the HOT List

Last week, Cumulus Media changed the call letters at a pair of AM radio stations it owns. One station is in Macon, Ga., while the other serves Amarillo, Tex., from its city of license, Canyon, Tex. Now, the stations are gone. Why? Cumulus took a page from Beasley Media Group by deciding to simply stop operating the AMs.

Gray Television's Q4 2020 earnings results, which came out Thursday, deserve a closer look — one that involves an examination on a two-year cycle of the growing company's results. It's something key Wall Street analysts did, and explains why they're upbeat -- as Gray C-Suiters are -- about Gray's performance in the last three months of 2019.

Standard General plans to push forward with its four previously selected candidates for election to the TEGNA board. More noteworthy, however, is the revelation that Standard General will nominate a fifth individual as an additional candidate for election to the board. That would be Larry Wert.

How did an owner of 60 TV stations in 42 markets perform? The E.W. Scripps Co. -- a company with a portfolio including the digital multicast Katz Networks, podcast platform Stitcher, and digital audio technology and measurement brand Triton -- reported Q4 2019 earnings that paint a bright picture for 2020.

Looking at the numbers on a combined historical basis is perhaps the best gauge of just how Gray Television, which merged with Raycom Media as 2019 began, performed in the final three months of 2019. The picture presented wasn't so great, and this, along with escalating fears over a COVID-19 coronavirus pandemic on a global scale, sent Gray shares wildly gyrating.

"We have a lot of positive news to share with you today, starting with results that met or exceeded our guidance estimates," Sinclair head Chris Ripley declared at the start of his company's Q4 earnings call on Wednesday. If that was the case, why did Sinclair's shares tumble with the ringing of the Opening Bell, and finish the day down a stunning 15%?

The nation's largest owner of broadcast TV stations had a huge final three months of 2019. But, like audio entertainment and media company Entercom, it requires a look at adjusted EBITDA. Once that's done, Nexstar's performance is one for investors to applaud. Coronavirus fears over the Summer Olympics could be spooking them today. Yet, Sook thinks a pandemic would actually help TV.

TEGNA's connected TV and "over-the-top" (OTT) advertising business has just received a shot in the arm from another broadcast TV company -- one that recently merged with Raycom Media. The pact allows Gray Television to serve as a reseller of Premion’s services across Gray’s 93 television markets.

For those wondering when Bob Iger would actually step down as Chief Executive of The Walt Disney Company, that moment has arrived. Disney's Board of Directors announced Tuesday after the Closing Bell on Wall Street that Bob Chapek has been named Chief Executive Officer, rising from Chairman of Disney Parks, Experiences and Products.

Until today, Eric Zinterhofer, the founding partner of Searchlight Capital Partners, was likely as unknown as the global private investment firm he leads. As far as Wade Davis goes, he's an individual who has some level of name recognition in the TV industry. Now, Zinterhofer and Davis are both poised to take on a much greater profile in the media world, thanks to their Univision deal.

For months, there's been chatter of a sale of Univision Communications, with various unconfirmed reports across multiple news organizations. In the early morning hours of Tuesday, Feb. 25, the rumors became reality: The 64% ownership in Univision not held by Mexico's Grupo Televisa has been snagged by a pair of investment firms in an arrangement that will see the exit of CEO Vince Sadusky.

Until now, Gray Television's presence in the state of Michigan has been limited to ABC affiliate WJRT-12 in Flint; and NBC affiliates WLUC-6 in Marquette, serving the Upper Peninsula, and WILX-10 in Lansing. Now, Gray is agreeing to add another TV property in one of these markets -- a facility that, while low power in nature, covers the entire metropolitan area.

ViacomCBS shares continued to trend downward Friday, a day after the company produced Q4 2019 results that greatly disappointed investors. Noted Wall Street analyst Michael Nathanson, Senior Analyst at MoffettNathanson, has reviewed the company's report, which includes 2020 guidance. His assessment is just as bleak as the current ViacomCBS stock trajectory.

The ViacomCBS-owned digital multicast network known as Dabl is getting a distribution boost, thanks to HC2 Broadcasting. It's a positive story from a company making headlines this week for the reported desire by MG Capital to "oust" HC2 Chairman/CEO Philip Falcone.

Cumulus Media had fewer properties in its stable in Q4 2019 than in Q4 2018, so examining the results on a same-station basis is perhaps the best way to see how the company led by CEO Mary Berner performed. The results -- the last for John Abbot as CFO -- aren't pretty. But, dollars from tower and land sales now in the works could be beautifully big.