the HOT List

Exactly five months ago, one of the world's most-respected business news organizations reported that Sinclair Broadcast Group would "soon" be making a Form 314 filing with the FCC that would see the transfer of control of "about 10 stations" to 21st Century FOX. They were mostly correct: A deal has finally been struck, and seven TV stations are trading hands.

Entercom has attracted renewed attention to the radio industry thanks to its merger with CBS Radio, which closed nearly six months ago. But, there's a long road ahead to fully realize the benefits of this deal -- and that was made clear in a Q1 highlighted by weak ad conditions and a $12 million sting tied to a broadcast traffic services company.

Namaste ... and have a shot of tequila. It was a painful day on Wall Street for several companies that reported their Q1 earnings results on Tuesday. The biggest declines came from DISH Network, which missed the Street's Q1 revenue estimates, and Entercom. Downward movement was also seen for CBS. Salem was unchanged ahead of its Q1 release, which we review here.

"We are pleased with our strong start to 2018," Dhruv Prasad, co-CEO of Townsquare Media, noted in prepared comments released early Tuesday ahead of his company's breakfast-hour conference call with financial analysts. But ... how strong was Townsquare's performance in Q1? Net revenue was up. A big impairment charge is the reason for a much wider net loss.

Although The E.W. Scripps Co.'s net loss widened, it wasn't as wide as financial analysts had expected -- and much of that had to do with the write-down of the radio stations it has up for sale. Still, there's a big ding in Scripps' local media revenue. Unfortunately, GEICO, Progressive or any other auto insurance company can't be called on to help this hit-and-run scenario, perpetrated by Dodge.

For those wondering about The E.W. Scripps Co.'s sale of its 34 radio stations, announced in January, there was nary a word about its plans. That's not to say Scripps' top executive didn't have any update to share. Meanwhile, industry observers are chatting -- and a deal in two markets may be very close at hand.

Charter Spectrum subscribers worried about a Big Bang blackout or nixed access to Arrow need not fret. A new multi-carriage content agreement between CBS Corp. and the MVPD has been reached, the companies announced Monday. Investors seemed nonplussed, however, and are perhaps more wary of a reunification with Viacom -- which could be a reality, depending on who you believe.

Among the big believers in attention measurement, conversions, and business outcomes is NBCUniversal, which has been vocal in its desire to have something more than Nielsen data at its disposal. That's one reason why NBCUniversal on Friday "expanded its measurement commitment to business outcomes" for its Audience Studio clients by growing its partnership with iSpot.TV.

Just two months ago, Entercom's head revealed that US Traffic Network was in severe financial difficulty and directly responsible for the radio company's dip in Q4 2017 pro forma revenue. David Field called it a short-term issue. He was right: USTN and Entercom have renewed their vows — and struck an equity partnership.

Urban One President/CEO Alfred Liggins III was "pleased" that his company focused on African American media consumers was able to grow its adjusted EBITDA in Q1 "despite some softness in the radio markets and ratings challenges at TV One." Other than that, it was a dismal first three months for the company, which late yesterday sold a Detroit radio station for nearly $13 million.

Cumulus Media announced just after 5pm Tuesday that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the company’s Plan of Reorganization. Cumulus says its expects to emerge from Chapter 11 before the end of the quarter, after the conditions to the plan are satisfied. 

The take-home pay for President/CEO Mary Berner, EVP/Treasurer and CFO John Abbot, and SVP/General Counsel Richard Denning has been revealed. Each saw big bumps thanks to bonus payments awarded, based on the company's performance.

Republican FCC Commissioner Michael O'Rielly has made it clear that the Commission's rules pertaining to children's programming on broadcast TV stations are in need of serious changes -- or an outright deletion. Until now the Parents Television Council has been silent on O'Rielly's push for "KidVid" modernization. The PTC just spoke up, and it is concerned.

One of the nation's biggest broadcast TV ownership companies has secured control of a pair of facilities in the Roanoke-Lynchburg, Va., market from a religious institution founded in 1971 by the late Rev. Dr. Jerry Falwell. One of the two TV stations relinquished its spectrum in the FCC incentive auction, and just happens to have a channel-sharing agreement with another Roanoke station -- owned by Gray.

On June 6, Nexstar shareholders will have their say on executive compensation. Ahead of the vote, the company's proxy statement provided full details on who earns what at the broadcast TV company. Of particular interest are the big bonus payments key company leaders will enjoy.