the HOT List

Linear Networks revenues at The Walt Disney Co. decreased 4% in the fiscal fourth quarter of 2021, moving to $6.698 billion from $7.012 billion. At the same time, operating income decreased 11% to $1.6 billion. With Disney+ subscriptions well below expectations, Disney shares were down by 7% on Thursday.

On Tuesday, November 16, attendees of Forecast 2022 will likely enjoy the last-ever public appearance as NAB President/CEO of former Oregon Senator Gordon Smith. Ahead of that discussion, Smith on Wednesday delivered his final State of the Industry Address. Much of what Smith shared was self-reflective, while endorsing LeGeyt as his successor. We've also got all of the Marconi Award winners here!

Meredith Corporation's Board of Directors on Tuesday signed off on an action that effectively puts the Meredith/Gray Merger Marathon at Mile 26, with the finish line clearly in sight. In fact, Meredith has a date within the next month when it expects the closing to occur.

While more categories have invested more in advertising with Audacy's on-demand audio offerings and its broadcast radio stations, the struggle is real for the radio station owner and parent of podcast entities Cadence13 and Pineapple Street. The company still registered a net loss in Q3, although a smaller one than one year ago. The problem? Analysts expected earnings per share of $0.09.

A new multi-year affiliation agreement is in place that will prevent a "great affiliate switch" from taking shape in some 47 local TV markets across the U.S. It's thanks to a pact signed by the company that will soon complete its merger with Meredith Local Media. 

Should the FCC be required under Federal law to 'modernize" reporting requirements related to political advertising aired by broadcasters by making reports machine-readable? That's the goal of the newly introduced Fair and Clear Campaign (FCC) Transparency Act.

A months-long battle between the financial backer of one of the U.K.'s biggest radio broadcasting companies and the largest radio, audio streaming and podcast entity in the U.S. has suddenly ceased, as Global Media & Entertainment Investments will no longer seek to take as much as a 49.99% non-controlling equity interest in iHeartMedia.

Many things are brewing Inside the Beltway that could impact your bottom line in 2022 and beyond. From Capitol Hill to the Commission's new offices near Union Station, Washington is abuzz with broadcast media bills and proposals. Who better than Fletcher Heald and Hildreth attorney Frank Montero to lead a Forecast 2022 discussion on the myriad regulatory challenges and opportunities ahead for broadcasters?

In a significant move that signals a likely lobbying victory for the NAB, the full FCC on Friday released a Second Further Notice of Proposed Rulemaking adopted on November 4 that would allow digital multicast NEXTGEN TV channels to effectively be licensed in the same manner as their host station.

According to analysts polled by Zacks Equity Research, The E.W. Scripps Co. — a much bigger operation today than a year ago thanks to its merger with Ion Media — was expected to post earnings per share of $0.12 in Q3. That would have reflected an 84.2% year-over-year decline, impacted by fewer political ad dollars. How did Scripps perform?

The third quarter of 2020 brought broadcast media an incredible amount of political advertising, boosting revenue to unprecedented heights across the broadcast TV landscape. One year later, with fewer political ad dollars, losses are expected. But, how big the loss is has emerged as the key investor question. At Graham Media Group, the decrease was in the mid-single-digits.

The third quarter 2021 results from the largest audio content creator and distributor in the U.S., iHeartMedia, were released shortly before the company's two top leaders, Bob Pittman and Rich Bressler, played host to analysts and investors in a conference call scheduled for 4:30pm Eastern. How did the company do?

With home improvement, insurance, education, CPG and finance showing no signs of a slowdown, the owner of broadcast TV stations and the Premion Connected TV/OTT advertising platform for regional and local advertisers enjoyed a strong Q3, easily beating the forecast of analysts polled by Zacks Equity Research.

The Zacks Consensus Estimate was for net revenue that came in higher than anticipated. But, instead of positive earnings per share growth, Gray Television's EPS ended up in the negative, with the company suffering a net loss in Q3 2021. Investors expressed their disappointment by sending GTN down 5.3%, even though the loss reflects divestments tied to two big deals designed to make Gray a bigger local TV player.

"Our outstanding third quarter results underscore the enormous opportunities that lie ahead for Univision.” That positive statement comes courtesy of Wade Davis, who earlier this year succeed Vince Sadusky as CEO of Univision Communications. Just how strong was Q3 for Univision?