Paramount, Skydance Enter Merge Talks

Members of Paramount Global's board has agreed to enter into exclusive merger talks with Skydance Media, favoring the independent studio over a $26 billion offer from private equity firm Apollo Global Management, opens new tab, Reuters reports citing a person familiar with the matter.

The deal talks are more advanced than the offer from Apollo and if successful, would end Shari Redstone's control of the media empire built by her father, the late Sumner Redstone. The agreement grants Skydance 30 days of exclusive talks with Paramount.

A special committee of Paramount's board elected "to pursue the bird in hand," rather than chase a deal "that might not actually come to fruition," said the person with knowledge of the board's action.

A special committee of Paramount's independent directors has spent months in negotiations with Skydance, said the source, who added that the group's advisors, Centerview Partners and the law firm Cravath, Swaine & Moore, recommended the parties enter exclusive talks in an attempt to reach a deal.

Skydance is led by David Ellison, son of Oracle co-founder Larry Ellison, and is seeking to buy National Amusements, the Redstone family's holding company, which directly or indirectly owns about 77% of Paramount's voting class stock.

That sale is contingent upon Ellison's ability to merge Skydance and Paramount Global.

Apollo earlier this year bid $11 billion for the crown jewel among Paramount Global's media assets, its film studio. Paramount's enterprise value at the end of 2023 was about $22.5 billion.

Orlando Radio: WMFE Unveils Rebranding

Non-Com WMFE is rebranding and changing its name to Central Florida Public Media. The new name reflects the organization’s commitment to building on its 44 years of service to Central Florida, as well as a renewed focus on local journalism, as the only local, nonprofit news organization covering its nine-county region.

“Our goal with this new identity is to clearly communicate who we are and what we do,” said Judith Smelser, president and general manager of Central Florida Public Media. “Our new name speaks to our home and footprint in a clear, concise way; highlights our community funded nonprofit status; and takes us beyond our broadcast frequency to embrace our full range of multimedia offerings.”

In addition to the name change, the organization is introducing a new logo and tagline. The logo features a megaphone, symbolizing Central Florida Public Media’s dedication to amplifying diverse voices and fostering open dialogue. The incorporation of a new blue and green color palette captures the essence of the Central Florida landscape. The tagline highlights the organization’s vision to serve as a universally trusted source of independent local, national and international journalism and fact-based content.

“Our name is changing, but our commitment to trustworthy, independent journalism, engaging programs and important community conversations is not,” said Smelser. “Our rebrand goes beyond the cosmetic; it reflects the growth and evolution of our mission.”

FOX Nation to Air All New “Cops: Spring Break” Collection

FOX Nation will debut a new and exclusive collection of “COPS: Spring Break” episodes beginning on Friday, April 5. With a new release dropping every Friday at 6 PM/ET, the season is made up of five episodes showcasing the uptick in crime when spring breakers take over hotspots. From intoxicated college students to jet ski wipeouts, cameras accompany law enforcement as they patrol the beaches to crack down on the unruly partygoers.

In commenting on the new program, FOX Nation president Lauren Petterson said, “As one of the longest running shows in television, ‘COPS’ is a series that continues to deliver compelling content. We look forward to introducing this new twist to a classic genre and expanding on our extensive catalog.”

FOX Nation first greenlit “COPS” in October 2021 and has continued to debut new episodes each season, creating a library of nearly 50 episodes. Notably, FOX Nation continues to offer all first responders, including police officers, firefighters, emergency medical technicians and paramedics (EMS personnel), a one-year free subscription to the service.

Radio History: April 5

➦In 1922…KOB-AM Albuquerque, New Mexico signed-on.

Ralph Goddard

The station was founded at the New Mexico College of Agriculture and Mechanic Arts in Las Cruces (now New Mexico State University) by Ralph Willis Goddard, and began broadcasting tests in 1919 under the call letters 5XD. On April 5, 1922 the station began regular operation as KOB, a callsign which had belonged to marine radio aboard the Princess Anne before its February 2, 1920 shipwreck on Rockaway Shoals, Long Island.  New Mexico A&M sold the station after Goddard was electrocuted while adjusting the transmitter on December 31, 1928. In 1933 the station moved to Albuquerque, and was later bought by the Albuquerque Journal.

In 1948, Tom Pepperday, owner and publisher of the Journal, signed on KOB-TV, the first television station between the Mississippi River and the West Coast. The stations passed to Time-Life in 1952 and to Hubbard Broadcasting in 1957. Hubbard Broadcasting sold the radio stations in 1986. In order to trade on the well-known KOB calls, the new owners simply added an extra "K" to the radio station's call letters.

KOB was involved in a 38-year-long dispute with New York City station WABC (originally WJZ) over the use of the 770 kHz frequency. KOB was moved there from 1030 to make room for WBZ in Boston. While the Federal Communications Commission requested that WJZ install a directional antenna to allow the stations to interoperate over large areas, the station refused to comply, encroaching on the range KOB was intended to cover. Only after reaching the U.S. Supreme Court was the issue settled, when the FCC assigned KOB to a new license class. KKOB and WABC became sister stations when Citadel Broadcasting purchased ABC Radio in 2007; Citadel merged with Cumulus Media on September 16, 2011.

➦In 1922…WDZ-AM, Decatur, Illinois signed-on.

WDZ started in the office of the James Bush grain elevator in Tuscola, Illinois. The original call sign was 9JR and the original intent of the station was to broadcast grain reports, making it the first radio station to do so. The station later started mixing some music in with the grain reports.

The radio station's power was increased to 1000 watts in 1939 with a new 252-foot (77 m) tower. During that time, WDZ used remote broadcasts that was unique for a rural station. The station started the use of remote broadcasting equipment which included a truck called, the "WDZ 'White Relay Truck"', equipped with a 100-watt transmitter to relay broadcasts from area locations, and some two-watt, battery operated transmitters that could be worn on the backs of assistants when a program originated from remote sites.   The station was on 1020 kHz in 1941, but changed to 1050 kHz, and has remained there since.

1050 kHz has been a Mexican Clear Channel since 1941 (was a U.S. Clear Channel before 1941), and U.S. operations on Mexican Clear Channels was restricted to 1,000 watts and to daytime operations, only, until the "Rio" treaty took effect in the late 1980s (before 1941, 1020 kHz was a U.S. Clear Channel and that, too, was restricted). After "Rio" took effect, it was a simple matter for WDZ to add night operations with as little as 250 watts, and today the station is indeed operating with its pre-"Rio" maximum daytime power and its post-"Rio" minimum nighttime power. Anything more than 1,000 watts days and 250 watts nights very likely would require installation of a directional antenna system at great capital expense. WDZ is diplexed (i.e., it uses the very same vertical radiator) with co-owned WSOY.

WDZ Performer's Studio

In 1949, the station moved from Tuscola to Decatur.   The relocation of WDZ from Tuscola to the west and to Decatur greatly facilitated the eventual allocation of a station on 1080 kHz in Oak Lawn, suburban Chicago, IL.

WDZ Transmitter Studio

On March 31, 2008, the station switched to a sports radio format as part of the Fox Sports Radio network. Within a year the station switched programming from Fox Sports Radio to ESPN Radio.

WDZ and its sister stations WCZQ 105.5 FM Monticello and WDZQ 95.1 FM, 1340 WSOY 1340 AM and WSOY 102.9 FM Decatur, were sold to Neuhoff Media in February 2009.

Today, WDZ 1050 AM, powers with 1000 Kw-Day, 250 watts Night. and airs ESPN Sports.

➦In 1927...The NBC Orange Network started distributing programs. Also known as the NBC Pacific Coast network it was a National Broadcasting Company radio network in the western United States from 1927 to 1936, before two-way broadcast-quality communications circuits reached the West to relay the larger NBC Red Network and NBC Blue Network.

The Orange Network had its own production and performance staffs on the West Coast. In addition to producing original West Coast works, the Orange Network also had duplicate productions of many eastern shows until the end of 1928. In December 1928, a single broadcast-quality line was completed to San Francisco, and the Orange Network could then carry eastern programming directly, but only one program at a time; from then until 1936, Orange Network fed some programs from Red and some from Blue.

In 1936, a second broadcast-quality circuit was completed, this time to Los Angeles. This circuit also allowed the direction of amplification to be reversed in under 15 seconds, allowing Los Angeles, with its easy access to talent during the Golden Age of Hollywood, to feed broadcast-quality sound to the eastern networks as well. With the opening of the second circuit, the need for the Orange Network disappeared, and the stations on the old Orange Network became the Pacific Coast Red Network, fed by KPO (AM), except KGO (AM), which itself fed a new Western Blue Network made up of stations on the short-lived former NBC Gold Network.

➦In 1958...the first Greatest Hits album ever , Johnny’s Greatest Hits, featuring Johnny Mathis on Columbia Records, made it onto the Billboard LP chart for the first time. The album remained on the charts for 490 weeks.

➦In 1982…Record World magazine ended publication after 36-years. It was one of the three main music industry trade magazines in the United States, along with Billboard and Cash Box. It was founded in 1946 under the name Music Vendor, but in 1964 it was changed to Record World, under the ownership of Sid Parnes and Bob Austin. It ceased publication on April 10, 1982.

As Radio Shrinks, Music Labels Move To New Technology

Last one leaving: turn off the lights

Layoffs at two of the top labels, Universal Music Group and Warner Music Group, began in February, affecting dozens of employees, many in traditional media positions such as publicity, marketing and radio. 

Billboard reports the layoffs have had little to do with the companies’ financial health: Universal earned $12 billion in revenue and $1.3 billion in net profit last year, and Warner said it is coming off its best quarter ever. But top executives from both labels announced they were adapting to a long-running industry shift towar

In a late February statement announcing layoffs of roughly two dozen staffers, Julie Greenwald, chairman/CEO of Warner-owned Atlantic Music Group, said, “The changes we’re making today are primarily happening in our radio and video teams.” And Lucian Grainge, Universal’s chairman/CEO, told staffers in January, before the latest layoffs, that the label would be “not just expanding geographically and leveraging new technologies” but “further evolve our organizational structure to create efficiencies in other areas of the business.”

From a practical standpoint, according to Diane Monk Harrison, a radio manager at Warner-owned distribution company WEA, who lost her job in mid-March, that meant the industry layoffs have been “disproportionately affecting radio promotion.” 

The broadcast business is shrinking: The biggest radio company, iHeartMedia, has been downsizing since the pandemic, including a recent wave in the last few weeks. That means fewer programmers exist for major labels to lobby for extra playlist adds. “Radio is still extremely important,” says Skip Bishop, a former longtime promotion executive at Sony and other labels who has been a consultant for more than a decade. 

“But it’s just an evolution. You don’t need six regionals, three nationals, two vps and an svp [at a label] when 20 to 45 people are making the decisions that 200 people used to make at radio.”

As listeners have shifted away from old-school radio stations in favor of on-demand streaming, the radio business has declined: According to Nielsen Media Research data, weekly listenership dropped during the pandemic, from 89% of adult Americans in 2019 to 82% in 2022. The medium’s most resilient advertising area is in digital sales, a recent Radio Advertising Bureau and Borrell Associates study shows, and not in AM-FM airplay. 

Report: Redstone Has Deal To Sell Her Stake In Paramount Global

Shari Redstone, the controlling shareholder of film and TV giant Paramount Global, has reached a tentative agreement to sell her stake in the company to David Ellison’s Skydance Media, Bloomberg is reporting citing people with knowledge of the situation.

Skydance is holding exclusive talks with a panel of independent directors at Paramount as part of a provisional accord to buy Redstone’s family holding company National Amusements, said the people, who asked not to be identified because the discussions are private. National Amusements holds a near 80% voting stake in Paramount, the owner of several major film and TV properties including CBS and MTV.

Redstone and her representatives have been weighing a sale of National Amusements to Ellison — an independent producer and son of Larry Ellison, the billionaire co-founder of Oracle Corp. — for months.

A deal to purchase Redstone’s National Amusements would represent a major step forward in Ellison’s plans to buy the storied Hollywood company and merge it with his own film and TV business.

Ellison’s company, Skydance, has partnered with Paramount on films including Top Gun: Maverick. But an outright merger with Paramount would prove complex, and other Paramount investors might object to the terms. Paramount executives said during a March investor conference that their objective is to “create value for all of our shareholders.”

The potential terms of a deal couldn’t be determined, and any agreement would be subject to approval by Paramount’s board.

Paramount has attracted other suitors, including independent media mogul Byron Allen, Apollo Global Management Inc. and Warner Bros. Discovery Inc.

TV Ratings: March Madness And News Dominates The Top 10

Nielsen live plus same-day data for the week of March 25 saw Fox News Channel average 2.009 million total viewers and 227,000 A25-54 viewers during primetime. The network was up in total viewers by +5% and +19% in the A25-54 demo, relative to the previous week.

In total day viewing, Fox News averaged 1.307 million total viewers and 160,000 A25-54 viewers. This translates to gains of +7% in total viewers and +18% in A25-54 from what Fox News averaged in those measurements the week prior. 

Among all basic cable networks, Fox News dropped one spot to the second position in total primetime viewers (March Madness coverage on TBS claimed the top spot) and rose one spot from the previous week to land in 5th place in the primetime demo. In total day, the network continued to be the only cable network to cross one million total viewers, holding its No. 1 position and climbing two spots from No. 5 to No. 3 in the total day demo for the week of March 25.

MSNBC in primetime averaged 1.220 million total viewers and 108,000 viewers from the A25-54 demo for the week of March 25. It dropped by -3% in total viewers and -7% in the A25-54 demo from what the network averaged the week prior. It was the only network not showing positive week-to-week growth in either measured category during primetime.  CNN averaged 535,000 total primetime viewers and 105,000 A25-54 viewers in primetime for the week of March 25. The news net dipped -7% in total viewers but rose by +5% in the A25-54 demo compared to the previous week.

Fox had 12 out of the 15 most-watched cable news shows of the week, led once again by The Five (3.213 million viewers at 5 p.m. ET). The Last Word with Lawrence O’Donnell at 10 p.m. ET was MSNBC’s most-watched program, coming in at No. 11 with 1.654 million viewers. MSNBC took the remaining two spots within the top 15, with Deadline: White House tied at No. 13 with 1.607 million viewers at 4 and 5 p.m. ET.

Meanwhile, there was an upset in the Adults 25-54 demo as Jesse Watters Primetime took the top spot, averaging 316,000 A25-54 viewers at 8 p.m. ET. Fox News again led the way with 14 of the top 15 cable news shows in the demo overall, with MSNBC’s Rachel Maddow/Alex Wagner timeslot combo holding on to the 15 spot with 143,000 viewers at 9 p.m. ET.

Chicago Radio: RIFs Hit Non-Com WBEZ

Non-Com  WBEZ announced a number of layoffs Wednesday affecting different departments and the impending closure of the company’s Vocalo radio broadcast following years of lagging listenership.

The Chicago Tribune reports Chicago Public Media CEO Matt Moog and other leadership said in a letter to employees the “difficult decision” to reduce staffing and change programming will help the nonprofit media company “to best serve our community and manage the organization for long-term sustainability.”

The 14 layoffs are in WBEZ’s content development unit, Vocalo’s radio broadcast and the Chicago Sun-Times business operation, the letter said. The staff members being laid off have already been notified.

“These are painful decisions that affect our valued colleagues,” leadership said in the letter, according to an edited version posted on the company’s website. “We are working diligently to minimize the negative impact on each individual and provide them with financial and transitional support. We are so grateful for their many contributions over the years.”

In a statement from SAG-AFTRA’s Chicago unit, union leadership said the layoffs were “deeply” disappointing. The company also announced it will eliminate the podcast department, which includes the shows “Nerdette,” “Making” and “When Magic Happens.”

Union leaders have been working with members leading up to Wednesday’s announcement and “urged management to reconsider,” the union said.

ESPN's Stephen A Smith Fires Back At Hillary Clinton

Stephen A. Smith, the renowned ESPN star, didn’t hold back when responding to former Democratic presidential nominee Hillary Clinton. 

Clinton had made remarks about voters during an appearance on “The Tonight Show”, suggesting that they should “get over themselves” when it came to the prospect of a Trump-Biden rematch in November. She characterized the choice as straightforward, stating that one candidate was “old, effective, compassionate, and caring,” while the other had been “charged with 91 felonies.”

Smith, however, didn’t find Clinton’s statement wise. He pointed out that her similar approach in 2016 didn’t lead to her becoming the president, despite winning the popular vote. As he succinctly put it, “Yeah, she won the popular vote. But at the end of the day, she wasn’t the president of the United States. It was him.”

This exchange highlights the complexities of political discourse and the importance of considering both sides of the argument.

For more details, you can read the full articles at RealClearPolitics

Sage Steele: Biden Prepped On Answers To Her ESPN Questions

Sage Steele, the former ESPN host, has revealed that her 2021 interview with President Biden was meticulously scripted by network executives. 

In an interview with Fox News Digital, Steele recounted the structured nature of the pre-taped interview. Her ESPN bosses handed her a carefully crafted script to follow. She emphasized that she was instructed to adhere strictly to the provided script, leaving no room for deviation.

During the interview, many of the questions posed by Steele to President Biden revolved around topics such as sports leagues’ efforts to restore normalcy during the COVID pandemic and vaccine hesitancy among athletes and fans. Notably, her interview made headlines when President Biden supported the MLB’s All-Star game boycott of Atlanta following the passage of Georgia’s election reform law.

Steele expressed that every single question she posed to the president was meticulously scripted, reviewed by numerous editors and executives. The process was highly controlled, with no room for follow-up questions. The script, originating from ESPN’s top decision-makers, was meticulously crafted and rehearsed.

While Steele couldn’t confirm whether ESPN sent the questions to the White House in advance, she was confident that this was the case. ESPN declined to comment on the matter.

Steele’s interaction with President Biden left her with mixed feelings, describing it as “heartbreaking” due to concerns about his mental acuity. Regardless of political beliefs, she emphasized the humanity aspect, questioning whether those who care about the president truly consider his well-being.

As Steele continues her journey beyond ESPN, launching her new podcast, “The Sage Steele Show,” her candid revelations shed light on the intricacies of media interviews and the delicate balance between scripted precision and genuine conversation. 

Now Comes The Hard Part For Iger and Disney

Disney has successfully fended off activist investor Nelson Peltz in a decisive victory. During the annual shareholder meeting, Disney shareholders overwhelmingly voted to maintain the current board, thereby rejecting Peltz’s campaign for change. This outcome solidifies their confidence in CEO Bob Iger and his ability to enhance shareholder value and secure a strong successor.

However, Iger will have to prove it, or he risks facing yet another activist campaign this time next year.

To sustain this momentum and avoid future activist campaigns, he must focus on several critical priorities:

Streaming Profitability: Disney aims to turn its streaming services—Disney+, Hulu, and ESPN+—into a profitable unit.  Iger’s confidence that Disney will make streaming profitable by the end of the fiscal year stems from draconian cost-cutting on content, which includes new movies, sports rights spending and TV production. Disney said in November it was targeting an “annualized entertainment cash content spend reduction target” of $4.5 billion. Achieving this milestone by the end of the fiscal year is crucial. Iger’s cost-cutting measures and strategic content decisions will play a pivotal role in achieving profitability.

ESPN’s Digital Strategy: Disney has set up a two-pronged digital strategy for ESPN. Clarifying this strategy and ensuring its success are essential for long-term growth. This fall, Disney plans to launch a skinny sports bundle that includes ESPN’s linear network, along with sports channels from Warner Bros. Discovery and Fox. The yet-to-be-priced digital streaming service will likely cost about $45 or $50 per month, CNBC reported in February. Disney owns one-third of it. ESPN will then debut its own flagship streaming service in the fall of 2025. It will include new personalized features that cater to sports bettors and fantasy sports players. The Athletic reported last month that service is likely to cost $25 or $30 per month. Disney risks confusing consumers with its multiple offers and will need to roll out its new products with clear messaging. Disney has already offered ESPN+, a sports streaming service that has some but not all of ESPN’s content. That costs $10.99 per month and can be bundled with Disney+ and Hulu.

Box Office Hits: Scoring significant box-office successes remains vital. Disney has been mired in a yearslong box-office slump, from live-action flops to Pixar disappointments, from Marvel fatigue to the absence of Star Wars (the last movie released in theaters came in 2019). Disney’s ability to create compelling content that resonates with audiences will impact its financial performance.

Choosing a Successor: Iger’s transition plan for selecting a capable successor is critical. A smooth leadership transition will reassure investors and maintain stability.

If Disney struggles to show investors the entertainment giant has a coherent strategy, or if Iger kicks the succession can down the road once more, activist investors may be knocking on the company’s door again during next year’s annual meeting to demand change.

KI$$ Kashes-In: Sells Music Catalog

Kiss, the legendary rock band, has made a significant move by selling their music catalog, brand name, and intellectual property (IP) to the Swedish company Pophouse Entertainment Group. The deal is estimated to be worth over $300 million.

This collaboration isn’t entirely new. Previously, Kiss partnered with Pophouse during their farewell tour in December at New York City’s famed Madison Square Garden. At the tour’s final night, the band surprised fans by revealing digitized avatars of themselves, created using cutting-edge technology from George Lucas’ special-effects company, Industrial Light & Magic, in conjunction with Pophouse. Notably, Pophouse was co-founded by ABBA’s Björn Ulvaeus.

The band KISS played the final show of their End of the Road farewell tour at MSG in New York last night. During the encore, Stanley, Gene Simmons, Tommy Thayer and Eric Singer left the stage to reveal their digital alter egos, who launched into a performance of "God Gave Rock… pic.twitter.com/Bzv74QXuv8

— José ‘The VR Tech’ 🥽 (@josethevrtech) December 3, 2023

The ways in which Kiss’ avatars will be utilized remain undisclosed, but fans can anticipate exciting developments. Pophouse CEO Per Sundin hints at a biopic, a documentary, and a unique Kiss experience on the horizon. An avatar show is scheduled to launch in the second half of 2027, with North America as its starting point.

Gene Simmons, Kiss’ iconic bassist and vocalist, emphasizes that this isn’t merely an acquisition. Instead, he frames it as a true collaboration. The band’s commitment to their legacy and creation remains unwavering, and they appreciate Pophouse’s role in exposing Kiss to new generations.