As first reported late Monday by Streamline Publishing’s Radio Ink, publicly traded Mediaco Holding Inc. — which owns two FM radio stations in New York focused on multicultural consumers and operates the Estrella Media Hispanic-focused radio and TV group — has officially hired a former longtime Spanish Broadcasting System executive as its Chief Revenue Officer.
But, how much is Albert Rodriguez pocketing from the deal?
That was also revealed in the regulatory filing made by Mediaco, which states that Rodriguez will also serve as President of “MediaCo Audio,” overseeing owned stations WBLS-FM and WQHT “Hot 97” in New York.
The new role, which sees Rodriguez shift from a contract-based outside consultant due to a noncompete arrangement with SBS, was disclosed in a Compensatory Arrangement notice filing with the SEC dated September 17.
That’s when the MediaCo Board of Directors, based on the recommendation of the Compensation Committee within the board, said yes to the following:
For Rodriguez, effective September 16, 2024, he will earn:
- A base annual salary of $700,000
- Annual cash incentive compensation in a target amount of $525,000, with achievement determined based on the discretion of the Committee
- An equity grant, to be made promptly after the approval by the company’s stockholders of a new omnibus equity incentive plan, with a value of $1 million, of which 50% shall vest ratably over a period of three years after the date of grant, and 50% shall vest based on performance, as determined by MediaCo in its sole discretion
- Severance arrangements providing for a severance payment equal to five months of Rodriguez’s base salary, in any event in which he is terminated without cause.
- The right to participate in all employee benefit plans of the company for which he is eligible.
Rodriguez became known largely thanks to a 24-year career shaped by Miami-headquartered SBS. There, he rose from General Sales Manager of the company’s Miami radio stations to become Chief Revenue Officer for Mega TV, SBS’s still-for-sale broadcast television operation that was supposed to have been sold to VOZ Media. Rodriguez, according to insiders, was seen as a principal architect of the transaction that never closed, as the intended buyer could not move forward with the full multi-million dollar payment.
Rodriguez departed SBS as President/CEO in late 2023, making his announcement at the close of a quarterly earnings call. The title of President was assumed by SBS founder and CEO Raúl Alarcón Jr.
A KEI DECISION
Joining Rodriguez in MediaCo’s C-Suite is Brian Kei, who served as Estrella Media Chief Operating Officer and Chief Financial Officer. He will continue his COO duties at MediaCo, following the acquisition of Estrella’s content, digital, and commercial operations by MediaCo in April 2024.
Meanwhile, Andrew Carington has entered into an employee lease agreement with MediaCo to allow him to serve in the role of Chief Legal Officer. The arrangement begins October 1; Carington is employed by Standard General, the hedge fund controlled by Soohyung “Soo” Kim that is the main financial backer and controlling interest holder in MediaCo.
Jacqueline Hernandez retains her role as interim CEO for MediaCo.
— With reporting by Cameron Coats in Troy, N.Y.
