As investors have dumped shares of Facebook, Amazon, Apple, Netflix, and Google-parent Alphabet, $822 billion in value has been wiped off their combined market value since the end of August, according to The NYTimes.
Based on the losses from each company’s high point in recent months, more than $1 trillion in value has been erased. Facebook, Apple and Amazon have endured the greatest declines, all down $250 billion or more from their respective peaks.
That is a marked reversal for one of the most popular trades on Wall Street. Investors piled into shares of the largest tech companies, betting their revenue would continue to grow strongly as these behemoths upended industries from retail to communication to media.
Comcast Corp. agreed to pay $950,000 and cancel debts for 20,000 Xfinity customers in Massachusetts to settle a civil investigation by the state attorney general into deceptive advertising over "lock-in" prices that actually escalated over contract periods because of broadcast television and regional sports fees, court documents show.
According to philly.com, consumer activists say hidden fees in cable bills can boost monthly TV bills by 25 percent. A California class action lawsuit claimed that Comcast earns $2 billion a year from them nationally.
When thousands of Comcast customers in Massachusetts learned of the higher cable bills because of the fees, they dropped their TV service but also incurred termination fees of $240 to cancel long-term contracts, according to the Massachusetts Attorney General's Office.
As part of the settlement reached last week, Comcast will issue refunds to Massachusetts consumers who paid early termination fees after downgrading their service or being involuntarily disconnected by Comcast between January 2015 and March 2016. Comcast cooperated with the investigation.
Comcast denied wrongdoing, saying that it was avoiding protracted and costly litigation with the settlement. The Philadelphia company also said it had "enhanced disclosures" in its advertising.
A federal appeals court is keeping a $20 billion lawsuit against Comcast alive, Deadline reports, as both the Center City Philadelphia-based company and Charter continue to fight accusations from Byron Allen’s Entertainment Studios Networks alleging the companies discriminated against the company in selecting programming.
Allen, who recently bought The Weather Channel, said both companies violated the Civil Rights Act and also levied serious accusations of racism at Charter, which is facing a $10 billion lawsuit. In court documents, a Charter executive is accused of telling a group of protesters to “get off welfare” and that at an industry event, its CEO called Allen, “boy.”
Charter said in a statement the allegations are "a desperate tactic that this programmer has used before with other distributors,” and that the company is "disappointed with today’s decision and will vigorously defend ourselves against these claims.”
According to the Philly Business Journal, Comcast's statement was much more reserved, saying it “respectfully” disagrees with the judge's decision, and is reviewing it and considering options.
The news of the appeal court decision, which will send the case back to trials court. It also follows the announcement Comcast added two brand new independent stations, Cleo TV and Afro, to its channel line-up.
The two additions fulfill Comcast’s agreement to air 10 new independent stations, eight minority-owned, as part of the company's 2011 consent decree that allowed the NBCUniversal merger to move forward. Afro is described as a “polycultural black network” from Florida-based Afrotainment and Cleo TV, from media company Urban One Inc., is focused on lifestyle and entertainment programming for young women of color.
Catherine Tait, CBC/Radio-Canada's first female president sat down with CBC Radio host Stephen Quinn to talk about the future of public broadcasting in the digital age.
Tait, who is just months into her new role, is already known for being vocal about some of the changes she plans to bring to the national broadcasting corporation.
Amazon is bidding for all of the 22 regional sports TV networks that Disney acquired from Twenty-First Century Fox, according to CNBC.
The e-commerce giant’s bid includes the New York-based YES Network, sources familiar with the matter told CNBC. It is bidding for the New York network along with an unknown sovereign wealth fund and the Yankees, the sources said. YES may be sold separately from the other networks.
In addition to Amazon, Apollo Global Management, KKR, The Blackstone Group, Sinclair Broadcast Group and Tegna also made first-round bids for the full slate of networks, the sources said.
Fox, which owns the YES Network with the New York Yankees, was seen as a front-runner to bid for the nearly two dozen regional networks. They broadcast the games of 44 professional teams from Major League Baseball, the National Basketball Association and the National Hockey League.
Fox itself did not submit a bid in the first round for the networks although there’s potential that it will join in the second round, the sources told CNBC. Earlier this year, Fox sold some television and movie assets to Disney, which owns the sports channel ESPN. The Justice Department forced Disney to sell the Fox regional sports networks to get that deal done.
NRG Media has appointed Mark Shecterle as Market Manager of its seven-station group in Omaha, effective December 10.
He joins NRG Media with over 22 years in the radio broadcast industry and previously served as a VP/Sales for United States Traffic Network. Prior to that, Shecterle was General Sales Manager for Radio One's KROI-FM (News 92 FM)/Houston before rising to Director of Sales. He's also worked at Metro Networks as DOS and VP/GM of KRBE-FM Houston under the previous ownership of Susquehanna Radio.
NRG Stations
"We are thrilled to have Mark join NRG. He brings extensive experience in management, sales and marketing to the Market. He understands the importance of NRG's mission to provide great local radio," stated NRG Media President/CEO Mary Quass. "We are confident with Mark's leadership, he will continue to develop innovative strategies for the market while providing great local radio."
"I look forward to the opportunity to work with a great team already in place at NRG Media in Omaha. I'm excited about the opportunity work with a very talented group of individuals, a great radio company. I look forward to calling Omaha home," added Shecterle.
Shecterle has served on the board of the Advertising Education Foundation of Houston and as a member of Houston Advertising Federation and the American Women in Radio & TV. He was named AWRT General Manager of the Year 2004 and AWRT VP of Sales, Manager of the Year 2017. He attended University of Wisconsin-Steven Point majoring in Communications.
Another Atlanta AM signal is gone: gospel station WYZE 1480 AM (10 Kw-D, 44 watts-N) went dark this week after 38 years in that format.
According to Rodney Ho at ajc.com, Jacob Bogan, vice president of GHB Broadcasting, said technical issues regarding its signal were to too cost prohibitive to fix. So he chose to shut down for the time being.
He said he will either move location and re-open elsewhere or sell the signal. He said the 2.5 acres they own at 1111 Boulevard SE near the Beltline and the Atlanta Zoo could ultimately sell for a pretty penny.
“It went from being a bad part of town to being one of the best in just five years,” Bogan said. “So that’s a silver lining.”
Bogan said some parties have shown interest in buying the radio license and equipment.
He added that his gospel format made money, even on the AM dial. He sold time to ministers during the day and ran music during the morning and afternoon drive times.
Earlier this year, WMLB 1690 AM shut down due to financial issues. GHB Broadcasting, created by Bogan’s late father-in-law and jazz afficionado George Buck, owns other radio stations as well.
➦In 1877…At a gathering of friends and colleagues, Thomas
Edison unveiled his new "talking machine," later called the
phonograph. The first thing recorded on Edison's
new invention was the song "Mary Had a Little Lamb." Recording made by Thomas A. Edison on August 12, 1927, at
the Golden Jubilee of the Phonograph ceremony. In this recording Edison demonstrates how in 1877 he made the first record
on his tinfoil phonograph. The original 1877 recording was not saved and no
longer exists.
➦In 1944…The first episode of "The Roy Rogers
Show," featuring the Whippoorwills and the Sons of the Pioneers, was
broadcast by radio stations of the Mutual Broadcasting System. It began as a
western music and variety show and evolved into an action-drama series during
its 10-year run. "The Roy Rogers Show" on television ran for six
seasons beginning in December of 1951. Roy's
radio show lasted 11 seasons and the Roy Rogers Show On TV stayed on the air
for 6 seasons! Roy
also made a ton of movies and appeared on numerous other radio and TV shows as
a guest star! In addition, Roy
had a successful recording career for several years with songs that made it to
the top of the charts! His, perhaps, best known song was "Tumbling
Tumbleweeds" although most people probably remember him and Dale Evans
singing "Happy Trails to You" at the end of each show!
➦In 1955…In Memphis, Sun Records owner and producer Sam
Phillips sold Elvis Presley's contract to RCA for an unheard-of $35,000, at
that time the largest amount ever paid to sign a recording artist and topping
the offer of $25,000 for Presley's contract made by Atlantic Records. Elvis
received $13,500 of the total. Phillips invested his proceeds from the deal in
a two-year-old Memphis-based hotel chain called Holiday Inn.
➦In 1963…U.S. President John F. Kennedy and his wife,
Jacqueline, arrived in San Antonio,
Texas. They were starting a
two-day visit to Texas that would end in Dallas.
John B. Gambling
➦In 1974...longtime WOR 710 AM NYC Morning personality John B. Gambling died.
He was a member of the The Gambling family, 3 generations of whom - John B., John A. and John R. - were hosts of WOR Radio's morning show Rambling with Gambling (now known as The John Gambling Show) over the course of over 75 years.
John B. was the host from 1925 to 1959, when he retired in favor of his son, John A. Gambling. With his Musical Clock, his all-in-fun setting-up exercises, cheerio music, wheezy gags, weather information and news scraps, John B. Gambling was a WOR fixture.
➦In 1979…morning man Harry Harrison did his last show on WABC 770 AM, New York.
➦In 1981...radio & TV announcer Harry Von Zell died of cancer at age 75. Best known as the announcer on the George Burns/Gracie Allen Show both radio & TV, he also made his mark as actor in several TV guest spots, and screenwriter on a number of series such as Wagon Train. ➦In 1983…In Los Angeles, movie theaters premiered Michael
Jackson's 14-minute "Thriller" video. The Guinness Book of World
Records later named it the "most successful music video" of all time,
selling more than 9 million copies.
➦In 1993…Jim McLaughlin, radio newsman for WYSL, WKBW, WBEN, Buffalo, died at age 59.
In the early 1960s, he worked as a deejay for KNBA in Vallejo, California taking the air name "Lucky Jim" because he didn't have to study and always knew instinctively what to say. He began delivering the news at KFOG-FM in San Francisco. In 1963, he moved back east and became the news director at WRVM in Rochester in 1964. Jim continued his career working in Buffalo as the news director of WYSL in the late 1960s, WKBW from 1970 to 1978 and then at WBEN until he was forced to retire due to health issues in 1987.
Jim was the first news director to hire a full-time street reporter, a female news staff member, to use co-anchors and to use short wave radio to cover international stories. In 1979, he won the New York State Associated Press Award for WBEN's "Newsday," being the best radio news program. Jim was also the only radio reporter allowed to cover the 1971 Attica Prison riot from inside the prison.
Legendary radio personality Casey Kasem’s vicious family feud now includes allegations of murder and elder abuse — and is the focus of Saturday’s “48 Hours” (10 p.m. EST on CBS)
According to The NYPost, the ongoing battle pits Jeannie Kasem — Kasem’s second wife — against his three children (Kerri, Julie and Michael) from his first marriage. It’s all laid bare by correspondent Peter Van Sant in Saturday’s episode.
“I have never seen such hatred within a family,” says Van Sant. “Both sides tell credible, powerful stories, both proclaim their love for Casey and both blame the other and accuse the other of killing Casey — and both use the word ‘murder.’”
Kasem died in June 2014 (on Father’s Day) at the age of 82 from a Parkinson’s-like disease — leaving behind an estate valued between $80-$100 million that he amassed by founding (and voicing) the internationally broadcast “American Top 40” radio show and its various iterations. He also notably played scraggly teenager Shaggy Rogers on the Saturday-morning 1970s cartoon series “Scooby-Doo Where Are You!” (Shaggy was known for his catchphrase “Zoinks!”)
Jeannie claims Kasem’s three grown children conspired in 2007 to trick Casey into signing over power of attorney, giving them control over his medical decisions (which ultimately killed him).
“It was always about the money,” she tells Van Sant. They, in turn, filed a wrongful death lawsuit against Jeannie claiming elder abuse when she moved Casey from a rehab facility in Santa Monica, Calif., to a friend’s home in Washington state. “Jean killed my father,” Kerri Kasem tells Van Sant … “The only thing she ever wanted from my dad is money.”
Jeannie counter-sued the children for forcing Casey to return to a hospital in Gig Harbor, Wash., where he eventually died. “Jeannie claims that once they had control of [Casey] and his medical decisions, they told his doctors to unhook his nutrition, hydration and medicine and left him to die,” says Van Sant. “She claims they wanted their share of his life insurance policy.”
Van Sant will also break the news on Saturday’s “48 Hours” that police in Gig Harbor have opened an investigation into Casey’s death, after a private eye hired by Jeannie concluded he was a homicide victim.
In a further twist, Kasem’s body rests in an unmarked grave in Oslo, Norway. “After he died his body was flown to Montreal and kept on ice there for a few weeks, then it was flown to Oslo,” says Van Sant. “As you’ll see … there’s a Swedish woman named Anki who visits his grave once a month and decorates it.” Van Sant says Jeannie won’t say why the grave is unmarked, but that Casey always expressed interest in Norway — though he’d never been there.
“The kids say it was done completely out of spite so they can’t visit the grave,” he says. “Both sides swear they will take this to court and fight it out — and both claim they will prevail.”
Dancing with the Stars has a surprising new champion. On Monday’s live finale of the reality dancing competition series, the four remaining couples – Alexis Ren and Alan Bersten, Bobby Bones and Sharna Burgess, Milo Manheim and Witney Carson, and Evanna Lynch and Keo Motsepe – went head-to-head as they competed for the Mirrorball Trophy.
They managed to survive a season that included a historic run by low-scoring Bachelor in Paradise alum Joe Amabile and the shocking eliminations of high-scoring celebs Tinashe and Juan Pablo Di Pace.
The finalists performed two dances on the finale: first, their most memorable number from the season and second, a freestyle for judges Carrie Ann Inaba, Len Goodman and Bruno Tonioli.
While it was a tight competition, radio personality Bones was declared the Season 27 winner. After being named the champ, Bones said, “Thank you to the people, thank you to Sharna for making all this possible.”
“You are, in very true words, the people’s champion my friend,” said co-host Tom Bergeron. Burgess, who took home her first Mirrorball Trophy, admitted that she is “still processing” the win.
Bones had the fan base, appealing to viewers at home despite having one of the lowest average scores of the season.
Bobby and Sharna’s repeat dance was the Cha Cha to MC Hammer’s “U Can’t Touch This” from Trio Night. The judges said they loved the way Bobby puts himself into the dances, and makes it so much fun to watch. Bobby received three 8s, for a total score of 24 out of 30.
Bobby and Sharna’s Freestyle was a big spectacle. “That was the perfect Freestyle for a free spirit!” observed Bruno. “You shone so brightly, Bobby Bones!” cheered Carrie Ann. Bobby and Sharna were shocked when they received three 10s, for a perfect 30 out of 30.
In addition to seeing this season’s celebrity contestants return to the ballroom, audiences were also treated to live musical performances from Robin Thicke, Avril Lavigne, Lauren Daigle and Dan + Shay during the episode.
ABC Announced Bones – alongside fellow DWTS contestants Juan Pablo Di Pace, Joe Amabile, Mary Lou Retton, John Schneider and Milo Manheim – has joined the Dancing with the Stars: Live! A Night to Remember tour, which begins December 15th.
Here’s how the scores played out last night:
Alexis Ren and pro Alan Bersten danced a Swan Lake-inspired Argentine tango for 27/30 and a freestyle for a perfect 30/30
Bobby Bones and pro Sharna Burgess danced MC Hammer-inspired cha-cha for 24/30 and a freestyle for a perfect 30/30.
Milo Manheim and pro Witney Carson danced a New York City-themed Charleston for 30/30 and a freestyle for 30/30.
Evanna Lynch and pro Keo Motsepe danced a Halloween Night tango for 30/30 and a freestyle for 30/30.
The Board of Directors of Nielsen Holdings plc today announced that David Kenny will join the company as Chief Executive Officer effective December 3, 2018. David will also join Nielsen's Board of Directors. David joins Nielsen from IBM, where he led IBM's Cognitive Solutions business.
"The Board is delighted to announce David's appointment," said James Attwood, Executive Chairman of Nielsen. "His decades of experience in Big Data, artificial intelligence, cloud technologies, and media make him perfectly suited to lead Nielsen at this critical time. Having spent a substantial portion of his career working in the advertising world, he has a deep and holistic understanding of advertisers and how best to serve them, and he has a proven track record of implementing growth strategies, overseeing strategic transactions and creating value for stakeholders. His multi-disciplinary background and history of success make him a great fit for this position. The Board looks forward to David's participation in the ongoing strategic review as we work to enhance shareholder value."
David Kenny
"Nielsen is uniquely placed at the intersection of marketing data and technology. In today's era of fast moving, ever changing consumers and markets, it is this combination that drives businesses forward," explained Kenny. "I'm thrilled to join this industry-leading company at this point in time, when so much is possible."
Most recently, Kenny served as Senior Vice President of Cognitive Solutions at IBM, where he led IBM's AI platform and portfolio. He was also responsible for developing IBM Watson and their cloud platform. Previously, Kenny was Chairman and Chief Executive of The Weather Company, joining IBM after their acquisition of The Weather Company's Product and Technology Business. He previously was President of cloud service provider Akamai and served as Co-Managing Partner at Publicis' VivaKi. He also co-founded and served as Chairman and CEO of digital marketing agency Digitas continuing to lead the company after overseeing its sale to Publicis.
The Wall Street Journal reports people inside Nielsen said Mr. Kenny was chosen for his understanding of advertisers and his experience in artificial intelligence, big data and cloud technologies. Mr. Kenny has strong relationships with brands and media and technology companies, which he honed during his many years as a top executive at advertising giant Publicis Groupe SA .
Mr. Kenny also has connections to many private-equity companies, which may come in handy because such firms have expressed interest in Nielsen.
“Right now, I work for the public shareholders; if the best way to serve them is to go private, I don’t have any issues with that,” Kenny said. “I am very comfortable in either world.”
Nielsen was taken private in 2006 by several buyout firms and went public again in 2011.
Kenny said he would work to speed up the pace of the strategic review. “I have done this before, and I know the players,” he added.
Before IBM , Mr. Kenny was CEO of the Weather Co., a weather-forecasting and information-technology company. Mr. Kenny sold the digital and data assets of Weather Co. to IBM in 2015.
The Dept. of Justice’s Antitrust Division has been casting a skeptical eye at a number of media mergers, and that scrutiny now appears to be extending to the audio marketplace, reports InsideRadio.
Faced with the possibility the DOJ could reject SiriusXM Radio’s proposal to buy Pandora in an all-stock deal valued at $3.5 billion, the satellite radio company has instead temporarily withdrawn its application for review. The two companies still intend to proceed with the buyout, however it now appears the structure of the transaction may need to be revised into order to win antitrust clearance.
Wall Street Journal graphic
In a pair of filings with the Securities and Exchange Commission, SiriusXM and Pandora said it was at the DOJ’s urging that they agreed on Sunday to voluntarily withdraw their application and then refile a new application on Wednesday, Nov. 21. That would give government antitrust attorneys until Dec. 21 to complete their review or seek additional information.
While the move doesn’t mean the proposed buyout will necessarily be rejected, it’s a strong indication that the DOJ needs more time to assess the impact of allowing the monopoly satellite radio service to absorb one of the largest streaming music services in the country.
In the filings, the two companies remained optimistic they will win approval.
The combination of SiriusXM and Pandora would create an audio entertainment powerhouse with more than $7 billion in expected pro-forma revenue in 2018. The two companies have said they are initially focused on creating cross-promotional opportunities between the satcaster's 36 million North American subscribers and Pandora's 70 million monthly active users. The companies have also said they plan to leverage each other’s audiences and content to create new audio packages, while also using SiriusXM's automotive relationships to drive Pandora's in-car distribution.
Tekashi 6ix9ine doesn’t just rap about being a gangster, he really is one, according to federal prosecutors.
The NYPost reports the 22-year-old hip-hop sensation has spent years as a member of the violent street crew “Nine Trey Gangsta Bloods” — which has been accused of murders, robberies and other mayhem in and around Brooklyn, according to the feds in Manhattan.
In some instances, 6ix9ine and his crew even went after fellow members of the gang in an attempt to “promote” their “standing and reputation amongst other Nine Trey members,” prosecutors charge.
6ix9ine — whose real name is Daniel Hernandez — was joined in Nine Trey by associates like former manager Kifano Jordan aka “Shottie,” who served as the CEO of the rapper’s entertainment group, Treyway.
The inked-up star was arrested over the weekend and presented Monday night on federal racketeering and firearms charges, along with Jordan and three former associates, Faheem “Crippy” Walter, Jensel “Ish” Butler and Jamel “Mel Murda” Jones.
A grand jury handed up an indictment earlier in the evening that detailed numerous alleged illegal acts committed by Nine Trey from 2013 to 2018.
“Members and associates of the Enterprise promoted and celebrated the criminal conduct of the Enterprise, namely narcotics distribution, acts involving violence, and the use of firearms, in music and on social media,” prosecutors said. “The purposes of the Enterprise included preserving and protecting the power, territory, and profits of the Enterprise through acts involving murder…and threats of violence.”
One alleged incident from July 2018 involved a shooting in Bed-Stuy at Fulton Street and Utica Avenue, which left an innocent bystander shot. Another included the assault of an individual in the shadow of the Barclays Center, along with a gun being fired.
The gangbangers also distributed drugs — including heroin, fentanyl, furanyl fentanyl, MDMA, dibutylone and marijuana — in and around Manhattan, Brooklyn and the Bronx, according to prosecutors.
Many of 6ix9ine’s songs — including his Billboard hit “Gummo” — include lines about shooting people and other forms of violence. But the Bushwick-born artist insists he’s not a member of Nine Trey.
“Daniel Hernandez did not get involved with any of these individuals until 2017,” claimed his attorney, Lance Lazzaro, in court Monday night.
“He renounced these people,” the lawyer added, noting how 6ix9ine went on iHeartMedia's WWPR Power 105.1 FM show “The Breakfast Club” last week and blasted his associates.
6ix9ine has been one of the most ascendant and controversial names in hip-hop in recent months. His album Day69: Graduation Day was among the top records on iTunes following its February release.
Instagram photo with Lucian Grainge, Chairman/CEO of UMG and Monte Lipman, Founder/CEO of Republic Records
Taylor Swift, the biggest free agent in music, signed a long-term deal with the world’s biggest record company, Vivendi SA’s Universal Music Group, in the process using her clout to try to score some points for other artists signed to the same label.
According to The Wall Street Journal, Swift’s new deal came with a stipulation: Proceeds from any sale of Universal’s stockholdings in Spotify Technology SA are to be distributed to the label’s artists at a better rate than paid out previously by the other two majors.
Detailed terms weren’t disclosed.
This is the first label change for the 28-year-old pop star, who was signed when she was just 15 years old to Nashville-based Big Machine Records, an independent label distributed by Universal that released all six of her studio albums.
The Spotify agreement was a major sticking point for Ms. Swift, who had been courted by major labels and other companies as her deal with Big Machine expired earlier this month, according to a person familiar with the matter. She also considered options such as distributing her own music, this person added.
“I see this is a sign that we are headed toward positive change for creators—a goal I’m never going to stop trying to help achieve, in whatever ways I can,” Ms. Swift wrote in an Instagram post Monday.
Taylor Swift
No. 2 label Sony Music Entertainment sold 50% of its Spotify shares in May and No. 3 Warner Music Group sold its entire stake in August. Universal hasn’t indicated it is nearing any sale of its Spotify shares and as recently as May Vivendi Chief Executive Arnaud de Puyfontaine said the company had no immediate plans to do so.
Universal’s Republic Records, which had been distributing Ms. Swift’s music in the U.S. under her previous deal with Big Machine, will continue to do so in the new contract.
Swift’s older recordings remain under the control of Big Machine, which will continue distributing them via Universal. Any music she records during her new multi-year, multi-album contract with Universal will remain her property, according to Ms. Swift. That is a perk reserved for only the biggest superstars; typical record contracts leave recordings, and the right to exploit them commercially, in the hands of the label.
Behind the commercial success of Swift, Big Machine was elevated to one of the world’s premier independent record labels.
With funding cobbled together from several investors, Music Row veteran Scott Borchetta launched Big Machine in 2005. A 15-year-old Swift was one of the label’s first signees, and she quickly showed the ability to transcend country music and appeal to pop fans.
The partnership of Swift and Borchetta was wildly successful, and she rose the ranks from gifted but unheralded singer-songwriter to worldwide pop-country icon.
According to The Tennessean, she singled Borchetta out in Monday's announcement, thanking him for "believing in me as a 14-year-old and for guiding me through over a decade of work that I will always be proud of."
