the HOT List

As of the date of his passing on August 19, Ed Christian held approximately 65% of the combined voting power of Saga's common stock, based on Class B Common Stock generally being entitled to 10 votes per share. As a result, Christian was generally able to control the vote on most matters submitted to the vote of stockholders and, therefore, was able to direct nearly all Saga management and policies. With Christian's passing, here's what is transpiring with respect to his Saga shares.

As a broker, he engineered deals that involved such companies as Inner City Broadcasting and Dimes Media. He was also a prolific opinion writer for RBR+TVBR under its founder, Jim Carnegie. Now, the broadcast media world is pausing to remember Frank Boyle, who died Tuesday (8/23), his son James Boyle has shared.

On November 2, 2008, with the "Great Recession" rampaging across Wall Street and the nation, "ETM" reached a new low. On April 7, 2020, with COVID-19 pandemic woes sending many media stocks downward, what is today "AUD" almost matched that 2008 dip. Audacy has now etched into its history books a new low. As the Closing Bell rang on Wednesday, AUD fell to $0.55 per share.

Global advertising spend is projected to surge this year, thanks to a boost from the U.S. midterm elections and the 2022 FIFA World Cup in Qatar scheduled to begin in November. While that's great news, the projections for 2023 courtesy of WARC are less than stellar, as "investment is inhibited by cooling economic conditions and third-party cookie blocking online."

On a trading day when nearly everything was in the red at the Closing Bell, Saga Communications shares soared in heavy trading on Monday. The gains came following the announcement that the radio industry pure-play's founder had died on Friday, and a succession plan is in place. On Tuesday, the climb continued.

Saga Communications, the Michigan-based radio broadcasting company, announced "with great respect and sorrow" the passing of Ed Christian. Saga's founder and CEO passed away on Friday, August 19, after a short illness.

The FCC's Enforcement Bureau has issued the second set of Equal Employment Opportunity (EEO) audit letters for 2022 to randomly selected radio and television stations. Who's on the list of radio and television stations included in this audit?

It may be a privately held company, but the largest provider of content to Spanish-speaking audiences in the world has just seen its U.S.-based subsidiary price its offering of senior secured notes due 2030. This shows that TelevisaUnivision has successfully swapped out old debt for new debt. But, more importantly, it pushes to nearly $1 billion the funds the company has obtained from lenders to keep operations in check across the next eight years.

With its NYSE-traded shares facing a delisting as they have not been over $1 since June 28 and widespread reports of payroll trimming impacting air personalities at many of its broadcast radio stations, Audacy Corp. seeks to return to profitability. One way it hopes to do so sees the arrival from SiriusXM of an individual taking the role of Brand Manager for Audacy's network of sports betting content. 

Daniel Loeb of Third Point, an activist investor, on Tuesday suggested to The Walt Disney Company that it engage in a variety of stock-sparking initiatives — such as shaking up the Disney board, jettisoning ESPN and taking 100% ownership of Hulu by acquiring Comcast's stake in the OTT platform. Disney responded by essentially snubbing him.

Spanish Broadcasting System, the Miami-based multimedia broadcasting company superserving Latino audiences in the mainland U.S. and Puerto Rico, enjoyed a 4% revenue gain in the second quarter of 2022. However, that growth was tempered by year-over-year declines at its television division.

It's a subject that's been discussed across Hollywood and Manhattan for weeks. And, with high-profile axes to prime-time scripted television programs at the network, it seemed only inevitable that a deal involving its sale would come sooner rather than later. As the week of August 15 began, rumors became reality as Nexstar Media Group entered into a definitive agreement to acquire a 75% ownership in The CW.

Gray Television's television stations serving Cleveland could be relocating their offices and studios to a brand-new broadcast center located 15 minutes to the south of its current downtown locale. If the relocation becomes a reality, The CW Network, CBS and Telemundo affiliates for Northern Ohio would take up residence in Independence, Ohio.

A low-power FM radio station serving tony communities in northern Palm Beach County, Fla., is on the hook for a hefty fine, courtesy of the FCC Enforcement Bureau. Why? It failed to operate the LPFM in accordance with FCC rules, and the Bureau's claims point to egregious violations.

Melissa Goodwin has been found guilty of embezzlement, shifting more than $3.7 million from the national cancer research organization to personal endeavors. In addition to a prison sentence, Goodwin has been ordered to pay it all back — plus interest — in restitution.