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Cumulus Media rises 7% as new CEO is named

September 30th, 2015 No comments

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Shares of Cumulus Media climbed 7% Wednesday after the air wave hire user voiced a new CEO.

The Atlanta-based organisation declared Mary Berner, a edition attention executive, as the new chief, effective Oct. 13, according to a organisation proclamation expelled after the batch marketplace sealed on Tuesday afternoon. She’s informed with the company, carrying sat on its board of directors given May.

She will attain Lew Dickey, who will go on to be concerned with the organisation he founded by staying as a house member and portion as vice chairman.

Shares rose 5 cents Wednesday sunrise to 73 cents.

Berner joins Cumulus from the Association of Magazine Media, where she was CEO of of the repository attention group. Prior to fasten the association, she was the arch senior manager at Reader’s Digest Association and Fairchild Publications.

“Mary is a proven executive, with over thirty years of knowledge in media pushing formula in multi-platform promotion and calm driven businesses,” said Jeffrey Marcus, authority of Cumulus Media’s house and a partner at Crestview Partners, the investment organisation that owns 27% of Cumulus.

Cumulus Media, that operates some-more than 460 stations in 90 markets opposite the U.S., saw the second entertain revenue fall 8.8% from a year ago to $299.3 million. Its quarterly net income fell 18.7% to $12.2 million.

Marcus credited Dickey for flourishing the organisation to turn “the second largest user of air wave stations in the country.” But “maximizing the worth of these resources requires creation them work together effectively and efficiently,” Marcus said.

“At a time when the media landscape continues to bear seismic transformation, Cumulus needs a extended formed media user who can precedence the superb resources,” Marcus said.

Follow USA TODAY media reporter Roger Yu on Twitter @RogerYu_

 

Categories: Financial, General Tags: , , ,

Tribune Publishing falls 17% on lower revenue, earnings guidance

September 21st, 2015 No comments
Shares of Tribune Publishing fell Monday after the association lowered the gain guidance. FREDERIC J. BROWN/AFP/Getty Images

Shares of Tribune Publishing fell Monday after the association lowered the gain guidance.
FREDERIC J. BROWN/AFP/Getty Images

Shares of Tribune Publishing fell 17% after the owners of the Los Angeles Times, Chicago Trbune and 9 alternative dailies lowered its estimates for income and gain for the year, blaming the newspapers in Southern California for the downturn.

In a press recover released late afternoon on Friday, Tribune Publishing said the sum income for the year will be in in between $1.645 billion to $1.675 billion. In the prior guess guidance, it had forecast a operation of $1.67 billion to $1.70 billion.

Earnings prior to interest, taxes and alternative equipment will be in in between $145 million to $160 million. That is additionally reduce than the range of $165 million to $175 million it estimated progressing in the year.

Shares finished down $1.84 to $8.75.

“Revised superintendence reflects reduce forecasted income estimates for the year, strong in Southern California,” Tribune Publishing’s CFO Sandra Martin pronounced in a statement.

“Expense slackening efforts” helped in negligence down the decline, she said.

A year ago, Tribune Publishing was spun off by the former parent, that is right away called Tribune Media and focuses on broadcasting.

Earlier this month, Tribune Publishing CEO Jack Griffin at once dismissed LA Times publishing house Austin Beutner. Several of Beutner’s key hires shortly left.

Categories: Financial, General Tags: , , ,

Gray Television rises 12% after Schurz acquisition

September 15th, 2015 No comments

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Gray Television (GTN) is trade 12% higher Tuesday after it enlarged the report commercial operation by acquiring a cube of Schurz Communications for $442.5 million to enhance the participation in small to midsize markets in the U.S.

In the deal, Gray, formed in Atlanta, will buy all of the air wave and air wave stations owned by Schurz, a family-controlled media association formed in South Bend, Ind. Schurz will go on to concentration on the edition and wire businesses.

While TV promotion is flighty and cyclical, analysts are bullish on the understanding since the attention consolidation, now ongoing for about 3 years, gives larger come to terms precedence to larger TV hire operators when they come to terms with wire companies for placement fees and digital streaming rights.

Shares of Gray rose $1.38 to $13.12 Tuesday afternoon.

After the understanding is completed, Gray will own 49 TV stations in 28 states, creation it one of the largest TV hire operators in the U.S. along with Sinclair Broadcasting Group and Tegna. The understanding is approaching to be finished by the finish of the year or early 2016.

The merger additionally will increase the total series of locally top-ranked stations owned by Gray to 39, Gray says.

“Through the Schurz transaction, we will significantly enhance the peculiarity of the portfolio of heading air wave stations,” pronounced Gray CEO Hilton Howell in a statement.

An present burst in Gray’s money upsurge following the understanding execution additionally has not left unnoticed. On a “pro forma” basement — mixing Schurz stations’ monetary opening with Gray’s operations and alternative tentative acquisitions by Gray — Gray’s 2014 promote money upsurge would have increasing to about $348 million, Gray says.

In Jun 2014, Gray finished the merger of twelve TV stations and programming of 3 additional stations from Hoak Media and Parker Broadcasting. In September,  Gray pronounced it concluded to pay $100 million in money to buy KCRG-TV, the ABC associate for Cedar Rapids, Iowa, from the Gazette Co.

“Expected clever giveaway money flow” from all the new exchange would assistance Gray reduce the debt, it says.

Pro forma 2014 income would have been about $774 million. Pro forma domestic ad sales in 2014 would have been about $120 million.

The TV attention is underneath attack from cord-cutting, wherein viewers embankment wire and heavenly body TV services for streaming options, such as Netflix. While internal stations owners promote over the air and their calm is accessible for giveaway for receiver owners, their distribution strategy additionally relies heavily on the fees — called retransmission agree fees — paid by pay-TV providers for the rights to embody their stations in pay-TV lineups.  And larger TV companies stand to direct aloft fees from wire and heavenly body TV providers.

Even as the gait of cord-cutting picks up, retransmission agree fees continue to skyrocket. According to SNL Kagan, broadcasters will take in $9.3 billion for promote channels by 2020, roughly stand in the $4.9 billion they were projected to have perceived final year.

But copiousness of hurdles sojourn for internal TV station operators. There have been countless hurdles by pay-TV companies to remodel retrans fees, together with a direct to go on to air programming during stipulate negotiations. The fees paid by internal TV to the big networks (CBS, FOX, ABC and NBC) for the rights to network calm — called “reverse retransmission consent” — have been additionally rising. Reverse retrans fees are projected to reach $1.53 billion this year and rise to $3.22 billion in 2020, SNL Kagan says.

“Size and scale make a difference some-more than ever before” in a fast consolidating industry, Todd Schurz, CEO of Schurz, says.

Follow Roger Yu on Twitter: @RogerYu_.

Categories: Financial, General Tags: , , ,

Barnes & Noble shares tank on mounting losses

September 9th, 2015 No comments
Barnes & Noble shares have been descending after it reports widening losses. People wait for in line to have former US President Jimmy Carter pointer his brand brand brand new Book "A Full Life: Reflections at Ninety" at Barnes & Noble in New York on Jul 7, 2015. PHOTO/ KENA BETANCURKENA BETANCUR/AFP/Getty Images

Barnes & Noble shares have been descending after it reports widening losses. PHOTO/ KENA BETANCUR/AFP/Getty Images

Investors have been transfer shares of Barnes & Noble Wednesday after the bookseller pronounced the mercantile initial entertain detriment widened to $34.9 million among slumping sales of books and digital content.

The New York-based retailer said the loss per share totaled 68 cents, descending short of twelve cents per-share distinction estimated by analysts.

Quarterly sales dipped 1.5% to $1.22 billion. In the year-ago period, Barnes & Noble reported $28.4 million of loss.

Shares fell 28% to finish the day at $11.80.

To concentration on the sell commercial operation that has been rocked by e-readers and online books, the association has done thespian restructuring moves in brand brand new months. It spun off the college bookstore business and partnered with Samsung for hardware production of the Nook tablets.

It additionally hired a brand brand brand new CEO, drumming former Brookstone arch Ronald Boire in July. Boire rigourously proposed his brand brand brand new pursuit Tuesday.

“As we demeanour to the second entertain and beyond, we have been focused on opportunities to enlarge allied store sales and revoke expenses,” CFO Allen Lindstrom pronounced in a statement.

Revenue for the retail business, that includes Barnes & Noble bookstores and BN.com, fell 1.7% to $939 million. Comparable store sales rose 1.1% as non-book sales grew.

The Nook unit’s income continues to plunge as alternative competitors, such as Apple and Amazon, organisation up their marketplace shares. Nook-related sales, together with digital content, e-readers, and tablets, were down 22.4% to $54 million. Digital calm sales fell 28% to $37 million. Device and accessories sales declined 6.2% to $17 million.

The college segment, that was spun off, had revenues of $239 million, up 5.7%.

For mercantile year 2016, the association continues to design “retail core allied bookstore sales,” that bar sales of Nook products, to rise about 1%.

Categories: Financial, General Tags: , , ,

Cablevision shares rise as buyout rumor persists

September 2nd, 2015 No comments

Cablevision Headquarters in Bethpage, N.Y. (AP Photo/Ed Betz)

Cablevision Headquarters in Bethpage, N.Y. (AP Photo/Ed Betz)

Is Cablevision Systems ready for a deal?

Shares of the wire association — tranquil by the Dolan family in New York — have zoomed in the final dual days even as the company issued no market-moving announcements.

Analysts believe traders are scooping up shares in expectation which Cablevision might be considering a understanding to be paid for by a aspirant or an investor.

Shares rose 1.4% Wednesday sunrise to $26.01. On Tuesday, shares finished the day up 1.9%, one of usually dual bonds in the S&P 500 which rose after the index fell 3%. American Airlines was the alternative batch which rose, up 0.6%.

“It’s seen as a mergers and merger target,” says Amy Yong, an researcher at Macquarie Group. “It’s been taking flight due to attention consolidation. In the final (Cablevision earnings) call, a lot of people read from the physique denunciation which it’s something they’re seeking into…that they’re open to it. That they’re openly talking about it would suggest that maybe the timing got accelerated.”

Cablevision couldn’t rught away be reached for comment.

“Cablevision is an item in a good directed towards marketplace area,” says Rich Tullo, a media researcher at Albert Fried & Co. “They fundamentally have a great marketplace share in Long Island and Westchester (County).”

Tullo says meddlesome buyers might embody Comcast, Time Warner Cable, European telecom association Altice or even Google.

“If Google wants to have a business of (Google Fiber), they’d need a cable complement which is rather concordant with what they’re perplexing to do,” Tullo says.

Google Fiber is an beginning by the program hulk which currently offers broadband Internet and wire radio to profitable commercial operation in Kansas City, Austin and Provo, Utah. It skeleton to enhance in to alternative markets, together with San Jose, Atlanta and Portland.

Investors of Cablevision have been informed with merger rumors. In June, Patrick Drahi, the French billionaire who controls Altice, told The Wall Street Journal which he is meddlesome in posterior companies similar to Cablevision and Cox Communications to grow Altice’s U.S. wire business.

In May, Altice affirmed its vigilant to contest in the U.S. by agreeing to buy Suddenlink Communications in a understanding valued at $9.1 billion.

Follow USA TODAY media contributor Roger Yu at @RogerYu_

Categories: Financial, General Tags: , , ,

Media stocks sink as analyst portrays murky future

August 20th, 2015 No comments
Shares of Disney, that owns ESPN, fell Thursday as an researcher downgraded the stock.

Shares of Disney, that owns ESPN, fell Thursday as an researcher downgraded the stock.

Media stocks fell Thursday as some-more doubts about the TV industry’s ad-supported commercial operation indication surfaced.

Todd Juenger, an researcher at Bernstein Research, downgraded prominent media bonds Thursday, together with Walt Disney and Time Warner, after final that TV promotion is certainly in decrease and associate fees from pay-TV providers have been increasingly at risk.

“The marketplace is right away valuing U.S. ad-supported TV businesses as structurally marred assets. We hold this is satisfactory and warranted,” he wrote. “We have come to hold the associate price income tide deserves a aloft risk reward than it did before.”

With viewers flocking to online streaming options and skipping ads on their DVRs, the decrease of wire or heavenly body TV business is at large approaching to accelerate, that would reduce associate fees and promotion rates. And media bonds have been struggling given a flurry of new attention earnings, many of them expelled in the final thirty days, underscored the concern.

Viacom fell 6.3% Thursday to finish at $40.42. Disney, that lowered the wire network’s distinction opinion in early August, was down 6% to $100.02.

“We hold the marketplace is right away valuing made at home TV businesses identical to such comps as heavenly body TV, publishing, and even AOL,” Juenger wrote. “All of these comps have disappearing subscriber fees and/or promotion displacement. Some have carefree digital futures, but futures that demeanour really opposite (and reduction large and profitable) than the analog past.”

Categories: Financial, General Tags: , , ,

Media stocks sink as analyst portrays murky future

August 20th, 2015 No comments

Shares of Disney, that owns ESPN, fell Thursday as an researcher downgraded the stock.

Shares of Disney, that owns ESPN, fell Thursday as an researcher downgraded the stock.

Media stocks fell Thursday as some-more doubts about the TV industry’s ad-supported commercial operation indication surfaced.

Todd Juenger, an researcher at Bernstein Research, downgraded prominent media bonds Thursday, together with Walt Disney and Time Warner, after final that TV promotion is certainly in decrease and associate fees from pay-TV providers have been increasingly at risk.

“The marketplace is right away valuing U.S. ad-supported TV businesses as structurally marred assets. We hold this is satisfactory and warranted,” he wrote. “We have come to hold the associate price income tide deserves a aloft risk reward than it did before.”

With viewers flocking to online streaming options and skipping ads on their DVRs, the decrease of wire or heavenly body TV business is at large approaching to accelerate, that would reduce associate fees and promotion rates. And media bonds have been struggling given a flurry of new attention earnings, many of them expelled in the final thirty days, underscored the concern.

Time Warner shares fell about 5% to $73.90. Viacom fell 6.3% Thursday to finish at $40.42. Disney, that lowered the wire network’s distinction opinion in early August, was down 6% to $100.02.

“We hold the marketplace is right away valuing made at home TV businesses identical to such comps as heavenly body TV, publishing, and even AOL,” Juenger wrote. “All of these comps have disappearing subscriber fees and/or promotion displacement. Some have carefree digital futures, but futures that demeanour really opposite (and reduction large and profitable) than the analog past.”

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Tribune Publishing shares down 12% on falling Q2 income

August 11th, 2015 No comments

AP SAN DIEGO NEWSPAPER A FILE USA CA

Shares of Tribune Publishing sealed down scarcely 12% Tuesday after the association reported second entertain net income 77% reduce than a year ago.

The Chicago-based edition company, that owns the Los Angeles Times and Chicago Tribune, reported $3.4 million in net income, down from $15.2 million final year. Earnings per share of Tribune Publishing totaled thirteen cents, down from 60 cents a year ago.

Tribune Publishing (TPUB) shares were down 11.6% to $12.09 Tuesday; they have depressed some-more than 14% over the final 3 months.

Second entertain income fell some-more than 4% to $410.4 million, down from $429.9 million in the second entertain a year ago. Advertising sales, that fell 6.9% to $226 million, were protracted by revenues from the company’s May purchase of The San Diego Union-Tribune.

Circulation revenues of $115 million were up 5.5% in the entertain compared to before year and radically prosaic from final year incompatible revenues from San Diego. The association had 70,000 digital-only subscribers at the finish of Q2.

“While there is still most work to be done, the complete Company is committed to the mutation devise to emanate shareholder worth and to assistance us serve rise enchanting practice for consumers and the selling partners,” pronounced Tribune Publishing CEO Jack Griffin.

Follow Mike Snider on Twitter: @MikeSnider

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Disney shares fall after lower profit outlook

August 5th, 2015 No comments
Shares of Disney, which owns ESPN, have been descending after it lowered the wire distinction outlook.

Shares of Disney, which owns ESPN, have been descending after it lowered the wire distinction outlook.

Shares of Walt Disney Co. plunged some-more than 8% Wednesday after the media hulk suggested mercantile third quarter revenue which fell short of estimates and lowered the guess for the wire networks’ profit.

The Burbank, Calif.-based company, which owns ESPN, ABC and family resorts worldwide, said Tuesday afternoon that quarterly income rose 11% from a year ago to $2.5 billion as all vital commercial operation lines reported higher revenues. But the income for the quarter, $13.1 billion, fell short of $13.2 billion estimated by analysts.

During a conference call with analysts Tuesday, Disney additionally conspicuous it’s right away awaiting the wire networks’ distinction growth to be in the mid-single digits for mercantile 2103 to 2106, down from the foresee of tall singular digits disclosed in April. While ESPN and alternative Disney-owned wire channels have pushed to rise streaming options, their key income source — payments from pay-TV providers formed on the series of subscribers — continues to trigger doubts between analysts as the cable subscriber star dwindles.

Shares of Disney fell 8.3% to $111.62 Wednesday morning.

“The marked down subscriber expansion is an ongoing attention trend,” wrote John Janedis, an researcher at investment banking firm Jefferies, who downgraded the stock to “hold” from “buy” Wednesday. “However, with ESPN’s mostly bound programming line-up (i.e., sports rights), the stroke on (earnings prior to seductiveness and taxes) will be somewhat some-more conspicuous vs. peers.”

Disney’s Media Networks, which operates ABC, ESPN and Disney wire networks, reported a 5% income benefit to $5.8 billion as on-demand placement and associate revenues grew. But promotion sales at ESPN fell from a year ago, reflecting “lower ratings and rates,” it said.

The Parks and Resorts unit’s revenues rose 4% to $4.1 billion. Expenses compared to opening Disneyland in Shanghai, about $350 million in mercantile 2016, is “more than stand in mercantile 2105 levels,” noted Michael Nathanson, a comparison researcher at investigate firm MoffettNathanson, in a note to investors.

Studio Entertainment revenues increasing 13% to $2 billion.

Interactive revenues fell by $58 million to $208 million.

“We strongly believed which Disney had a singular set of drivers and resources which would go on to furnish certain benefit revisions in to the near-term,” Nathanson wrote. “As such, whilst investors righteously fretted about the risks compared with the network assembly model, we suspicion which Disney would energy through. Obviously, we were wrong.”

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ESPN will likely be sold directly to consumers in a few years

July 27th, 2015 No comments
Disney might sell ESPN without delay to consumers, but not for a couple of some-more years.

Disney might sell ESPN without delay to consumers, but not for a couple of some-more years. (The Enquirer/Kareem Elgazzar, The Cincinnati Enquirer)

In a couple of years, ESPN will likely be a channel that cable-ditching consumers can buy without delay as a streaming-only option, Walt Disney CEO Bob Iger told CNBC Monday.

“If we finish up saying some-more wearing away in the supposed multichannel gold (cable or heavenly body TV packages), peculiarity will win out and recognition will win out,” he told CNBC’s “Squawk Box,” adding the ESPN-only option will not happen in the subsequent 5 years.

“Five years out, I don’t think you see poignant change. But I think in the future ESPN becomes a commercial operation that is sole without delay to consumers. We’ll make use of their report to customize the product. I think there’s karma to that, but I don’t think it’s right around the corner,” he said.

ESPN is one of the most renouned wire channels and is cited as a key reason why consumers go on to replenish their wire subscription even if they wish to “cut the cord.”

With sports chartering fees skyrocketing, ESPN’s programming costs have risen and it’s asking pay-TV companies to compensate some-more to lift the channel. ESPN receives more than $6 per subscriber from pay-TV providers, the top in the industry.

In releasing the mercantile second entertain gain in May, Disney said ESPN’s programming and prolongation costs harm the network’s bottom line, as the prices paid to promote NBA, NFL and alternative live games go on to climb. But its affiliate and promotion revenues rose compared to a year ago. Revenue for the media networks unit, that includes ABC, ESPN, Disney Jr. and alternative wire networks, rose 13% to $5.8 billion.

Traditional media companies have been demure to idle their essential relations with pay-TV providers even as consumers right away suffer a far-reaching operation of streaming and on-demand choices. But cord-cutters and immature TV viewers have been unrelenting on shopping usually the channels they want, and some-more networks have been wiling to examination with the trend.

Earlier this year, Time Warner introduced HBO Now, a streaming option accessible on multiform devices, together with Apple TV, for the reward channel’s fans.

 

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