the HOT List

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.

The COVID-19 pandemic hit Legal Services’ local advertising spend hard in 2020. According to BIA Advisory Services, a healthy rebound is underway in 2022, with local ad spend for the category projected to surpass its pre-pandemic 2019 level.

Michigan Democrat Rashida Tlaib has introduced a House resolution that states it is the "duty of the Federal Government to establish a new royalty program." This program doesn't target Radio, but its streaming competitors.

The fiscal third quarter 2022 financial results for The Walt Disney Co. were released late Wednesday, and for the period ending July 2, 2022, the performance was everything magical for investors in the owner of ESPN, ABC and fast-growing OTT platform Disney+. Revenue grew at both Disney's Cable and Broadcasting units. What fueled the improvements?

There is some particular shakiness for the company's heritage radio stations, as net income shrunk in the three-month period ending June 30. No matter. The company led by Alfred Liggins III expressed pleasure with its Q2 '22 results even with the slowdown in the radio business. Investors were happy, sending UONE up sharply in trading on Wednesday.

A “Court Meeting” and a “Special Meeting” were scheduled for Tuesday to vote on proposals for Nielsen to be acquired for $28 per share in cash by a consortium led by an affiliate of Elliott Investment Management. Less than two hours before the day's events were to commence, they were postponed. Why?

Despite what the Tysons Corner, Va.-headquartered company calls "a volatile macroeconomic environment," broadcast television station owner TEGNA enjoyed a 7% year-over-year revenue gain in the second quarter. It will likely be the final Q2 report for TEGNA as a publicly traded company, as a privatization plan has received shareholder approval and awaits regulatory approval.

Upbeat second quarter earnings reports from a variety of publicly traded broadcast media companies are in sharp contrast to the Q2 2022 earnings report delivered Friday by Audacy Corp. The company formerly known as Entercom and led by President/CEO David Field cited "increasing uncertainty" as one reason for the disappointing earnings. The comments came as the U.S. gained 528,000 jobs in July.

How did The E.W. Scripps Co., heavily invested in digital multicast networks thanks to its company-transforming ION Media merger, perform in Q2 2022? Like its free-to-air TV brethren, political advertising surged. As such, core advertising was impacted, as Scripps swung to net income from a Q2 2021 net loss.

With pressure mounting on the corporate leadership at Audacy Corp. to reverse its declining stock value, or risk NYSE delisting, the company formerly known as Entercom on Friday released second quarter earnings that fell short of consensus estimates on both earnings per share and revenue.

Gray Television now anticipates that its political advertising revenue for 2022 will match the $652 million of political advertising revenue that its current portfolio of stations recorded in 2020, a presidential election year. That said, Gray is a much bigger company, asset-wise, than it was in 2020, resulting in combined historical financial information requiring a closer look. Once the magnifying glass is applied, there's no getting around it — Gray's Q2 was great. 

The nation's leading audio content creation and distribution company enjoyed a healthy net revenue gain as it swung from a $32.29 million net loss in Q2 2021 to net income of $14.4 million. Operating income soared, aiding company growth in Adjusted EBITDA during the second quarter of 2022.