Saturday, November 2, 2024

Fall Back Tonight


At 2 a.m. Sunday, daylight saving time comes to an end — at least until the second Sunday in March — meaning that the clocks must be reset and we get back the hour we lost in March.

For most of us, the extra hour comes and goes because we are in bed at 2 a.m., sleeping, and other than noticing more sunlight in the morning and perhaps feeling a little more refreshed, we hardly even notice it. Smart clocks, now, know when to change on their own.

But every year, partly because stupid clocks still need to be changed, news outlets remind everyone to "fall back." And the debate begins: How did this tradition start? Is it good for us? And if it is not, should we always be an hour ahead or an hour behind?

⏰What is daylight saving time?

Daylight saving time, or some people say daylight savings time, is the term we use to distinguish between the part of the year starting in March when we advance clocks — or they now advance themselves — an hour ahead. Ironically, when this happens there's less daylight in the morning.

When we set clocks back an hour, it's called standard time.

To help schoolchildren remember what to do with clocks when they learn the mnemonic device: "spring forward" and "fall back." Get it?

Benjamin Franklin, the statesman and inventor whose picture appears on the $100 bill, is credited with the idea to conserve candles back in 1784. Others offered other proposals over the years, and in 1966, when President Lyndon Johnson signed the Uniform Time Act, the twice-year time change became law.

R.I.P.: Jill Tracey, Former Hot 105 Miami Personality

Jill Tracy ('84-'24)
Jill Tracey, the beloved media personality known most recently from her work with WHQT HOT 105 FM Miami, died on Friday at the age of 60.

Tracey, a popular voice in South Florida radio for more than three decades, was also running for a seat on the Hollywood city commission at the time of her death. She formerly served as the president of the National Association of Black Journalists (NABJ) South Florida chapter, where she advocated for diversity in journalism.

Most recently, Tracey had spent more than a decade with HOT105, where she took on various roles. She served as news director and co-hosted the Rickey Smiley Morning Show on weekdays, in addition to leading her own program, “Hot Talk with Jill Tracey,” on Sunday nights at 11 p.m.

She was abruptly fired from the Cox Media station in June, citing financial issues.

“Jill Tracey was more than a colleague; she was a beloved member of the South Florida community, known for her warmth, humor, and unwavering support for others,” reads a GoFundMe that has been set up in her honor. “Her legacy will continue to inspire and uplift those she touched throughout her life.”

The page notes that Tracey was facing health challenges before her death,

Radio History: Nov 2


➦In 1920...KDKA in Pittsburgh went on the air as the first commercial radio station, a distinction that has also been challenged by other stations (see below), although it has claimed to be the "world's first commercially licensed radio station": WWJ in Detroit, Michigan, lists its "First Air Date" as August 20, 1920.

Listen to announcer Leo Rosenberg, radio's first announcer:

Frank Conrad's experimental 75-watt transmitter

Frank Conrad
KDKA's roots began with the efforts of Westinghouse employee Frank Conrad who operated KDKA's predecessor 75 watt 8XK from the Pittsburgh suburb of Wilkinsburg from 1916. Conrad, who had supervised the manufacturing of military receivers during WWI, broadcast phonograph music and communicated with other amateur radio operators via 8YK. On September 29, 1920, the Joseph Horne department store in Pittsburgh began advertising amateur wireless sets for $10, which could be used to listen to Conrad’s broadcasts.

Westinghouse vice president and Conrad’s supervisor, Harry P. Davis, saw the advertisement and recognized the economic potential of radio. Instead of it being limited as a hobby to scientific experimenters, radio could be marketed to a mainstream audience. Consequently, Davis asked Conrad to build a 100-watt transmitter, which would air programming intended to create widespread demand for Westinghouse receivers.

KDKA 11/2/20 Coverage of Harding-Cox Election

The KDKA callsign was assigned sequentially from a list maintained for the use of US-registry maritime stations, and on November 2, 1920, KDKA broadcast the US presidential election returns from a shack on the roof of the K Building of the Westinghouse Electric Company "East Pittsburgh Works" in Turtle Creek, Pennsylvania.  Four men basically manned that first broadcast: Engineer William Thomas; telephone line operator John Frazier; R.S. McClelland, a standby and Leo Rosenberg, radio’s first announcer.

The election results were relayed to about 1,000 listeners, who learned that Warren Harding beat James Cox in the race for the Oval Office.

The original broadcast was said to be heard as far away as Canada. KDKA continued to broadcast from the Westinghouse building for many months.

Soon after its successful election coverage, KDKA upgraded to a 100-watt transmitter.

Early programming often featured live musical performances from a Westinghouse band. KDKA provided its first remote broadcast by airing a choir, live, from the Pittsburg Calvary Baptist Church in January 1921.  On January 15, 1921, at 8 p.m., KDKA broadcast a speech on European relief by Herbert Hoover from the Duquesne Club in Pittsburgh that was transmitted ten miles down a telephone line to Westinghouse's East Pittsburgh Works.

Friday, November 1, 2024

Cumulus Media Reports Drop In 3Q Revenue...Ad Future 'Uncertain'


Cumulus Media Inc. today announced operating results for the three and nine months ended September 30, 2024.

Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "During the third quarter, we delivered revenue and EBITDA in-line with pacing commentary and analyst estimates. Given the market challenges, we maintained our focus on what we can control. Specifically, we continued investing to drive growth in our digital businesses, including in digital marketing services which increased revenue nearly 40% in the quarter; capitalizing on areas of improvement in national and political ad spending; maximizing operating cash flow; and improving operating leverage through ongoing expense reductions."

Mary Berner
Berner continued, "Looking forward, the advertising environment remains uncertain. Nonetheless, Cumulus has a valuable set of assets with which to navigate that uncertainty including: profitable and fast-growing digital businesses; a vast national platform that can reach audiences whenever and wherever they choose to listen; extensive feet-on-the-street local sales capabilities which allow us to walk product through the door; premium programming with particular strength in sports and news/talk; an extensive untapped audio library; and a leadership team with a strong track record of expense management and disciplined stewardship of capital. As we continue to execute against our priorities, we see many paths for leveraging these assets to maximize the value they produce for our shareholders."




Q3 Key Highlights:
  • Posted total net revenue of $203.6 million, a decline of 1.8% year-over-year:
  • Generated digital revenue of $40.0 million, up 7.5% year-over-year Grew digital marketing services by 38% driven by an increase in new customers, improved customer retention and higher average order size
  • Increased number of radio-only customers who also bought digital marketing services by 32% year-over-year
  • Increased digital revenue to 20% of total company revenueRecorded net loss of $10.3 million compared to net income of $2.7 million in Q3 2023 and Adjusted EBITDA(1) of $24.1 million compared to $26.9 million in Q3 2023
  • Generated $3.9 million of cash from operations
  • Reported total debt(2)(3) of $673.0 million, total debt at maturity(1)(2)(3) of $642.1 million, and net debt less total unamortized discount(1)(2)(3) of $590.0 million at September 30, 2024, including total debt due in 2026(3) of $23.9 million
(1) Adjusted EBITDA, total debt at maturity and net debt less total unamortized discount are not financial measures calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see "Non-GAAP Financial Measures."

(2) The exchange offer was accounted for as a debt modification resulting in a prospective yield adjustment and the carrying value was not changed. The $33.1 million difference between the principal amounts exchanged and the resulting principal amounts will be amortized to interest expense (thereby reducing interest expense) over the life of the debt. As of September 30, 2024, $15.4 million and $15.5 million of unamortized difference for the Term Loan due 2029 and the Senior Notes due 2029, respectively, remain.

(3) Excludes any debt issuance costs.

World Series Delivers a Ratings Victory for Fox


The World Series proved to be a ratings boon for Fox Sports — even if it ended too soon for network executives hoping Major League Baseball’s championship would run for the maximum seven games.

Bloomberg reports Fox Sports said Thursday an average of 15.8 million people tuned in each night to watch the Los Angeles Dodgers defeat the New York Yankees over the five-game series. LA clinched the championship in New York on Wednesday after beating the Yankees 7-6 in a dramatic comeback. About 18.6 million viewers watched Game 5.

The series registered the highest ratings since 2017, when the Dodgers lost to the Houston Astros in seven games. The 2023 championship between the Texas Rangers and Arizona Diamondbacks drew 9.1 million viewers per game on average. The Dodgers and Yankees’ rich histories, their large television markets and star players helped the sports division of Fox Corp. deliver a major viewership bump.

The allure of two big MLB stars, Yankees center fielder Aaron Judge and Dodgers slugger-pitcher Shohei Ohtani, was expected to help draw fans for the series. Game 2, which featured Ohtani alongside another Japanese superstar, Dodgers pitcher Yoshinobu Yamamoto, actually drew higher ratings in Japan than in the US.

A four-game sweep by the Dodgers would have cost Fox $150 million in lost ad revenue, according to Sportico. Prior to the start of the series, Fox said it sold out its ad positions for the first two games. It had been seeking $450,000 to $500,000 for 30-second spots in the first five.

Both Judge and Ohtani underperformed in the championship. Judge hit his only home run on Wednesday, while Ohtani suffered a shoulder injury in Game 2 that hampered his batting.

Comcast Considers Cable Changes


Comcast Corp. is exploring spinning off its cable networks into a standalone company and is also open to partnerships with its streaming platform Peacock.

The Philadelphia Business Journal reports the media and technology conglomerate's cable networks include Bravo, USA Network, the NBC family of channels and Syfy, among others — though the legacy NBC channel would not be a part of the spinoff.

The networks are under the umbrella of Comcast's NBCUniversal division, which also includes production studios like DreamWorks and Universal Pictures, in addition to theme parks like the Universal Orlando Resort.

Michael Cavanaugh
Comcast President Michael Cavanagh said there "could be an opportunity to play some offense."

"We’re experiencing the effects of the transition of our video businesses and have been studying the best path forward for these assets,” Cavanagh said on the company's third quarter earnings call Thursday morning. "To that end, we are now exploring whether creating a new, well-capitalized company owned by our shareholders and comprised of our strong portfolio of cable networks would position them to take advantage of opportunities in the media landscape and create value for our shareholders."

Cavanagh added that Comcast will commence a study to determine if spinning off the cable networks is the right path, adding that the company is "not ready to talk about specifics."

"The reason we’re announcing here is that we want to study it," he said. "There are a lot of questions to which we don’t have answers."

If the spinoff materializes, Peacock would still be a part of Comcast's core business. Comcast, however, could look to partner with other streaming platforms, a move that has become increasingly common as the streaming industry gets more crowded and media giants look to consolidate content and bring in viewers. Cavanagh said that the company chose not to participate in the bidding for Paramount a couple of months ago, but it could be more active in seeking partners in the future for Peacock.

"We would consider partnerships in streaming despite their complexities," Cavanagh said. He added that partnerships in streaming can "be complicated," and there is a "high bar," but the company is "open to discussing partnerships."

Peacock has secured some major wins of late thanks to its coverage of the Paris Olympics and exclusive broadcasts of a handful of NFL games, but is still running at a loss. Peacock tallied $1.5 billion in revenue in the third quarter, an 82% increase over its $830 million revenue the year prior. However, it lost $436 million in the last three months, albeit smaller than the $565 million in the same period a year prior.

Total subscribers on the streaming platform increased 29% year-over-year in the third quarter to 36 million, with three million net additions in the third quarter alone, which included the Olympics coverage.

Americans’ Top Sources of Political News


Americans have a wide variety of news sources available to them this election season.

In September, Pew Research Center asked U.S. adults to name the source they turn to most often for political and election news. People mentioned hundreds of unique sources across more than 8,000 open-ended responses, demonstrating the fragmented nature of the modern news environment.

The most common single outlet that Americans name as their main source for political news is Fox News (13%). Older adults are much more likely than younger adults to name Fox News: 22% of those ages 65 and older say this is their main source for this news, compared with just 5% of adults under 30.

One-in-ten Americans cite CNN as their top source of political news. This represents a slight decline since the last time they were asked this question in 2021, when 14% of respondents said CNN was their main political news source.

Beyond Fox News and CNN, at least 2% of Americans name eight other sources:
  • A specific local TV station or local TV in general
  • Other national TV news channels (ABC News, NBC News, MSNBC or CBS News)
  • NPR, the only radio organization among these top sources
  • The New York Times, the only traditional newspaper on the list
  • X, the social media platform formerly known as Twitter. A previous Pew Research Center study found that X is more of a destination for news than other social media sites.

About a third of Americans (32%) name a source other than these top 10. Another 17% say they don’t have a main source of election news or decline to answer the question.

The September survey also asked respondents what platform they most often use for election news (e.g., TV, news websites, etc.) and whether they use several specific news outlets (including many of the most common sources mentioned above) as a major or minor source of political news.

Trump Sues CBS


Republican presidential candidate Donald Trump sued CBS on Thursday over an interview of his Democratic rival Kamala Harris aired on its "60 Minutes" news program in early October that the lawsuit alleged was misleading, according to a court filing.

Reuters reports the complaint, filed in federal court in the Northern District of Texas, alleges the network aired two different responses from Harris responding to a question about the war between Israel and Hamas in Gaza.

The version that aired during the "60 Minutes" program on Oct. 6 did not include what the lawsuit calls a "word salad" response from Harris about the Biden administration's influence on Israel's conduct of the war.

"Former President Trump’s repeated claims against 60 Minutes are false," a CBS News spokesperson said. "The lawsuit Trump has brought today against CBS is completely without merit and we will vigorously defend against it."

Trump and Harris face each other in what polls show to be a tight race ahead of Tuesday's U.S. presidential election.

The suit demanded a jury trial and about $10 billion in damages, the filing showed. It alleges violations of a Texas law barring deceptive acts in the conduct of business.

Trump has repeatedly assailed the network on the campaign trail over the episode and has threatened to revoke CBS's broadcasting license if elected. CBS has said Trump backed out of his own planned interview with "60 Minutes."

Elon Musk Voter Registration Giveaway Can Continue


A Pennsylvania state judge said on Thursday he would not immediately move forward with a lawsuit that seeks to stop Elon Musk's $1 million voter giveaway ahead of the Nov. 5 U.S. presidential election.

At a hearing in Pennsylvania, Judge Angelo Foglietta said he would place the lawsuit on hold while a federal court considers whether to take up the case.

Reuters reports Musk's bid to move the case frees him to continue the giveaway, because the matter likely won't be resolved until after Tuesday's election.

Philadelphia District Attorney Larry Krasner is seeking to halt the giveaway less than a week before the tightly contested presidential election between Trump and Democrat Kamala Harris.

Krasner, who championed progressive causes when running for district attorney, accuses Tesla CEO Musk and his political action committee America PAC of hatching an "illegal lottery scheme to influence voters."

Musk has been giving $1 million checks to randomly selected people who sign a petition pledging support for free speech and gun rights. The offer is limited to registered voters in one of seven states that will likely decide the outcome of the Nov. 5 election - Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin.

Musk gave away the first $1 million at an Oct. 19 America PAC rally in Harrisburg, Pennsylvania's state capital.

TWH Altered Biden's 'Garbage' Transcript


The White House press office engaged in a “breach of protocol” when it altered the transcript of President Biden’s “garbage” remark about Donald Trump’s supporters Tuesday over the objection of the administration’s stenographer’s office, according to The NY Post citing an internal email.

Stenographers heard the 81-year-old president tell a Latino group — in response to a comedian’s comments about Puerto Rico being “a floating island of garbage” during Trump’s rally at Madison Square Garden Sunday — that “the only garbage I see floating out there is his supporters.”

The White House press office, however, added an apostrophe to “supporter’s,” suggesting that Biden was only attacking the comedian.

“If there is a difference in interpretation, the Press Office may choose to withhold the transcript but cannot edit it independently,” the supervisor of the White House stenographers fumed in an email to the press office, obtained by the Associated Press.

“Our Stenography Office transcript — released to our distro, which includes the National Archives — is now different than the version edited and released to the public by Press Office staff,” the missive continued.

The supervisor further declared that the way the situation was handled amounted to “a breach of protocol and spoilation of transcript integrity between the Stenography and Press Offices.”

White House stenographers are widely considered by reporters who cover the executive branch to be very professional and accurate with their transcriptions. It is highly unusual for the press office to dispute what the stenographers heard. 

The AP reports that the press office demanded a quick transcript from the two-person stenography team covering Biden Tuesday night after his remarks set off a firestorm of controversy. 

The press office “conferred with the president” after the campaign call, according to the email, and wanted to add the apostrophe to the transcript — an alteration that usually requires the approval of the stenography supervisor. 

When the higher-up was not immediately available to review the proposed change, Biden’s press team forged ahead — widely releasing the improperly altered transcript on social media and the White House website.

SiriusXM Trims Outlook


SiriusXM trimmed its full-year revenue forecast on Thursday as it expected slower growth in paying users for its content that includes the Howard Stern show, sending the company's shares down 4.2% before the bell.

SiriusXM now expects full-year revenue of about $8.68 billion, lower than its previous forecast of about $8.75 billion, according to Reuters.

The company's self-pay subscribers increased by about 14,000 in the third quarter, compared to a decrease of 96,000 a year ago. Analysts at Visible Alpha were estimating a decrease of about 47,390 subscribers.

Its third-quarter churn, which is the rate of customers who stopped using its services, was 1.6% among self-pay users, consistent with a year ago.

Paid promotional subscribers declined by about 114,000, which the company attributed to certain automakers transitioning to unpaid or shorter-term paid promotional plans.

SiriusXM's quarterly revenue of $2.17 billion came in marginally below estimates of $2.19 billion. Of that, advertising revenue of $450 million was also below analysts' average expectation of $465.7 million.

The company reported a quarterly net loss of $2.96 billion, which included a non-cash impairment charge of about $3.36 billion related to the Liberty Media transaction. Last month, the company began trading under a new structure after billionaire John Malone's Liberty Media completed a merger of its business that holds a majority stake in the radio company with the rest of SiriusXM.

SiriusXM's free cash flow fell to $93 million in the quarter from $291 million a year ago. It had earlier cut its full-year free cash flow forecast by more than 16% to $1 billion.

Apple Offers Modest Growth Outlook


Apple's AI-enhanced iPhone made a strong start, pushing quarterly sales ahead of Wall Street expectations, but a modest revenue forecast raised questions about whether that momentum will hold over the holiday sales season.

Reuters reports a decline in China sales during the fourth quarter also concerned some analysts and investors, helping send shares down 1.4% in after-hours trade, despite surprisingly large overall profit and revenue in that period.

Chief Financial Officer Luca Maestri told analysts during a conference call that Apple expects overall revenue to "grow low to mid single digits" during its fiscal first quarter, which ends in December. Analysts had expected revenue growth of 6.65% to $127.53 billion during the quarter, according to LSEG data.

Apple did say it expects double-digit growth in its services business in its first quarter, leading some analysts to ask executives during a call if overall hardware revenue might decline.

In Apple’s earnings report on Thursday, the company said it reached just under $25 billion in services revenue, an all-time high for the category, and 12% growth on an annual basis, according to CNBC.

“It’s an important milestone,” Apple CFO Luca Maestri said on a call with analysts. “We’ve got to a run rate of $100 billion. You look back just a few years ago and the the growth has been phenomenal.”

.Apple’s services unit has become a critical part of Apple’s appeal to investors over the past decade. Its gross margin was 74% in the September quarter compared to Apple’s overall margin of 46.2%.

Services contains a wide range of different offerings. According to the company’s SEC filings, it includes advertising, search licensing revenue from Google, warranties called AppleCare, cloud subscription services such as iCloud, content subscriptions such as the company’s Apple TV+ service, and payments from Apple Pay and AppleCare.

Apple boasts to investors that its sales from Services will grow alongside its installed base. After someone buys an iPhone, they’re likely to sign up for Apple’s subscriptions, use Safari to search Google, or buy an extended warranty.

Sony Sues CBS Over Game Shows


“Wheel of Fortune” and “Jeopardy!” are two of TV’s best known programs, and have been churning out profits for years. Now a legal fight has erupted between the companies behind the game shows, reports The Wall Street Journal..

Sony—which makes “Wheel of Fortune” and “Jeopardy!”—is suing CBS the distributor, for allegedly undercutting the value of the shows to serve its own interests. CBS licenses the shows to television stations and sells some ad space in them, receiving a cut of the revenue.

“Wheel” and “Jeopardy!” have been staples of broadcast television for more than 40 years, and together generate more than $100 million in profits annually for Sony, a person familiar with the matter said.

Both shows have sustained their popularity even with new frontmen. Pat Sajak retired from his “Wheel” duties earlier this year, and Ryan Seacrest took over. On “Jeopardy!” Ken Jennings succeeded Alex Trebek, who died in 2020. Vanna White remains on “Wheel,” unveiling the letters that contestants guess. 

On Thursday, Sony filed a lawsuit in Los Angeles Superior Court alleging breach of contract and claiming CBS earned distribution fees from unauthorized deals, licensed the shows at prices below market rates and favored its own shows over “Wheel” and “Jeopardy!” when making distribution deals and selling advertising. 

Sony said it was seeking damages and will try to end its agreement with CBS and find new distribution and advertising partners for the shows.