their own experiences and prior knowledge to arrive at solutions. The Guided Discovery Selling model takes the telling out of selling. It?s an interactive process which takes place in problem solving situations to discover facts, relationships and new truths. Advertisers take ownership of solutions they discover themselves and become committed to the campaign?s success.

4.) Relate to Visions and Objectives. The best sellers as teachers prepare proposals which clearly relate to the advertiser?s visions and objectives. Students and customers become disinterested in, and do not retain, figures, rankers, ratings, truths or solutions that do not relate to their own goals.

5.) Multi-sensory selling/teaching. Old face-to-face selling was once the cornerstone to successful business-to-business selling. Today, there is no singular corner stone. Trust and sales are built with a multi-platform approach. A creative mix of valid business contacts that includes emails, blogs, written proposals, spec spots, videos, spec calendars, face-to-face presentations and more, creates more retention and a greater cumulative impact than face-to-face alone can achieve.

6.) Throw away your radio hat. Radio isn?t new and isn?t exciting. Most clients have tried radio, been there, done that and still have the t-shirt. These same clients can be confused or intimidated by the new media choices and claims and are seeking a trusted advisor like you to teach them how to navigate through an effective media mix. Your prospects want a knowledgeable media professional who can talk strategy, media-mix, multi-platforms, return on investment, integrated campaigns and more. It is imperative that you study and stay up to date, and learn how to articulate where each media, including radio, fits into the marketing funnel.

7.) Tell Stories. The best teachers and the best sales people tell interesting heartfelt stories that put the ?student? in the picture to capture their emotions.

Wayne Ens is President of ENS Media Inc and can be reached via e-mail Wayne Ens wayne@wensmedia.com

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