Morning Wake-Up Pulse For Jan 23

Radio Broadcasting:

FCC Guidance on Equal Opportunities Rule for Talk Shows: The FCC issued a public notice reminding broadcasters that many daytime and late-night talk shows (including on TV but applicable to radio) do not automatically qualify for exemptions from the equal opportunities rule. This requires stations to provide equal time to opposing political candidates if one uses the facility. The guidance revives focus on this rule amid campaign seasons, potentially affecting how stations handle partisan-leaning programming like certain talk hosts or shows. It has drawn criticism from some commissioners as an attempt to influence speech, and it's seen as relevant for radio talk formats.

Broadcasters Push FCC to Eliminate Local Ownership Caps: Multiple radio groups, backed by the NAB, filed comments in the FCC's 2022 Quadrennial Regulatory Review urging removal of local radio and TV ownership limits. They argue these "archaic" caps disadvantage broadcasters against unrestricted Big Tech platforms (e.g., streaming services), harming localism and competition. Recent court decisions (like Zimmer Radio v. FCC) support a deregulatory approach, with broadcasters claiming the FCC lacks justification to maintain or tighten rules.

Big Tech as Existential Threat to Local Radio: In related filings and commentary, broadcasters describe competition from digital giants as an "existential threat" to local broadcasting, emphasizing how ownership caps prevent scaling while tech companies face no such restrictions on market concentration or national reach.

• Cumulus Media partnered with Eon Media to develop and monetize AI audio tools for broadcast and digital platforms, highlighting ongoing tech integration.
• St. Louis's 88.1 FM relaunched as WorshipOne following a 2025 sale, reflecting format changes and ownership transitions in local markets.

WBD Bids

Netflix's Adjustment: Netflix amended the deal to an all-cash offer at $27.75 per share (no stock component, simplifying valuation and addressing concerns from Netflix's share price drop post-announcement). This has unanimous WBD board support, accelerates the path to a shareholder vote (expected in April 2026), and provides "greater certainty of value." WBD plans to spin off its Global Linear Networks as "Discovery Global" in mid-2026.

Paramount's Pushback: Paramount has repeatedly extended its tender offer deadline (most recently to February 20, 2026) to solicit shareholder support and vote against the Netflix deal. It argues its offer is superior (higher value, full company acquisition, potentially fewer regulatory hurdles due to ties like Larry Ellison's backing). Paramount has filed to compel more disclosures from WBD, launched a proxy fight (planning to nominate board candidates), and sued in Delaware court.

Shareholder Response: WBD stated that over 93% of shareholders have rejected Paramount's "inferior scheme" in favor of Netflix. Only a small fraction (around 6.8–7%, or ~168–169 million shares) have tendered to Paramount so far—far short of the majority needed for control.

Public Statements: Netflix co-CEO Greg Peters dismissed Paramount's bid as not passing the "sniff test," calling it reliant on "fantasy" financing with heavy debt, and expressed confidence Netflix will prevail. Paramount reaffirms its commitment to the higher-value, all-cash offer.

U.S. News

This Is Not an Average Winter Storm, Weather Experts Warn. The latest on the major winter storm affecting much of the U.S. is that a massive, potentially historic system—named Winter Storm Fern by The Weather Channel—is rapidly developing and beginning to impact areas. It's already underway in parts of the Southwest and Southern Plains.

Scale and Reach: This is one of the largest winter storms in years, spanning over 2,000 miles and affecting up to 230-250 million people (roughly two-thirds of the U.S. population) across 33-40+ states. Alerts (winter storm warnings, ice storm warnings, extreme cold advisories) cover from the Southwest (Arizona/New Mexico) through the Southern Plains, Midwest, South, Appalachians, Mid-Atlantic, and Northeast to New England.

Hazards: Heavy snow: Up to 12-20+ inches in spots, especially in the Appalachians, Ozarks, Texas Panhandle, parts of the Midwest/Northeast (e.g., New York City metro could see 6-12+ inches, potentially over a foot in some areas; similar for Boston, D.C., Baltimore).

Damaging ice/freezing rain: Significant accumulations (0.5-1+ inch) possible from eastern Texas across the South to the Carolinas and parts of the Mid-Atlantic, leading to power outages from downed lines/trees, treacherous travel, and prolonged slick conditions.

Frigid temperatures: Dangerously cold air mass following the storm, with wind chills potentially to -50°F in northern Plains (e.g., Minnesota/North Dakota). Record lows possible in southern Plains and mid-Atlantic (coldest since 2018 in places like D.C. and Raleigh).

Other risks: Blizzard conditions in some areas, high winds, sleet, and even isolated severe thunderstorms in transition zones.

Timeline

• Friday (Jan 23): Storm intensifies in Southern Rockies/Plains (snow in NM/CO/TX/OK), spreading east with ice/snow in South and Midwest.
• Saturday-Sunday: Peak impacts—crippling ice in South/Deep South, heavy wet snow pushing into Mid-Atlantic/Northeast (NYC/Tri-State heavy snow late Saturday into Sunday; Boston/NYC lows in single digits).
• Monday: Lingering effects, with storm tapering but cold persisting.

Trump Approval & Polling — A New York Times/Siena poll shows less than one-third of voters believe the country is better off one year into Trump's second term. Majorities disapprove of his handling of the economy, immigration, Ukraine/Russia war, Venezuela, and say his policies made life less affordable.

Conference Championship Sunday Set

NFC Championship: No. 1 Seattle Seahawks vs. No. 5 Los Angeles Rams (6:30 p.m. ET). This is the third matchup between the teams this season, with a Super Bowl berth on the line. The Rams earned redemption after earlier losses, including an epic OT game, and now challenge the top-seeded Seahawks.

AFC Championship: No. 1 Denver Broncos vs. No. 2 New England Patriots (3 p.m. ET). Broncos backup QB Jarrett Stidham steps in for injured Bo Nix to face his former team. Denver advanced dramatically with a 33-30 OT win over the Bills, thanks to a stout defense forcing five turnovers from Josh Allen. Recent divisional results included the Rams edging the Bears 20-17 in OT and other high-stakes games. Super Bowl LX is building massive buzz.