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Industry News

Community Broadcaster: LPFM-250’s Time Is Now

Radio World
3 years 10 months ago

The author is executive director of the National Federation of Community Broadcasters. NFCB commentaries are featured regularly at www.radioworld.com.

The National Federation of Community Broadcasters has joined a range of organizations to submit comments in support of REC Networks’ Petition for Rulemaking. The petition, RM-11909, promises to be a game changer for rural communities, in NFCB’s assessment.

Why did NFCB sign on to expand LPFM? Low power stations represent an important moment in radio’s evolution in the U.S. REC Networks’ proposal is straightforward and intuitive. It would permit LPFMs in communities where it is possible to upgrade their signals. Currently, most LPFMs only go about three miles from their transmitters due to the existing power limits of a maximum broadcast power of 100 watts. An increase would help sparsely populated areas tremendously, and cause no conflict with existing broadcasters, where they are otherwise present.

[Read: Community Broadcaster: Giving Mood]

Radio World recently shared some of the words of noncommercial broadcasters representing governmental, community and faith-based licensees. Many radio station representatives share that their outlets are assets in their communities. “Our little station has provided hyperlocal programming,” the comments from WVMO read, for example. In each of these stories is the spark of why many people get into radio in the first place. These broadcasters aim to make a difference locally. A signal increase would only deepen those area relationships.

In few places is our medium’s relationship more necessary as it is in far flung regions. With not nearly the number of broadcast options as one might hope in rural regions, low-power FM stations serve a vital purpose. They provide a sense of belonging, emergency response information, and a cultural gathering place where in-person meeting is more difficult due to the terrain. Stronger radio in these areas means stronger communities.

The idea presented by REC Networks has its share of critiques. For as long as there has been radio, it feels like there have been tensions over space on the dial. However, such disputes are not nearly as prevalent in rural communities where, to quote NFCB CEO Sally Kane, there are more cows than people. Regardless, some argue possible conflicts should mean a complete halt on progress. But, with natural disasters and crying needs of communities for education and support, isn’t it wiser to be simply more responsive when issues arise, rather than stop everything? I tend to believe commissioners are professionals enough to handle matters as they arise.

The FCC has yet to consider REC Networks’ Petition for Rulemaking, but the overwhelming number of comments are an apt demonstration that, especially in rural communities, LPFM increases are an idea whose time has come.

The post Community Broadcaster: LPFM-250’s Time Is Now appeared first on Radio World.

Brett Moss

Audacy Launches Sports Podcast Studio

Radio World
3 years 10 months ago

Audacy has launched a podcast studio that’s intended to be the home of its sports digital audio content.

It is called 2400Sports. “The new studio launches on the heels of Audacy becoming the official audio and podcast partner of Major League Baseball,” the company said in the announcement.

“As part of that partnership, Audacy and Major League Baseball will collaborate on the production and distribution of official podcast programming for the league and its clubs.” That includes a new series coming this fall about past playoff highlights, as well as projects with the individual ballclubs.

Audacy also announced an agreement with podcast producer Jody Avirgan’s Roulette Productions to develop and create shows. Avirgan is former executive producer and host of ESPN’s “30 for 30” podcasts.

2400Sports joins Cadence13 and Pineapple Street Studio along with podcast marketplace Podcorn as elements of the company’s podcast stable.

The post Audacy Launches Sports Podcast Studio appeared first on Radio World.

Paul McLane

A Long-term Move For a Regional Mexican Radio Specialist

Radio+Television Business Report
3 years 10 months ago

The regional Mexican radio specialist headquartered in Ventura County, Calif., has secured an FM translator for an AM station it owns in the San Francisco Bay Area.

There’s just one catch, and it involves Audacy.

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Adam Jacobson

Jeff Winemiller Snaps Up More Unbuilt LPTVs

Radio+Television Business Report
3 years 10 months ago

With a deadline fast-approaching to build low-power TV stations or lose the license altogether, several companies have opted to sell the properties rather than rush to construct them.

Among the willing buyers is Jeff Winemiller.

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Adam Jacobson

Cumulus Shares Return to Early ’20 Levels As Debt Paydown Ends

Radio+Television Business Report
3 years 10 months ago

Add Cumulus Media to the list of audio content and distribution companies with radio at its roots that has all but recovered from the economic Slip-and-Slide brought forth by the COVID-19 pandemic.

The Atlanta-based company on Thursday (6/24) submitted what’s called an “irrevocable paydown notice” to the administrative agent of its Term Loan to officially make a required paydown of $23 million.

The good news? This represents the remainder of the initial amount of the Cumulus’ Tender Offer that was not validly tendered prior to the expiration date.

For the groups that lent Cumulus the money, holders of the Term Loan are expected to receive their pro rata portion from the paydown on Monday.

With the payment, Cumulus completed its previously announced actions to pay down $175 million of debt — using cash on hand to do so.

Cumulus’ debt reduction actions began on May 17. That’s when the company completed a $60 million repayment of its ABL Revolver due 2025, which represented the entirety of the amount outstanding under the facility. Following the paydown, the ABL Revolver due 2025 is undrawn and available as liquidity for general corporate purposes.

Then, on May 25, Cumulus paid down approximately $89 million of its Term Loan Credit Facility due 2026 related to a mandatory prepayment obligation arising from the company’s sale of the former WMAL-AM tower site. The property, located in Bethesda, Md., was sold in June 2020 after years of wrangling with local leaders over the future use of the land for new home construction. Cumulus also completed a sale of towers and related assets in September 2020.

Pursuant to the terms of its 6.75% Senior Secured First Lien Notes due 2026, Cumulus one day later launched a tender offer to repurchase approximately $26 million of the Notes at par. This, Cumulus says, represents the pro rata amount required to be offered from the proceeds of the tower sale.

As of the expiration of the Tender Offer, approximately $3 million of Notes were validly tendered, accepted for payment and subsequently cancelled.

Giving effect to the impact of the Tender Offer, approximately $450 million principal amount of notes remains outstanding.

“As the improvement in economic and public health conditions continues to drive momentum in business trends, we felt it appropriate to accelerate several debt repayments in order to expedite our balance sheet de-levering, reduce interest expense, and increase our free cash flow generation,” said Frank López-Balboa, the EVP/CFO at Cumulus.

He believes this “better leverage and free cash flow profile,” along with more than $200 million of available liquidity “and solid rebound trajectory” are “significantly enhancing our financial flexibility.”

The liquidity represents $294 million of unrestricted cash on hand as of March 31, less $175 million used to paydown debt — plus $83 million of availability under the ABL Revolver due 2025.

With the news from Cumulus, its shares continued to rise, reaching levels last seen in January 2020. As of 2:18pm Eastern, CMLS was trading at $13.68, up 2.5% from Thursday.

On Aug. 3, 2020, a $3.94 closing price was seen for Cumulus.

That’s an incredible 247% gain in just 11 months.

Adam Jacobson

Interagency Agreement to Coordinate Broadband Funding Deployment

Radio+Television Business Report
3 years 10 months ago

WASHINGTON, D.C. — The FCC, U.S. Department of Agriculture (USDA) and the National Telecommunications and Information Administration (NTIA) have forged an interagency agreement to share information about and coordinate the distribution of federal broadband deployment funds.

In accordance with the Broadband Interagency Coordination Act, enacted as part of the Consolidated Appropriations Act of 2021, the respective Cabinet and agency leaders announced that their agencies will consult with one another and share information about the distribution of new funds from the FCC’s high-cost programs that support broadband buildout in rural areas, the USDA’s Rural Utilities Services grant and loan programs, and programs administered or coordinated by NTIA.

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RBR-TVBR

A ‘Cool’ New Deal For Colorado Licensee

Radio+Television Business Report
3 years 10 months ago

Two years and five months after Tom Dobrez agreed to sell a Class C2 FM in Avon, Colo., and a Class C1 FM in Vail, Colo., the operator of CoolRadioStreaming.com in February 2020 moved forward with the sale of his remaining facility.

Then came the COVID-19 pandemic. That deal never closed. Now, Dobrez has a new buyer lined up for Cool Radio LLC‘s last FM.

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Adam Jacobson

‘Charm City’ Gets Its NEXTGEN TV

Radio+Television Business Report
3 years 10 months ago

Six over-the-air television stations serving the Baltimore market have initiated broadcasts using the ATSC 3.0-powered new digital broadcast standard.

The stations involved are owned by The E.W. Scripps Co., Hearst Television, Sinclair Broadcast Group, Cunningham Broadcasting and Maryland Public Television.

On Thursday, Scripps’ ABC affiliated WMAR-2 entered the NEXTGEN TV era, as did Hearst-owned NBC affiliate WBAL-11 and Sinclair’s flagship property, “FOX45” WBFF. 

Also getting NEXTGEN TV — Sinclair-run and Cunningham-owned WNUV-54 and MPT stations WMPT-TV and WMPB-TV.

Noticeably absent from the NEXTGEN TV arrival in Baltimore: WJZ-13, the CBS O&O serving the market.

The launch in Baltimore follows a decade of development of the new technology and months of planning and preparation by the local stations.

BitPath, which is developing new data broadcasting services, led the planning process and coordinated efforts across the six television stations.

WBFF and WNUV will be charter members of the BitPath data broadcast network, launching later this year.

RBR-TVBR

Weigel’s Dual-Market Bargain Win

Radio+Television Business Report
3 years 10 months ago

Weigel Broadcasting has gained national recognition for its ownership of the MeTV-branded digital multicast network and related Classic Hits radio programming, and for snagging The CW Network affiliation from WGN-9 for its over-the-air TV station in Chicago.

Now, Weigel, headed by Norman Shapiro, is expanding with a pair of unbuilt LPTV stations located in two key DMAs. It’s a steal of a deal.

Guess who’s the seller?

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Adam Jacobson

Live and Local? An Irish Radio Brand Nails It

Radio+Television Business Report
3 years 10 months ago

RBR+TVBR OBSERVATION 

This column was originally intended to offer commentary on what “Classic Hits” are in 2021, and how one overseas radio network has refined an era of pop music from 2000-2015 as the next wave of Oldies.

But, a funny thing happened along the way: full newscasts, and a lively host, to be precise. It led our editor-in-chief to pen a column not about revenue ignition through format revision, but about what it means to truly be live and local in an era where information sources devoted to the small towns of America could be severely lacking.

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Adam Jacobson

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