FrontierMan
Nov 12th 2008, 05:24 AM
Newsblues is reporting that Newport TV is in some deep doo-doo. Do you think they can survive? It appears as though Clearchannel aint doing much better. Do you think Clearchannel would have prevented the turmoil Newport is going through if they kept the stations? Or do you think Clearchannel predicted this and that's why they pushed this sale so bad?
What are people saying at a Newport station near you?
I copied and pasted a couple articles. How is a kid with no broadcasting experience deciding so many people's fate? WTF?
ON THE ROCKS
Newport Television, LLC, the television station holding company founded by Providence Equity Partners and Sandy DiPasquale in 2007 to acquire the 56-station Clear Channel Communications TV group, "is facing major economic issues," according to an industry source. The $1.2 billion deal, which closed earlier this year, "couldn't have had worse timing. The station group has shrinking revenue, shrinking advertising, shrinking cash flow."
DiPasquale, president and CEO of the group, had bypass surgery in Oct. 2007 and has "never fully recovered. There have been ongoing health issues." His son, Michael DiPasquale, an attorney with little broadcasting experience, is now making most of the group's day-to-day decisions.
"I think it's safe to say, Newport is no longer in the acquisition mode," said the source. "DiPasquale planned to build Newport into a major TV group. That dream has ended."
Clear Channel’s owner reports $90M 3Q loss
BLOOMBERG NEWS
CC Media Holdings Inc., the parent of radio broadcaster Clear Channel Communications Inc., reported a third-quarter loss as advertisers held back spending.
The net loss of $90.2 million compares with a profit of $279.7 million a year earlier, San Antonio-based CC Media Holdings said today in a statement distributed by Business Wire.
Clear Channel owns six radio stations in Philadelphia; it's spinoff Live Nation Inc., a concert producer and promoter, owns Philadelphia's Boyd Theater, which it is reportedly selling.
Sales at the largest U.S. radio broadcaster fell 3.8 percent to $1.7 billion on declines in radio and outdoor advertising.
CC Media became Clear Channel's parent with the company's $17.9 billion buyout by private equity firms Bain Capital Partners LLC and Thomas H. Lee Partners LP in July.
Shares were trading at $3.51 this morning, down $0.49 (12.25 percent).
What are people saying at a Newport station near you?
I copied and pasted a couple articles. How is a kid with no broadcasting experience deciding so many people's fate? WTF?
ON THE ROCKS
Newport Television, LLC, the television station holding company founded by Providence Equity Partners and Sandy DiPasquale in 2007 to acquire the 56-station Clear Channel Communications TV group, "is facing major economic issues," according to an industry source. The $1.2 billion deal, which closed earlier this year, "couldn't have had worse timing. The station group has shrinking revenue, shrinking advertising, shrinking cash flow."
DiPasquale, president and CEO of the group, had bypass surgery in Oct. 2007 and has "never fully recovered. There have been ongoing health issues." His son, Michael DiPasquale, an attorney with little broadcasting experience, is now making most of the group's day-to-day decisions.
"I think it's safe to say, Newport is no longer in the acquisition mode," said the source. "DiPasquale planned to build Newport into a major TV group. That dream has ended."
Clear Channel’s owner reports $90M 3Q loss
BLOOMBERG NEWS
CC Media Holdings Inc., the parent of radio broadcaster Clear Channel Communications Inc., reported a third-quarter loss as advertisers held back spending.
The net loss of $90.2 million compares with a profit of $279.7 million a year earlier, San Antonio-based CC Media Holdings said today in a statement distributed by Business Wire.
Clear Channel owns six radio stations in Philadelphia; it's spinoff Live Nation Inc., a concert producer and promoter, owns Philadelphia's Boyd Theater, which it is reportedly selling.
Sales at the largest U.S. radio broadcaster fell 3.8 percent to $1.7 billion on declines in radio and outdoor advertising.
CC Media became Clear Channel's parent with the company's $17.9 billion buyout by private equity firms Bain Capital Partners LLC and Thomas H. Lee Partners LP in July.
Shares were trading at $3.51 this morning, down $0.49 (12.25 percent).