the HOT List

Townsquare Media CEO Bill Wilson (pictured) and EVP/CFO Stu Rosenstein have perhaps the best recovery story in the local media industry. Why? Digital fueled strong fourth quarter growth, setting the stage for a most impressive finish to 2020 that crushed even the best forecasts company numbers-crunchers came up with last autumn.

Gray's $925 million purchase of Quincy Media's assets will result in the immediate divestment of Quincy stations in six markets where Gray already has properties, thus avoiding current local ownership rule limit concerns. The transaction also sees Gray seeking a "failing station" waiver in one Wisconsin market, and in an Indiana market.

Rogers Communications — founded 59 years ago by Ted Rogers with his establishment of CHFI-FM in Canada's largest market — is merging with Shaw Communications in a deal that saw its initial fruition carved more than eight years ago. It comes just months after Rogers was snubbed by one of Québec's largest media companies -- one with U.S.-based holdings.

On Jan. 25, 2021, Portland, Ore.-based Alpha Media took an important step toward reducing its $267 million debt burden by filing for Chapter 11 bankruptcy protection. Now, it is getting all of its ducks in a row, if you will, for an emergence from debtor-in-possession status, one the company tells RBR+TVBR is still on track for completion by the end of June.

RBR+TVBR has now learned that the Federal Court of Appeals for the Ninth Circuit has dismissed Ed Stolz's appeal. This means Federal District Court Judge Jesus Bernal is the final arbiter in Stolz's ongoing legal battle to save his three FMs. But, new revelations suggest Stolz committed perjury. This could very well put Stolz behind bars once again.

A coalition of bipartisan House of Representatives Members and Senators have reintroduced legislation allowing news publishers -- including local radio and TV broadcasters -- to collectively negotiate the terms on which their content may be distributed online. It's being billed as "a fight to save local news." And, the NAB commends it.

The E.W. Scripps Co. made the pledge in November 2019, with a spring 2020 launch date, for a unique 30-minute newscast for Miami, Fort Lauderdale, and the Florida Keys at its recently acquired WSFL-39. Then came COVID-19. Now, it has opted to move forward with newscasts produced by the Berkshire Hathaway-controlled ABC affiliate in Miami.

Chatter across the media finance landscape indicated a move was imminent. On Wednesday morning, those rumors became reality: The entirety of Oaktree Capital Management L.P.'s stake in Townsquare Media has been repurchased by the local media company headed by CEO Bill Wilson.

Adonis Hoffman has withdrawn his nomination for a seat on TEGNA's board. Why? The reasons are explosive. They involve a 2014 incident in which the current TEGNA CEO mistook Hoffman for a valet. There's also the fact that Hoffman was a board nominee of Standard General, the entity led by Soo Kim -- the man who failed to gain control of TEGNA one year ago.

TEGNA on Tuesday provided the SEC more than just an e-mail sent to shareholders that outlines, in detail, the decision by Adonis Hoffman to withdraw his nomination put forward by Standard General for a TEGNA board seat. TEGNA also submitted to the SEC a letter to employees from CEO Dave Lougee that addresses Hoffman's decision.

Hoffman, the individual who withdrew his nomination for a seat on TEGNA's Board of Directors and was mistaken for a valet by CEO Dave Lougee in 2014, is an esteemed Inside-the-Beltway veteran. He is a former FCC Chief of Staff who spent time in the U.S. House of Representatives.

An influential Wall Street blog declares that the company focused on Conservative Talk radio programming and Christian-themed content "is possibly approaching a major achievement in its business." That would be a profit.

So much for that COVID-19 MVPD subscriber bump. Full market estimates from Kagan, the S&P Global Market Intelligence media research group, are out. And ... they're not pretty. Millions of subscriptions by multichannel video services were shed in 2020. As such, the cord-cutting story is real.

The U.S. Senate late Friday approved a budget reconciliation bill that doesn't raise the minimum wage to a statutory $15 per hour and will put an extra $1,400 in the hands of many Americans. The legislation also will direct hundreds of millions of dollars in COVID-19 related emergency assistance to public radio and television stations.

As RBR+TVBR first reported on February 18, Spanish Broadcasting System (SBS) not only completed its recapitalization effort and closed its previously announced offering of notes due 2026, but settled a court battle regarding its Series B Preferred Stock. Further details regarding the company's agreements with Series B shareholders are now known.