the HOT List

There's light at the end of a long, long tunnel for Cumulus Media. The nation's No. 2 owner of AMs and FMs by station count saw its Q1 2017 net revenue slip by 1.7%, to $264 million. But, its net loss was sliced by 49%, coming in at "just" $7.4 million (25 cents per share). This compares to $14.5 million (49 cents) in Q1 2016.

At 5pm Eastern, Nielsen Audio will release its first batch of April 2017 PPM-based ratings. Of course, Nielsen also measures television, and is increasingly asserting itself as a key provider of digital metrics. It's just solidified that desire a bit further, thanks to a global expansion of its measurement of Twitter mobile campaigns. Learn how this may impact broadcast media's sales opportunities—in particular if you have the radio rights to WW1's coverage of "Thursday Night Football."

For radio industry engineers, programming executives and the C-Suite, "AMC-8" is the all-important satellite that for many years has been feeding AM and FM radio stations with short-form and long-form programming. On June 30, the aging satellite will be put to sleep. Are radio stations prepared? There's concern that many aren't. This RBR + TVBR INFOCUS piece looks at why a last-minute transition scramble could prove problematic for the industry.

Worried about increased royalty payments for the music played on an AM or FM radio station? There's a new concern to turn your attention to, and broadcast TV's C-Suite also may wish to pay attention.

Following the FCC's spectrum auction, it became clear that smaller broadcast TV operators, or those with a small footprint in TV, would become sellers rather than acquisition players. Among the companies that looked poised to exit the TV business was Saga Communications. Now, speculation has turned to confirmation: Saga is leaving the TV business.

Lower advertising revenue from its television and entertainment units, coupled with an impairment charge, led the company merging with Sinclair Broadcast Group to a slide in Q1 net revenue and a swing to a steep net loss.

Steamboat Willie is sailing full-steam ahead, as Mickey and Belle boosted both ABC and beleaguered sports network ESPN in bringing The Walt Disney Co. fiscal Q2 results that were far from beastly. Theme parks and Disney's studio operations were to thank for the strong results.

The transition to the next-gen broadcast TV standard, ATSC 3.0, has some broadcast TV companies excited about what lies ahead. But, while much of the discussion has focused on new advertising opportunities, there's a tech angle that has been barely talked about. Simply put, ATSC 3.0 can make a broadcast TV station as powerful as a wireless services company—with respect to data. Even so, the ACA and the NAB both want "light touch" regulation regarding the transition. In this RBR+TVBR INFOCUS report, we examine how ATSC 3.0 can bring two new dynamics to broadcasters—whenever it actually reaches critical mass.

An increasingly competitive commercial environment, with intense competition for audiences and advertising revenue from other media companies, has led to the end of broadcasting license fees and datacasting charges. Furthermore, there's been a repeal of the "two out of three" and 75% audience reach media ownership rules. G'day, readers: This is what's happening in Australia.

Nexstar Media Group released its first Q1 earnings report following its merger with Media General, and on a combined basis, Nexstar had a stellar first three months of 2017. A key catalyst for the growth? Retransmission fees, the new go-to for many broadcast TV companies.

A trio of law firms say they are commencing an investigation into the fairness of the sale of Tribune Media Co. to Sinclair Broadcast Group. Is this a case of "ambulance chasing," or does a dissent group of Tribune shareholders truly want to put a stop to the biggest TV industry deal in recent memory?

On a day when it released Q1 2017 results reflecting a loss of $132.3 million, streaming audio favorite Pandora revealed that it has received a $150 million strategic investment from KKR. However, there's chatter that Pandora won't ever take a penny from KKR, and that it will find a buyer before it engages in a deal relinquishing preferred stock in the company.

Upon closing its merger with Tribune Media in Q4 2017, Sinclair will enjoy a whopping $4.3 billion in combined revenue, while enjoying coverage of 72% of the U.S. That's nearly double the size of the broadcast TV industry's other key players, and Wells Fargo Securities senior analyst Marci Ryvicker gives her thumbs up. Meanwhile, media brokers who spoke with RBR+TVBR see this as the beginning of a transformative time for the TV business.

Following rumors late Sunday that a deal was imminent, Sinclair Broadcast Group and Tribune Media Co. have reached a deal that will see Sinclair acquire 100% of the issued and outstanding shares of Tribune for $43.50 per share, for an aggregate purchase price of approximately $3.9 billion. Sinclair will also assume approximately $2.7 billion in net debt.

The First 100 Days. Many media organizations have turned to the White House, and its accomplishments (or lack thereof) since the transition in power from President Obama to President Trump. On Friday, they had a new individual in D.C. to turn their attention to, as FCC Chairman Ajit Pai shared with a conservative think tank with heavy influence what he's done since succeeding Tom Wheeler as the Commission's leader.