Tag Archives: New York City

Cumulus

Posted on by 

By: Kaitlyn Vincent and Cairo Spencer

Cumulus Logo

History

Cumulus was co-founded in 1997 by brothers Lew and John Dickey in Atlanta, Georgia. The company broadcasts local programming as well as sports, syndicated media, entertainment brands and much more. The company has 447 owned-and-operated stations in 90 different US markets. The two platforms of Cumulus includes Cumulus Radio and Westwood One which contribute to massive reach of 245 million listeners per week. [1] 

Similarly, Cumulus is known for the station NASH, which launched in 2013 and is the Nation’s leading provider of country music. In addition to the NASH radio sector, NASH has a country weekly magazine, television, live events and their own record label. Cumulus is now the second largest radio company behind iHeartMedia. [2] [13]

Key Executives 

mary-g-berner

Mary G. Berner – President and Chief Executive Officer

john-abbot

John Abbot – Executive Vice President, Treasurer and Chief Financial Officer

richard-s-denning

Richard S. Denning – Senior VP, Secretary & General Counselor

Affiliates

Cumulus Radio and Westwood One are both syndicated services of Cumulus Media. In 2013, Cumulus acquired Westwood One which focuses on selling syndicated advertisements. Together they have become the exclusive radio broadcast partner to some of the biggest brands in news, entertainment, sports and talk. This includes major sports such as NFL, the NCAA and the Olympics, major events such as the Academy of Country Music Awards, the American Music Awards, the Billboard Music Awards, and even the Grammys. Cumulus has risen to become the nation’s leading provider of country music and lifestyle entertainment through its renowned NASH brand; named for the country music center that is the Nashville, Tennessee brand. NASH caters to country music fans nationwide through the use of radio programming, exclusive digital content, and live events. Cumulus Radio serves a demographically-diverse group across its 90 US markets. [1] 

Cumulus and Westwood One Stations

Management

Cumulus hired Mary Berner, a former CEO of Reader’s Digest Executive, as the new Chief Executive Officer to try and turnaround the company in 2015. Before Mary stepped in, Cumulus’ stocks were dropping tremendously. One of Cumulus’ major shareholders, Crestview Partners, pushed out the founder Lew Dickey as the CEO and replaced him with Mary Berner. Before the turnover, the shares had dropped 80% of their value whereas after the turnover the shares dropped 39% after a couple of months. [8] [13]

In the coming months Mary is striving towards a “multi-year exercise” starting with fixing the operational basics. Secondly, she’ll be working on retaining the employees and improving satisfaction within the company due to a 50% turnover rate in 18 months in the company of 6,000 people. Her final area of concern is the rating decline for the company. [5] 

“This company has lost more than a dollar of revenue for every dollar of expense reduction over the past four years,” she said. “So I’m focused on intelligently managing the cost structure.” – Mary Berner [7] 

Although Cumulus’ headquarters is in Atlanta, Mary Berner is stationed within New York City, within the large market in which its syndicated service Westwood One caters to. According to Mary, there are four challenging feats she is facing with Cumulus which includes inescapable clean-up items from prior years, non-existent investment in systems, annual cost escalation due to the dynamic industry, and major capital investments. [5]

bn-nx115_cumulu_gr_20160505174626

The New Cumulus CEO, Mary Berner

Financial

Cumulus had a low third quarter with a $286.1 million in the quarter. This was down from the $289.4 million in 2015. The low numbers are due to CEO Mary Berner’s adjustment period, the falling rating decline, and the lack of company structure. Recently however, Cumulus is heading into the fourth quarter with a positive stride with a 35.58% increase over the past 5 days. The price target for the company is currently at $5.00. Consequently, the Wall Street analysts recommend a hold recommendation for investors. [5] [8]

saupload_4dd239dc80a88d2069655e86796c52b8-1

Cumulus Media Equity Stub 2016

Cumulus is consumed in $2.5 billion in debt ever since the former CEO, Dickey Berner bought up several stations and lost Citadel back in 2010. However, a spokesperson disclosed that enough generated operational cash and asset sales will prevent Cumulus from becoming bankrupt and expects to gain $200 million at the end of 2017 from real estate sales. Furthermore, “We have no plans to file for bankruptcy and the next maturity for debt is not for three more years until May of 2019, so we have significant runway to begin to stabilize and ultimately grow the business,” the Cumulus spokesman said. [16]

In terms of trends, as of November 28, the 14-day ADX for Cumulus Media is at 39.28 which indicates a strong trend for investors. However, this number reflects the trend strength but not the direction of the trend. In another technical reading, Cumulus presently has a 14-day Commodity Channel Index of 31.93 which reflects the company’s normal oscillation since the reading is between -100 to +100. This represents how the Cumulus commodities are in a normal range between the overbought and oversold territory. These technical readings further reflect the positive direction for Cumulus entering into the fourth quarter. [6] [7] [12]

Recent Antitrust Lawsuit

Last April, Cumulus was sued for an antitrust suit by Talk Radio Network Enterprises LLC and three other Radio networks for allegedly conspiring with Westwood One, Cumulus’ advertising package bundler. This suit was filed in Oregon due to a group of radio producers claiming that Westwood One and Cumulus were trying to monopolize a national radio that solely benefits the Cumulus station while undermining independent programmers. By conspiring to monopolize, Cumulus Media and Westwood are violating the Sherman Antitrust Act. In addition, these companies are already thwarted due to Cumulus Media controlling 90% of the national syndicated ad bundling market. [9]

In a complex system of advertising bundling, the companies buying advertisements expect a certain amount of trust from Westwood One. These companies have been experiencing a lack of transparency of payment from Westwood. Similarly, Westwood has been accused of paying the companies lower than the deserved amount. However, this month the Oregon judges decided to gut the claim by rejecting half of the allegations based on prejudice. According to an attorney for the group of Radio Networks, they have no intent of stopping the suit. [10]

The Issue

While, Mary is working to solve the company’s problems, the main issue with the company is the large amount of debt it holds. This monetary debt is due to the former purchase of Citadel, a Nevada-based broadcasting holding company and the general decline in Radio revenue due to the amount of music streaming services online. Michael Harrison, a former radio station owner and publisher of RadioInfo agrees: 

“Cumulus is suffering from the tail end effects of the era of consolidation… The biggest problem in the industry, he said, is “smothering debt,” – Michael Harrison [7]

Overview

The biggest question for Cumulus is how to combat the growing online streaming music services and the consolidation of radio amidst their staggering debt and turnover struggles. Cumulus must continue to cut spending and manage to find a solution that will boost revenue through services that can compete as opposed to services that tail behind the forefront of the changing world of radio. In terms of debt handling, the company has until May of 2019 to pay it off which should hopefully be enough time for Berner to stabilize the company.

Works Cited

[1] Cumulus Website. Retrieved: November 28, 2016.

[2] Jackson, Hazel. “Market Rating: Are Analysts Bullish Cumulus Media Inc (NASDAQ:CMLS) After Last Week?” Money Making Articles Hot Stuff. Retrieved: November 21, 2016.

[3] NASH Website. Retrieved: November 28, 2016.

[4] Cumulus Key Executives. Retrieved: November 28, 2016.

[5] “Big Challenges Remain For Radio’s Number Two.” Radio Ink. Streamline Publishing, Inc. Retrieved: November 28, 2016.

[6] Ho, Rodney. “Cumulus Media Drowning in Debt, Stock Slides.” Radio and TV Talk. Cox Media Group. Retrieved: November 29, 2016. 

[7] Grantham, Russell. “Cumulus Media Hit by Debt, Radio Industry Troubles.” Cumulus Media Hit by Debt, Radio Industry Troubles. Cox Media Group. Retrieved: November 29, 2016.

[8] Karp, Hannah. “Cumulus CEO Aims to Revive Radio Broadcaster.” The Wall Street Journal. Dow Jones & Company. Retrieved: November 29, 2016. 

[9] Sege, Adam. “Cumulus Hit With Antitrust Suit Over Advertising Payouts.” Law360. Portfolio Media, Inc. Retrieved: November 29, 2016. 

[10] Koenig, Bryan. “Cumulus Media Gets Advertising Antitrust Suit Gutted.” Law360. Portfolio Media Inc. Retrieved: November 29, 2016. 

[11] Oliveira, Michael Wiggins De. “Cumulus Media: A Highly Speculative Equity Stub.” Seeking Alpha. Retrieved: November 30, 2016.

[12] Weakley, Vanessa. “Looking at the Gauges on Cumulus Media Inc. (CMLS).” Microcap. Retrieved: November 30, 2016.

[13] Atkinson, Claire. “Cumulus Media’s New CEO Can’t Stop Company Slide.” NYPost. Retrieved: November 30, 2016.

[14] “Struggling Cumulus Media Loses its CFO” American City Business Journal. Retrieved: November 30, 2016.

[15] “Organizational Leadership Changes at Cumulus Media” MusicRow. Retrieved: November 30, 2016.

[16] Grantham, Russell. “Radio Giant Cumulus Tumbles After Flying High”. Cox Media Group. Retrieved: November 29, 2016.

CBS Corp.

Posted on by

CBS Corporation

By: Marlowe Reardon, Justin Rivera, and Francesca Sostar
CBS Logo

 [2] CBS Corporations Logo

Overview

Columbia Broadcasting System, known as CBS Corporation, was founded in 1927 as competition to the National Broadcasting Company (NBC). CBS began as a major contributor in the radio business, then moved into television as that transition of medium was occurring [1].

Divisions of the Company

CBS Corporation branches out to all sorts of media, including radio, television, film, cable, as well as interactive media. The company owns a wide variety of operations such as its own television distribution, consumer products, television studios, home entertainment, and sports networks. CBS also has joint ventures with major companies such as Lionsgate and Warner Bros. Entertainment. Their deal with Warner Bros. allowed them to create the CW, a television network that has produced successful shows such as “Arrow” and “The Vampire Diaries” [3]. The partnership between Lionsgate and CBS led the the development of “Pop”, which combines both major companies talents in programming, production, and distribution.

"Pop" Logo

[13] “Pop” Logo, CBS and Lionsgate joint venture

The CW logo, CBS and Warner Bros Entertainment joint venture

[14] The CW logo, CBS and Warner Bros Entertainment joint venture

Key Executives

NEW YORK, NY - MAY 15: President & CEO of CBS Corp. Les Moonves attends CBS 2013 Upfront Presentation at The Tent at Lincoln Center on May 15, 2013 in New York City. (Photo by Ben Gabbe/Getty Images)

[4] Leslie Moonves, CEO, Chairman of the Board, and President

Shari E. Redstone, Vice Chairman

[6] Shari E. Redstone, Vice Chairman

Jim Lanzone, Chief Digital Officer

[7] Jim Lanzone, Chief Digital Officer

 

Armando Nuñez, President & CEO-CBS Global Distribution Group

[8] Armando Nuñez, President & CEO-CBS Global Distribution Group

635647883968561121-sumner-redstone

[5] Sumner Redstone, Chairman Emeritus

 

 

Finances

CBS is a publicly traded company in the New York Stock Exchange, listed as CBS.A and CBS. Their stock has seen a steady increase over the past year, currently sitting at $60 per share, as opposed to $50 per share a year ago [9]. CBS had a successful third quarter this year, with revenues increasing 4 percent to $3.4 billion. Revenue is up from $3.26 billion at the same time last year. This was due to an increase in revenues and fees from CBS affiliate stations and a growth in their digital distribution platforms. There was also a negative impact in advertising revenue from the Republican and Democratic National Conventions, the first Presidential debate, and the 2016 Summer Olympics [10].

Generated by IJG JPEG Library

[11] CBS NYSE Closing Bell, 12/9/15.

Some of the largest contributors to CBS’s success are its cable networks, such as Showtime Networks and CBS Sports Network. Their revenue increased 14% to $598 million in this third quarter, growing from $526 million in last year’s third quarter. This aspect of the company will continue to prosper, with the growth in over-the-top (OTT) streaming services across media [12].

Current Projects

Right now, CBS Corporation is attempting to close a deal in which Viacom will merge with CBS. Both Sumner and Shari Redstone, Chairman and Vice Chairman of CBS, are large supporters of the deal. However, what is halting the deal is both companies board of directors have obligations to their shareholders. These shareholders are still exploring the potential problems that could happen if the deal were to be made. Some of these issues include pricing and structure after the merger is made. Even though the deal is still in talks, it is likely that it will happen because a single family, the Redstone’s, own 80 percent of both companies [13].

With the emergence of AT&T’s aggressively priced DirectTV Now (merging internet and television like never before), CBS is left to wonder one question: Why? A deal of this magnitude essentially leaves CBS yearning to somehow affiliate itself with this mega-deal. CBS has already taken the initiative to converge with other prosperous companies, inking a small deal with Google that involves a “skinny bundle” of TV networks to be called YouTube Unplugged. The drive CBS has to concern itself with as many large companies as possible depicts its drive to remain a powerful media conglomerate [14].

yt_1200-vfl4c3t0k

[15] Youtube Logo

CBS has been in the preproduction process of a new Star Trek series titled Star Trek: Discovery. This series will only be available on CBS’s online streaming service CBS All Access, after premiering on CBS. The decision to stream the show was made because science fiction shows have historically done poorly on broadcast television. CBS believes that a majority of Star Trek fans will pay for the services of CBS All Access so they will not miss out on the new series. Star Trek: Discovery is said to have a diverse and better represented cast, with a female lead and at least one gay character [16]. The company is hoping that this new series will also bring more viewers to this service, with about 1 million subscribers already. A commercial-free option of CBS All Access is now available, which costs $9.99 a month, as opposed to the ad-supported service costing $5.99 a month [17].

fb_cbsaa_200x200_25

[19] CBS All Access Logo

star-trek-discovery-1024x519

[18] Star Trek: Discovery Logo

CBS is starting to take similar approaches to that of Netflix. Leslie Moonves stated that he is a big fan of Netflix and is taking some strategies that will help with CBS All Access. Rather than just displaying old shows on All Access, CBS has decided to take the same approach as Netflix by creating its own original shows. They use this strategy in order for their viewers to keep interest in All Access and not cancel their memberships. Previously, there would only be two or three buyers to get content from CBS. Now, streaming services are benefitting CBS Corporation because they can sell their syndicated content to Netflix, as opposed to these two or three buyers.

There has also been continuing success with CBS’s subsidiary, Showtime. Showtime is another over-the-top streaming site, similar to All Access. Moonves is going to make a continual amount of original programming, aiming for once a month released series or seasons. He also wants there to be an increase from about one million to four million subscribers in the next few years [20].

CBS has added six new shows this fall season to their primetime lineup, three comedies and three dramas. The three comedies are Kevin Can Wait, Man With a Plan, and The Great Indoors. These shows have big-name stars, such as Kevin James, Matt LeBlanc, and Joel McHale. The new dramas, Bull, MacGyver, and Pure Genius attract a wide range of audiences due to the differences of the casts. These shows are doing well so far, but time will tell which ones remain on the network and which will not make the cut [21].

mv5bmjiyndgyndy4nl5bml5banbnxkftztgwmdg4ndqwmdi-_v1_ux182_cr00182268_al_

[22] Kevin Can Wait poster

mv5bmtgxmdm0ndaxml5bml5banbnxkftztgwmda5ndqwmdi-_v1_ux182_cr00182268_al_

[23] Pure Genius poster

Future Endeavors

It was announced November 28th that CBS CEO and Chairman Leslie Moonves will be attending the UBS 44th Annual Global Media and Communications Conference in New York City on December 5th for a question-and-answer session [24]. This is a conference where companies join to meet and host formal presentations over a three day period [25].

Two new shows are set to premiere later in the 2016-2017 season on CBS. Training Day and Doubt are both dramas that revolve around crime and the legal system. This will hopefully help the ratings of the other dramas already showing on CBS [26]. The future of CBS Corporation looks very bright, and many changes are set for the upcoming months and years.

SOURCES

[1] https://www.britannica.com/topic/CBS-Corporation,. (2016). CBS Corporation. Retrieved 24 November 2016.

[2] http://logok.org/cbs-logo/,. (2016). CBS Logo. Retrieved 25 November 2016.

[3] https://www.cbscorporation.com/about-cbs/,. (2016). About CBS Corporation. Retrieved 25 November 2016.

[4] http://cdn5.thr.com/sites,. (2016). Leslie Moonves. Retrieved 25 November 2016.

[5] http://www.gannett-cdn.com/-mm-/4f4f62b1d3b58aebf110dff9a65dfa9cb9aa49b4/c=0-171-1994-2830&r=537&c=0-0-534-712/local/-/media/2015/04/16/USATODAY/USATODAY/635647883968561121-Sumner-Redstone.jpg,. (2016). Sumner Redstone Picture. Retrieved 25 November 2016

[6] http://www.zimbio.com/photos/Shari+E.+Redstone,. (2016). Shari E. Redstone Photo Stream. Retrieved 25 November 2016.

[7] http://www.cbscorporation.com/2016/06/jim-lanzone-named-chief-digital-officer-of-cbs-corporation/,. (2016). Jim Lanzone named Chief Digital Officer of CBS Corporation. Retrieved 25 November 2016.

[8] https://www.cbspressexpress.com/cbs-studios-international/executives/view?id=241,. (2016). Armando Nunez. Executives. Retrieved 25 November 2016.

[9] https://finance.yahoo.com/quote/CBS?p=CBS,. (2016). CBS Corporation Finances. Retrieved 26 November 2016.

[10] http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzU3MzQyfENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=63613799985568029,. (2016). CBS Annual Results. Retrieved 26 November 2016.

[11] http://www.gettyimages.com/event/the-talk-rings-the-closing-bell-at-the-new-york-stock-exchange-595510127?#sheryl-underwood-sara-gilbert-shahttps://youtu.be/bqm9HSYbf0oron-osbourne-aisha-tyler-and-julie-picture-id500711866,. (2016). CBS’ “The Talk” Rings The Closing Bell At The New York Stock Exchange. Retrieved 26 November 2016.

[12] http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MzU3MzQyfENoaWxkSUQ9LTF8VHlwZT0z&t=1&cb=636137999855680291,. (2016). CBS Annual Results. Retrieved 26 November 2016.

[13] http://www.investopedia.com/stock-analysis/111716/heres-whats-holding-viacomcbs-merger-cbs-viab.aspx,. (2016). Here’s What’s Holding Up the Viacom-CBS Merger. Retrieved 26 November 2016.

[14] http://variety.com/2016/digital/news/cbs-directv-now-launch-att-1201925053/,. (2016). CBS Won’t Be in DirecTV Now at Launch, but Talks With AT&T Continue. Retrieved 25 November 2016.

[15] https://www.youtube.com/yt/brand/downloads.html,. (2016). Youtube Logo. Retrieved 26 November 2016.

[16] http://www.avclub.com/article/cbs-admits-star-trek-discovery-wouldnt-cut-it-netw-245919,. (2016). CBS admits Star Trek: Discovery wouldn’t cut it on broadcast TV. Retrieved 26 November 2016.

[17] http://variety.com/2016/tv/news/star-trek-discovery-good-wife-spinoff-cbs-all-access-premiere-date-1201860613/,. (2016). ‘Star Trek: Discovery’ Delayed on CBS All Access Until May, ‘Good Wife’ Spinoff Moved Up. Retrieved 26 November 2016.https://youtu.be/bqm9HSYbf0o

[18] http://www.cheatsheet.com/,. (2016). Star Trek: Discovery Logo. Retrieved 27 November 2016.

[19] https://wwwimage-secure.cbsstatic.com,. (2016). CBS All Access Logo. Retrieved 27 November 2016.

[20] http://www.fool.com/investing/2016/10/01/why-cbs-corporation-is-a-big-fan-of-netflix.aspx,. (2016). Why CBS Corporation Is a Big Fan of Netflix. Retrieved 27 November 2016.

[21] http://www.cbs.com/shows/cbs-fall-premieres-2016/news/1005234/get-a-first-look-at-the-2016-2017-cbs-primetime-lineup/,. (2016). Get a first look at the 2016 2017 cbs primetime line up. Retrieved 28 November 2016.

[22] https://images-na.ssl-images-amazon.com/images/M/MV5BMjIyNDgyNDY4Nl5BMl5BanBnXkFtZTgwMDg4NDQwMDI@._V1_UX182_CR0,0,182,268_AL_.jpg,. (2016). Kevin Can’t Wait Poster. Retrieved 28 November 2016.

[23] https://images-na.ssl-images-amazon.com/images/M/MV5BMTgxMDM0NDAxMl5BMl5BanBnXkFtZTgwMDA5NDQwMDI@._V1_UX182_CR0,0,182,268_AL_.jpg,. (2016). Pure Genius Poster. Retrieved 28 November 2016.

[24] http://www.cbscorporation.com/2016/11/cbs-corporation-chairman-and-chief-executive-officer-leslie-moonves-to-participate-in-the-ubs-44th-annual-global-media-and-communications-conference/,. (2016). CBS Corporation and Chairman and Chief Executive Officer Leslie Moonves to Participate in the 44th Annual UBS Global Media and Communications Conference. Retriever 28 November 2016.

[25] https://www.ubs.com/global/en/investment-bank/key-investor-conferences/global.html,. (2016). Global 2016 Conferences. Retrieved 28 November 2016.

[26] http://www.cbs.com/shows/cbs-fall-premieres-2016/news/1005234/get-a-first-look-at-the-2016-2017-cbs-primetime-lineup/,. (2016). CBS Fall Lineup. Retrieved 28 November 2016.

YouTube

Image

By Sean Mowry (scmowry)

Youtube Wiki 1[1]

Youtube LLC
901 Cherry Ave
San Bruno, CA
94066
(650) 253-0000

Key Executives [2]

Larry Page CEO and Co-Founder

YouTube Larry Page

Eric E. Schmidt Executive Chairman

YouTube EricSchmidt

Susan Wojcicki Senior Vice President, YouTube

YouTube susan-wojcicki

History

In 2005 three PayPal employees, Chad Hurley, Steve Chen, and Jawed Karim, started up YouTube as a video-sharing site.  By the end of the first year, the site had 200,000 registered users and showed more than 2 million videos a day [3].  In 2006, Google bought YouTube for 1.65 billion dollars despite copyright concerns from media corporations at the time.  Google then decided to reach out and partner with the Universal Music Group, CBS Corp., Sony, and BMG Music Entertainment [4].  Now, more than 1 billion unique users visit YouTube each month and over 6 billion hours of video are watched every month on YouTube.  Each minute, 100 hours of content is uploaded to YouTube and according to Nielsen, YouTube reaches more US adults ages 18-34 than any cable network.  The website is a global powerhouse, with 80% of YouTube traffic coming from outside the US [5].

YouTube Google[18]

 Finances

Google Inc. reported consolidated revenues of $16.52 billion for the third quarter, ending September 30, which is an increase of 20% compared with the third quarter report from 2013.  $9.55 billion, or 58% of this revenue is from outside the United States.  Net income for the third quarter is $2.81 billion, which is down from $2.97 billion in 2013.  This is also lower than the second quarter net income of $3.42 billion [6].  As of 11/30/2014, Google’s stock is $541.83 [7].

YouTube Stock[19]

Subscriptions

YouTube is continuing to roll out two new subscription services this year.  The first is a wave of paid subscription channels, like those offered for free now, but without advertising.  This was launched in 2013 but the website is aggressively expanding the number of channels this year.  They now offer 238 channels, like NorthwoodsLeague, which is a summer baseball league comprised of top North American College players [8].  With more video online, and most of that online video is coming from YouTube, the website predicts that there will be a sizable share of the audience who would rather pay to watch the content than sit through advertising.  The project is a means of offering more options, and it also follows the subscription models of Netflix or Hulu, but at a more specific scale so that the site can operate effectively the same as before the rollout [9][10].

YouTube NWL[20]

The second subscription service launched this year is that of Music Key, which is a program that allows users to watch music videos without ads while also giving them the option to download the content onto their devices for offline listening and viewing.  The mobile devices will also be able to continue playing music in the background when they switch to other programs.  In addition to album tracks, Music Key offers downloads of concert recordings, remixes, unreleased rarities and cover versions recorded by others.  While YouTube hails itself as “the biggest music service on the planet” it is desperately lagging behind Spotify’s 12.5 million paying subscribers [11]. 

In July of 2014, Google also acquired Songza, a music streaming service that specializes in offering playlists made by people that are advertised for listening at any given time or during any given mood that you want.  Songza is still running as a separate service, but Google and YouTube are looking to apply the company’s expertise to their products like Google Play or Music Key [12].

In other news, YouTube now allows users to upload video in 60 frames per second, where before they were capped at 30 frames per second [13].

East Coast Presence

YouTube is a west coast, online company, but now it has recently opened up YouTube Space New York, a studio in Manhattan that is available to any channel that has more than 5,000 subscribers and is part of the Partner Program in which ads are hosted and revenue is shared.  The studios are a way of giving content creators more means of making an effective product and expanding their audience while also giving the company a footing in the diverse media landscape of New York City.  Since the studios opened in other cities like London, Los Angeles, and Tokyo two years ago, more than 30,00 people have attended 450 workshops and created 6,000 videos that were seen for 47 million hours [14][15].

YouTube spaces[21]

Another bonus to this is that it brings the company within proximity of Madison Ave, and they have been touring the studios with advertising executives to offer them an opportunity to collaborate with creators.  So a company like Maybelline could use BrandLab to host a day in which creators who focus in beauty could collaborate with them.  Many of these channels offer audiences numbers that would leave traditional players envious, but advertisers continue to put a low cost on these audiences.  The company hopes to change that mentality [14].

Competition From Facebook

YT face[22]

In early November 2014, a John Lewis Christmas Ad stormed social media.  The video was shared 200,000 times within the first 24 hours, and most of this was on Facebook.  While that might be good for the department store, Facebook stole 40% of the online audience for the video, which would have previously belonged exclusively to YouTube.  Facebook is now placing video at the heart of the company’s growth announcing this September that the platform achieved more than 1 billion views a day. Facebook is rolling out video advertising slowly, so that users can get used to the idea of having ads on their news feeds [17].

[23]

Facebook is also trying to lure content creators to the site by sharing their ad revenue in a more lucrative ratio.  While they would be developing features that are reminiscent of YouTube, they have the News Feed, which is the key to their success and something that YouTube will have to anticipate combating in the near future.  Often times Youtube channels will use Facebook to promote their videos but if they were to switch to the social media platform all together, a lot of ad revenue could be lost for YouTube, considering that they have been on top for so long, that they are struggling with loosing their audience and their bait for advertisers [16].

Sources

[1] YouTube Logo RT 30 November 2014

[2] Google Management RT 30 November 2014

[3] “Video Websites Pop Up, Invite Postings” RT 30 November 2014

[4] Google Buys YouTube RT 30 November 2014

[5] YouTube Statistics RT 30 November 2014

[6] Google Third Quarter Report 2014 RT 30 November 2014

[7] Google Second Quarter Report 2014 RT 30 November 2014

[8] YouTube Channels RT 30 November 2014

[9] “YouTube Considers Paid, Ad-Free Subscriptions” RT 30 November 2014

[10] “YouTube Is Said to Plan a Subscription Option” RT 30 November 2014

[11] “YouTube Music Key subscription service is unveiled” RT 30 November 2014

[12] “Google Buys Songza” RT 30 November 2014

[13] “YouTube Can Now Play Videos At A Buttery 60 Frames Per Second” RT 30 November 2014

[14] “YouTube Takes Manhattan” RT 30 November 2014

[15] YouTube Spaces RT 30 November 2014

[16] “Facebook Wants To Poach A Whole Bunch Of Talent From YouTube — And The Ad Money That Comes With Them” RT 30 November 2014

[17] “Facebook Is Stealing A Huge Chunk Of YouTube’s Audience” RT 30 November 2014

[18] Google Paint Logo RT 30 November 2014

[19] Google Stock Quote RT 30 November 2014

[20] Northwoods League RT 1 December 2014

[21] YouTube Spaces RT 1 December 2014

[22] Facebook RT 1 December 2014

[23] John Lewis Christmas Ad RT 1 December 2014

Weinstein Company

Posted on by 
By Roxy Silver
[1] The Weinstein Company Logo

[1] The Weinstein Company Logo

HISTORY

Brothers Bob and Harvey Weinstein founded Miramax Films in 1979 and sold it to Disney in 1993. In 2005, they launched The Weinstein Company, TWC, a multimedia and distribution company that encompasses Dimension Films, a genre-label founded in 1993 by Bob Weinstein [2]. TWC and Dimension Films have released mainstream genre and specialty films [3]. Recently the company has made a huge push in its television division.

KEY EXECUTIVES

Harvey

[4] Harvey Weinstein, Co-Chairman TWC

[5] Bob Weinstein, Co-Chairman TWC & Dimension Films

[5] Bob Weinstein, Co-Chairman TWC & Dimension Films

 

 

 

 

 

 

 

 

FINANCIALS

TWC is privately held. Box office wise, currently TWC is ranked 9th with 2.5% of the market share, grossing $69.1 million from its 8 films [6]. This marks a decrease from the prior year in which TWC ranked 8th with 4.5% market share, grossing $491.7 million while releasing 21 films [7].

IN THEATERS

[7]

[8] Lee Daniels’ The Butler captures the story of a White House butler who served seven presidents through dramatic and changing times in American history.

“Lee Daniels’ The Butler”

The drama starring Forest Whitaker and Oprah Winfrey “was expected to do well, but we didn’t expect to do this well,” shared Erik Lomis, President of Distribution for TWC. “The Butler” is the company’s first No. 1 debut since 2009 [9] with an opening weekend of $24.6 million on August 16, 2013 [10]. The film has accumulated grosses of $116.6 million domestically and grossed $146.5 million internationally [11].

 

 

 

 

 

[12]

[12] Vampire Academy is based on a best selling series about two “mortal vampires” who attend a boarding school and have to protect each other from the terrible forces.

“Vampire Academy”

The highly anticipated fantasy film was a flop for TWC. In attempt to imitate the success of box office hits like “Twilight” and “The Hunger Games,” this young-adult adaption didn’t compliment the best-selling book series as the box office sales attest: It premiered in theaters on February 7, 2014, reeling in $3.9 million during its opening weekend [13]. The film has accumulated grosses of $7.79 million domestically and $7.6 million foreign, totaling $15.3 million worldwide [14].

 

 

 

 

 AWARDS SEASON

TWC had an extremely successful year leading up to The Academy Awards, but fell short with only 11 nominations compared to the 17 from the year before [15]. Regardless, the three films nominated received wide recognition.

[21]

[16] 20 Feet From Stardom

“20 Feet From Stardom”

“Millions know their voices, but no one knows their names”- “20 Feet From Stardom” is a documentary that told the story of Darlene Love who backed up idols, Stevie Wonder, Frank Sinatra, Luther Vandross and Elvis Presley. The film shared her story of struggle of being feet away from the spotlight, but never making it [17]. This film was TWC’s only Academy Award winner for Best Documentary Feature [18].

 

 

 

[24]

[19] Philomena

“Philomena” 

Philomena captures the story of a mother searching for her son but instead finding his gay lover. The drama was nominated for Best Picture, Best Original Score, Best Actress, and Best Adapted Screenplay, but didn’t win any awards at the Oscars [20]. With an opening weekend of $128,435, to date the film combines $37.5 million domestic with $62.4 million foreign, netting TWC $87.9 million [21].

 

 

 

[25]

[22] August: Osage County

“August: Osage County”

The dark comedy based on a Pulitzer Prize winning play portrays a dysfunctional family coming together after a death. Starring Meryl Streep and Julia Roberts, it was nominated for two Oscars[23]. The film had a limited opening weekend of $179,302 in December 2013 and a wide opening of $7.1 million [24]. The film has accumulated $37.7 million domestically and $34.7 million foreign, netting TWC $52.4 million [24].

 

 

 

STRATEGICALLY TWC TAKES ON TV 

A $370 million line of credit from Union Bank helped TWC enter the television market in 2013 [25]. TWC’s COO David Glasser explained, “We’ve invested a lot in TV because we see it as a big part of our future.”[26] Now in 2014 the future is here. Having TV under TWC’s belt is an asset creating versatile operations, revenue, and a presence in the TV industry.

Source: Add Letters

TWC acquired the U.S. distribution rights to the Sky Italia drama series, ‘Gomorra’ from Beta Film, an international distributor [27]. Stefano Sollima directed this series based on a bestselling novel about the Neapolitan crime administration Camorra, and is set for release in 2015 [28]. Harvey Weinstein shares “This project caught our eye a while back for its world-class acting talent, as well as Sollima’s abilities to craft a thriller like none other.” [29] This acquisition benefits TWC with new innovative programming, and Beta Film providing ‘Gomorra’ access into American homes.

Source: Add Letters

With the buzz generated from “Netflix Original Series,” TWC is jumping in. The highly anticipated Weinstein Company drama ,“Marco Polo”, is in production for Netflix and will premiere nearing the end of 2014 [30]. Harvey Weinstein reported, “We are proud to present a series that rivals some of the most successful films we’ve ever made. We are excited to introduce him (Marco Polo) to the world.” [31]

Source: Add Letters

TWC‘s recent partnership with media company Gannett gives TWC an advantage with exclusive access to use Gannett’s expansive media library and retain distribution rights from Gannett’s television stations, newspapers, and digital assets [32]. Weinstein’s President of Television Maryam Banikarim, told Street Insider, “This groundbreaking venture will allow us to discover and explore rich new narratives for a wide array of audiences.” [33]

COMING SOON TO THEATERS NEAR YOU

TWC is continuing their Oscar worthy slate of films this summer, staying true to their demographics and genres of past films. These soon-to-be hit films with A-list names will hopefully yield them success at the 2015 Oscar’s and in the box office.

“The Giver”

The Giver Trailer [34]

“The Giver”, a science-fiction film, directed by Phillip Noyce stars Oscar winners Meryl Streep, Katie Holms, Jeff Bridges, and singer Taylor Swift [35]. The film, which various companies attempted to produce previously, is loosely based on the classic 1993 Lois Lowry novel. Jeff Bridges called it “your next favorite movie.” [36] The story, set to release in August, illustrates a utopian society in which a boy is chosen to learn from an elder the true pains and pleasures of the real world [37]. 

“Sin City: A Dame to Kill For”

Sin City Trailer [38]

The drama/thriller film directed by Robert Rodriguez [39], is a sequel to the successful 2005 Weinstein film “Sin City” which domestically grossed $74 million [40]. The black and white, 3D-esque thriller will be hitting the screens in August. The star packed cast includes Joseph Gordon-Levitt, Lady Gaga, Jeremy Piven, Jessica Alba, and Bruce Wills to name a few [41]. Considering the triumph the original picture had and the megastar cast “Sin City: A Dame to Kill For” will likely attract crowds to the box office.

“Begin Again”

Begin Again Trailer [42]

The romantic-comedy film from writer-director John Carney is set to release on July 4th [43]. “Begin Again” follows a distressed ex-recrod label executive, Mark Ruffalo, fall in love with a young singer-songwriter, Kira Knightley, after her boyfriend, Adam Levine, dumped her [44]. At the Tribecca Film Festival Carney explained, “Begin Again is a true New York story about magical opportunities.” [45] This classic summer “romcom” will catch movie goers attention from the star studded cast, to the simple yet entertaining plot.

FUTURE OF TWC

The future for TWC is positive and optimistic. Prior to last year TWC was a dominant player in Oscar awards. Presuming this year was a fluke, TWC should bounce back stronger next Oscar season. Additionally, the significant infusion of cash into its TV segment, will bolster the company’s position in the industry, while likely improving its bottom line.

 Sources

[1] Weinstein Company Logo, Ramascreen.com, RT: 4/12/2014

[2] “About The Weinstein Company”, Weinsteinco.com, RT: 4/11/2014

[3] “Dimension Films”, Disney.Wika.com, RT: 4/11/2014

[4] Harvey Weinstein, Co-Chairman, Time, RT: 4/10/2014

[5] Bob Weinstein, Co-Chairman TWC & Dimension Films, Zimbo.com, RT:4/10/2014

[6] Studio Market Share 2014, BoxofficeMojo.com, RT: 4/15/2014

[7] Studio Market Share 2013, BoxofficeMojo.com, RT: 4/15/2014

[8] Lee Daniels’ The Butler Movie Poster, IMBD, RT: 4/12/2014

[9] “The Butler’ Serves Up Box-Office Sucess at No. 1”, Fox News, 8/18/2013, RT: 4/12/2014

[10] “Weekend Box Office: ‘Lee Daniels’ The Butler Wins Again”, Movie Fone, 8/25/2013, RT: 4/12/201

[11] Lee Daniels’ The Butler (2013), BoxofficeMojo.com, RT: 4/13/2014

[12] Vampire Academy Movie Poster, themidnightgarden.com, RT: 4/14/2014

[13] “BOX OFFICE: Vampire Academy’ Has No Bite”, Yahoo Movies, 2/10/2014, RT: 4/14/2014

[14] Vampire Academy (2014), BoxofficeMojo.com, RT: 4/14/2014

[15] OSCARS: Nominations By Studio & Distributor, Deadline Hollywood, RT: 4/12/2014

[16] 20 Feet From Stardom Movie Poster, Filmberg.com, RT: 4/13/2014

[17] “20 Feet From Stardom Synopsis”, 20feetfromstardom.com, RT: 4/12/2014

[18] “Oscars 2014: ’20 Feet From Stardom’ wins for documentary”, Los Angles Times, 3/02/2014, RT: 4/12/2014

[19] Philomena Movie Poster, impawards.com, RT: 4/14/2014

[20] Oscar Nominations By Picture, Deadline Hollywood, RT: 4/14/2014

[21] Philomena (2013), Boxofficemojo.com, RT: 4/14/2014

[22] August: Osage County Movie Poster, broadyway.com, RT: 4/15/2014

[23] “Harvey Weinstein on disappointing Oscar showing for ‘Osage County’ have only myself to blame”, Entertainment Weekly, 2/21/2014, RT: 4/15/2014

[24] August: Osage County (2013), Boxofficemojo.com, RT: 4/15/2014

[25] “The Weinstein Co. Finalizing $370 Million Credit Facility: Report”, Deadline Hollywood, 9/19/2013, RT: 4/16/2014

[26] “The Weinstein Company: stirring drama”, ScreenDaily.com, 4/02/2014, RT: 4/16/2014

[27] “TWC Closes Deal for U.S. Rights to Italy’s ‘Gomorrah’ Skein”, Variety, 4/07/2014, RT: 4/16/2014

[28] “Weinstein to build Gomorra in US”, c21media.net, 3/08/2014, RT: 4/17/2014

[29] Weinstein Co Acquires Italian Crime Drama Series ‘Gomorra’ , Deadline Hollywood, 4/08/2014, RT: 4/15/2014

[30] Marco Polo (TV Series 2014), IMBD, RT: 4/18/2014

[31] “‘Marco Polo’: Production underway for Weinstein Company’s Netflix Show”, Entertainment Weekly, 4/08/2014, RT: 4/16/2014

[32] “Gannett (GCI) and The Weinstein Co. Enter First Look Film And Television Deal”, Streetinsider.com, 4/02/2014, RT: 4/16/2014

[33] “Gannnett Co., Ince And The Weinstein Company Enter Into A Unique First Look Film And Television Development Deal”, PR News Wire, 4/02/2014, RT: 4/16/2014

[34] The Giver Trailer, YouTube, 3/19/2014, RT: 4/14/2014

[35] “Weinstein Dates ‘The Giver’ Starring Meryl Streep and Jeff Bridges for August 2014”, IMBD, 9/21/2013, RT: 4/16/2014

[36] “Jeff Bridges Talks About Your Next Favorite Movie”, Moviepilot.com, 2/12/2014,  RT: 4/16/2014

[37] “‘The Giver’ trailer: Meryl Streep! Jeff Bridges! Color?!”, Entertainment Weekly, 3/19/2014, RT: 4/17/2014

[38] “Sin City 2″ Trailer Release”, Weinsteinco.com, 3/17/2014, RT: 4/16/2014

[39] Sin City: A Dame To Kill For Trailer, YouTube, 4/06/2014, RT: 4/16/2014

[40] Sin City (2005), Boxofficemojo.com, RT: 4/17/2014

[41] “5 Reasons you should be excited for Sin City: A Dame To Kill For”, Metro, 3/07/2014, RT: 4/16/2014

[42] Begin Again Trailer, YouTube, 3/28/2014, RT: 4/16/2014

[43] “‘Begin Again’ Movie 2014 Official Trailer Released Starring Adam Levine and Keira Knightley”, Hallels.com, 4/01/2014, RT: 4/16/2014

[44] “Trailer and Poster for Begin Again Starring Keira Knightley, Mark Ruffalo”, Movienewz.com, 4/03/2014, RT: 4/16/2014

[45] “Begin Again To Close Tribeca Film Festival”, Triebcaflim.com, 3/20/2014, RT: 4/16/2014

LIN Media

Posted on by 
By Yilin Pei

LIN Media Logo (Courtesy of Krqe.com)

       LIN Media, LLC

One West Exchange Street, Suite 5A
Providence, RI 02903
401-454-2880

http://www.linmedia.com

About the Company

LIN TV

LIN TV logo

LIN Media was founded in 1961  under the name “LIN Broadcasting”. In 1994, “LIN Television Corporation” spun off from “LIN Broadcasting” as a public company. In 2010, the company rebranded to LIN Media, transforming to a local multimedia company but the cooperate name didn’t change.

In 2013, LIN was re-organized into LIN Media, LLC, at Delaware.[1]  Nowadatries to drive brand, potential audience and revenue growth by providing by diverse platforms such as mobile products, apps and web sites. [2]

TV Stations

LIN Media Brands (Courtesy of linmedia. com)

LIN Media Brands

LIN Media operates or services 43 stations (40 full-power and 3 low-power stations), 7 digital channels in 23 markets with 10.5% U.S. households to deliver local news, sports, community stories and entertainment programming. The 43 stations include 11 CBS affiliates, 10 FOX affiliates, 7 NBC affiliates, 5 ABC affiliates, 8 CW affiliates, 8 MNT affiliates and a TEL affiliate and the company also operates 14 multi-station markets. [3] [4] LIN Media concentrates on median-size stations and markets which is in the range of  #20 DMA to #70 DMA. [5]

LIN's stations and markets

LIN’s Stations and Markets

As of July 13th, 2013, household rating of LIN Media was 3.7 estimated by Nielsen, the most respected global information and measurement company. The rating of LIN Media is higher than the company’s competitors, Gray,  Media General and Nexstar which ratings are respectively 3.4, 2.9 and 2.2. [6] And LIN’s big- four stations’ news rating is 24% higher than national average level.[7] In addition, LIN Media also works on Unique Local Programming such as The Rhode Show in WPRI, Mardnda – Where You Live in WOTV, and The Hampton Roads Show on WAVY. [8]

LIN Digital

LIN Digital

LIN Digital logo

LIN Media was one of the first broadcasters to build their own digital business. LIN Digital,the subsidiary of LIN Media, differentiates LIN Media from other broadcasting companies by  providing unique and high-impacted digital marketing solutions to the most honored agencies and brands in U.S. and helps them to  target potential audiences by customized websites, delivering high quality videos, and mobile devices. In addition, By cooperating with television and interactive analytic companies, LIN Digital also provides value evaluation of cross-platform products for advertisers.  LIN DIgital is the top 30 Ad network announced by comScore, which is the most respected digital analytics company in U.S. [9]

Peer Comparison - Q2'13 Digital Revenue

competitor comparison of digital revenues of Q2’13

As of the second quarter of 2013, LIN Media’s digital revenue was $25.1 million which was triple of the second quarter digital revenue of Nexstar, one of the most competitive broadcasting company of LIN Media.[10]

 Nowadays, LIN DIgital’s sales has reached to 32 markets including Chicago, New York City and Los Angeles. Moreover,  LIN Digital released new novel products recently which connect brands cross different platforms such as videos, displays, social media and mobile by working with HYFN and Dedicated Media, the companies that LIN Media acquires major ownership. On Oct. 24th, comScore announced that LIN Digital is the #17 comScore video network. [11]

 

 Key Executives

Vincent L. Sadusky – President & CEO

Vincent L. Sadusky

Vincent L. Sadusky

Scott M. Blumenthal – EVP Television

Scott M. Blumenthal

Scott M. Blumenthal

Richard J. Schmaeling –  Senior Vice President Chief Financial Officer

Richard J. Schmaeling

Richard J. Schmaeling

Kimberly S. Davis –  Vice President Human Resources

Kimberly S. Davis

Kimberly S. Davis

For more information on LIN Media’s executives, click here.

Stock Information

LIN Media LLC Class A Common St Stock Chart - Fall of 2013
LIN Media LLC Class A Common St Stock Chart – Fall of 2013 
LIN Media LLC Class A Common St Stock Chart - Fall of 2012

LIN Media LLC Class A Common St Stock Chart – Fall of 2012

 The share price of LIN Media LLC (ticker: LIN) has increased 50.9% in the Fall of 2013 (from August 26th to November 19th). On Aug. 28th, LIN Media got the lowest share price, $16.00, and On Oct. 24th, the company reaches the highest, $26.05 a piece. At the same period of 2012, the lowest share price is $3.94 and the highest share price is $5.82. [12] The success of LIN Digital is one of the main reasons of the share price’s increase.

Financial Information

For the nine months ended September 30th of 2013, LIN Media’s net revenues were $468,448 million, which have increased 31.1% compared with 2011’s $357,292 million.

As of 2013, because of the launch of LIN Digital as well as acquiring major ownership of HYFN and Dedicated Media, the company expects that the digital revenues might over $100 million, which might increase 76% compared with 2012’s $56.8 million. The company also expects that revenues will reach to the range of $190 million to $210 million to achieve a mid 20s operation margin in 2016.[13] 

Dedicated Media logo

Dedicated Media logo

hyfn_logo_blue_lg1

HYFN Logo

As of the third quarter ended Sept. 30th, LIN Media’s local revenues including retransmission consent fee revenues, local advertising and TV station website revenues was $105.5 million that have increased 44% by comparing with the third quarter of 2012’s $73.3 million. [14]

In addition, LIN Media estimates that $14.7 million to $17.7 million might drop in the fourth quarter’s net revenues of 2013 compared to the fourth quarter of 2012 because of the decline of significant political advertising in 2013. [15]

News

On Oct. 3rd, LIN Media held an investor conference in Austin, Texas and admitted that the company might sell some TV spectrum in FCC’s incentive auction held in 2014. That can help the company profit out of selling Class A low-power stations.

In addition, LIN Media plans to auction off WCTX, a MyNet affiliated television station located in New Haven, CT, and sign its MNT-anchored programming under ABC affiliate WTNH, and the company might make $115 million cash flow under this decision. [16]

Besides, LIN Media owned station, KHON-TV, a fox-affiliated television station located in Honolulu (#69 DMA), upgraded the newscast to high definition, switched the digital platforms and got the most advanced graphics system on Oct. 18th.[17] The improvement of technology is one of the most effective way to capture audiences.

What’s Next for LIN Media? 

Public advertising is one of the foundation of LIN Media’s revenue and 2014 will have a new strong political cycle such as the heated debate of healthcare. Those political activities will give the company incremental opportunity to make profits.

For programming, Mr. Sadusky said that continuing combining high-rated sports and entertainment syndicated programming and local programming together is the most effective method in television.

As of 2014 Sochi Winter Olympics, LIN Media will focus on freestyle skiing and snowboarding instead of the most popular events like ice hockey. In addition, LIN’s news stations are finding local content such as local athletes’ stories to increase coverage and attention.

Besides, LIN Media announces to keep increasing net retransmission consent fee without disclosing how many percentages they will keep. Moreover, the company plans working on shorter cycle operations with cable because of the rapid movement of the market and longer cycle operations with the networks. [18]

The company expects that the net retransmission consent fee might exceed $90 million in 2013, which might increase almost 200% compared with 2009’s $30.1 million. [19]

On Dec. 10th, LIN Media will hold a small or medium cap conference at JP Morgan. By that time, the company will discuss more about future investments and developing strategies. [20] 

Competitors 

Major competitors of LIN Media include Nexstar, Gray, EW Scripps, Media General and Fisher Communications. [21]

             

Source:

[1] LIN Media History – http://www.linmedia.com/our-company/company-history/. 

[2] About LIN Media – http://www.linmedia.com/wp-content/uploads/2013/11/LIN-Media-Communacopia-TV-Panel-9-25-13.pdf – Retrieved Date: Sept. 25th, 2013

[3] About LIN Media – http://www.linmedia.com/our-company/

[4] LIN’s long-term affiliations – http://www.linmedia.com/wp-content/uploads/2013/11/LIN-Media-Investor-Day-Presentation_10-3-13.pdf – Retrieved Date: Oct. 3rd, 2013

[5] LIN Media’s Markets Rank Range – http://www.smallcapnetwork.com/LIN-Media-LLC-LIN-The-Next-Small-Cap-Media-or-Social-Media-Giant-SBGI-NXST-PBS/s/via/3414/article/view/p/mid/1/id/1490/ – Retrieved Date: Sept. 5th, 2013

[6] Peer Comparison of ratings – http://www.linmedia.com/wp-content/uploads/2013/11/LIN-Media-Investor-Day-Presentation_10-3-13.pdf – Retrieved Date: Oct. 3rd, 2013

[7] LIN’s Local News Rating – http://www.linmedia.com/wp-content/uploads/2013/11/LIN-Media-Investor-Day-Presentation_10-3-13.pdf – Retrieved Date: Oct. 3rd, 2013

[8] LIN’s Local Programmings – http://www.linmedia.com/wp-content/uploads/2013/11/LIN-Media-Investor-Day-Presentation_10-3-13.pdf – Retrieved Date: Oct. 3rd, 2013

[9] About LIN Digital – http://www.linmedia.com/newsroom/

[10] Competitor Comparison of digital revenues of Q2’13 – http://www.linmedia.com/wp-content/uploads/2013/11/LIN-Media-Investor-Day-Presentation_10-3-13.pdf – Retrieved Date: Oct. 3rd, 2013

[11] LIN Digital’s Video Network Rank of ComScore – http://www.lin-digital.com/pressreleases/lin-digital-debuts-top-20-comscore%E2%80%99s-video-network-rankings – Retrieved Date: Oct. 24, 2013

[12] LIN Media Class A Common St Stock Chart of the Fall 2013 – http://finance.yahoo.com/echarts?s=LIN+Interactive#symbol=lin;range=20130826,20131115;compare=;indicator=volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;

[13] LIN Media Digital Revenue – http://www.linmedia.com/wp-content/uploads/2013/11/LIN-Media-Investor-Day-Presentation_10-3-13.pdf -Retrieved Date: Oct. 3rd, 2013

[14] LIN’s Local Revenue – http://www.tvnewscheck.com/article/71771/lin-media-3q-net-revenue-climbs?ref=search – Retrieved Date: NOV. 6th, 2013

[15] LIN’s Q4’13 Revenue Expectation – http://www.linmedia.com/wp-content/uploads/2013/11/LIN-Media-LLC-Announces-Third-Quarter-2013-Results.pdf – Retrieved Date: Nov. 6th, 2013

[16] LIN Media’s Plan of Selling Spectrum – http://www.tvnewscheck.com/article/71608/to-some-selling-spectum-could-makes-sense?ref=search – Retrieved Date: Oct. 30th, 2013

[17] KHON upgraded newscasts in HD – http://www.tvnewscheck.com/article/71318/khon-debuts-new-onair-look-hd-news?ref=search – Retrieved Date: Oct. 18th, 2013

[18] LIN Media’s Tech, Media & Telecom Conference -http://cc.talkpoint.com/well001/111213a_dy/?entity=21_4MWG15Q- (requires registration) – Retrieved date: NOV. 12th, 2013.

[19] LIN’s Net Retransmission Consent Fee – http://www.linmedia.com/wp-content/uploads/2013/11/LIN-Media-Investor-Day-Presentation_10-3-13.pdf – Retrieved Date: Oct. 3rd, 2013

[20] LIN Media’s Future Cap Conference -http://www.linmedia.com/investor-relations/calendar/

[21] LIN Media’s Competitors – http://www.linmedia.com/wp-content/uploads/2013/11/LIN-Media-Investor-Day-Presentation_10-3-13.pdf – Retrieved Date: Oct. 3rd, 2013