the HOT List

For most of her 24-year career, one top radio industry market manager has called the Mile High City home. She's been associated with a group of stations that have seen five owners since 1994. Now, after sitting on the sidelines for six months, she's moving across the street to a group of radio stations that were once her longtime competitors.

Cumulus Media is set to emerge from Chapter 11 bankruptcy protection within the next six weeks. Is it on the right track? The company's just-released Q1 2018 results suggest this is the case -- although the path to recovery may be slow and steady.

For the third time in less than three years, a Class C2 facility serving a rural community some five hours to the southeast of Portland, Ore., has filed for a silent STA with the Commission. Why? It seems there are some landlord-tenant issues that have gotten a bit testy. It's the latest nightmare for a DJ-turned-owner who shares his tale exclusively with RBR+TVBR.

CBS doesn't have to wait until its 2018-2019 Upfront presentation on Wednesday or its annual shareholders meeting on Friday to get the attention of the news media. Today's filing of a lawsuit in Delaware by CBS Corp. and its Special Committee of its Board of Directors alleging breaches of fiduciary duty by National Amusements Inc. is the talk of Manhattan.

On Wednesday, the future of Sunbeam Television's top-rated WSVN-7 in Miami-Fort Lauderdale was put into question as 21st Century FOX announced it was acquiring seven stations from Sinclair Broadcast Group by way of Tribune Media — including the CW affiliate in South Florida. Today, Sunbeam's owner spoke up. A loss of Fox affiliation for WSVN is a very real possibility.

Some buyers regard the retention of key employees following the closing of a radio or TV station acquisition as an essential element of the deal. Yet, sellers often do not take into consideration the adverse impact of the exit of a key employee — or several. Should a firm succession plan be drafted before the Asset Purchase Agreement is signed? That is the focus of this exclusive "Deal Killers" podcast featuring the COO and CEO of Community Broadcasters, media broker Doug Ferber and respected D.C. communications attorney Erwin Krasnow.

If there was one clear message delivered by Emmis Communications founder and Chairman/CEO Jeff Smulyan during his company's fiscal Q4 and full-year 2018 earnings call for investors, held Thursday morning, it was this: the company is in "a different stage in its life cycle" compared to its peers. As such, lowering its leverage to zero is the primary focus, and it's being achieved. 

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.