Creates a Leading, Integrated Media and Entertainment Company and One of America’s Top Two Radio Broadcasters
Entercom Communications Corp. (“Entercom”) (NYSE: ETM) today announced that it has completed its merger with CBS Radio Inc. (“CBS Radio”), creating a leading American media and entertainment company and one of the top two radio broadcasters in the country. Entercom is now the #1 creator of live, original, local audio content in the United States and the nation’s unrivaled leader in news and sports radio. With a nationwide footprint of 235 stations, Entercom will engage over 100 million people weekly with a premier collection of highly-rated, award-winning radio stations, digital platforms and live events.
“We are thrilled to officially close our transformational merger with CBS Radio and welcome their talented employees and iconic brands to Entercom,” said David Field, Entercom’s President and Chief Executive Officer. “We look forward to capitalizing on our unique positions in sports, news, music, podcasting, live events, digital and more to provide outstanding experiences for our listeners and compelling integrated marketing opportunities for our advertisers. We now have the scale and capabilities to drive meaningful growth and to compete more effectively with other media for a larger share of advertising dollars. We also look forward to helping to elevate the Radio industry, which remains massively undervalued by advertisers despite having emerged as America’s #1 Reach medium, delivering outstanding ROI to customers.”
About Entercom Communications Corp.
Entercom Communications Corp. (NYSE: ETM) is a leading American media and entertainment company reaching and engaging over 100 million people each week through its premier collection of highly rated, award winning radio stations, digital platforms and live events. As one of the country’s two largest radio broadcasters, Entercom offers integrated marketing solutions and delivers the power of local connection on a national scale with coverage of close to 90% of persons 12+ in the top 50 markets. Entercom is the #1 creator of live, original, local audio content and the nation’s unrivaled leader in news and sports radio. Learn more about Philadelphia-based Entercom at www.Entercom.com, Facebook and Twitter (@Entercom).
This communication contains “forward-looking statements.” All statements other than statements of historical fact contained in this report are forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of our operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “projects,” “would,” “will,” “could,” “may,” “estimate,” “outlook” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on our current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate.
Factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, risks associated with tax liabilities, or changes in U.S. federal tax laws or interpretations to which they are subject; risks that the new businesses will not be integrated successfully or that the combined companies will not realize estimated cost savings, value of certain tax assets, synergies and growth or that such benefits may take longer to realize than expected; failure to realize anticipated benefits of the combined operations; risks relating to unanticipated costs of integration; the impact of consummation of the transaction on relationships with third parties, including advertiser clients, employees and competitors; a decline in advertising revenue and the seasonality of advertising revenue; intense competition in the broadcast radio and media distribution industries; impact on advertising rates and revenues due to technological changes and failure to timely or appropriately respond to such changes; ability to attract new and retain existing advertiser clients in the manner anticipated; increases in or new royalties; high fixed costs; ability to hire and retain key personnel; failure to protect our intellectual property; availability of sources of funding on favorable terms or at all; changes in legislation or governmental regulations affecting the companies; economic, social or political conditions that could adversely affect the companies or their advertiser clients; conditions in the credit markets; and risks associated with assumptions the parties make in connection with the parties’ critical accounting estimates and legal proceedings.
All of our forward-looking statements involve risks and uncertainties (some of which are significant or beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. You should carefully consider the foregoing factors and the other risks and uncertainties that affect the parties’ businesses, including those described in the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the U.S. Securities and Exchange Commission (the “SEC”) by Entercom Communications Corp. (“Entercom”), CBS Corporation (“CBS”) (to the extent they relate to CBS Radio Inc. (“CBS Radio”) and its relevant subsidiaries) and CBS Radio. We wish to caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.
Entercom Communications Corp.
Esther-Mireya Tejeda, 610-822-0861
– Developers can now use the Alexa Skills Kit (ASK) to build new skills and capabilities for customers in Canada
– Canadian developers are building skills for Alexa, including Air Canada, TD Bank, TELUS, CBC, The Weather Network, and ecobee
– Global developers are bringing more than 10,000 skills to customers in Canada this year including Philips Hue, TED Talks, Uber, and more
– Starting today, hardware manufacturers can begin developing Alexa-enabled products for Canadian customers with the Alexa Voice Service (AVS)
Amazon today announced the expansion of the Alexa Skills Kit (ASK) and the Alexa Voice Service (AVS), enabling developers around the world to build voice experiences for Alexa customers in Canada.
“Our philosophy from day one was to make it as easy as possible for developers to create voice experiences with Alexa that reach customers in a totally new way,” said Steve Rabuchin, Vice President, Amazon Alexa. “Tens of thousands of developers are already building innovative Alexa skills and Alexa-enabled products. We are excited to expand our tools to enable developers around the world to reach Alexa customers in Canada.”
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The Dartmouth-based parent company behind national broadcaster Newcap Radio is picking up two FM radio stations in New Glasgow in a deal that still has to be approved by Canada’s regulatory watchdog for the industry.
Newfoundland Capital Corporation, which owns the 72-station Newcap Radio chain, did not divulge the price it is to pay under that deal for the Hector Broadcasting’s CKEC and CKEZ in Pictou County.
Hector Broadcasting president Mike Freeman declined a request for comment about the deal or the stations’ profitability, noting the deal needs the approval from the Canadian Radio-television and Telecommunications Commission (CRTC).
“I won’t be discussing it until we have a decision from the CRTC,” said Freeman. “It’s still pending.”
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Canadians’ data usage on their wireless devices and over their home Internet connections continues to climb, according to the CRTC’s 2017 Communications Monitoring Report.
Canadians are adopting mobile broadband service at a rapid rate. In 2016, there were 3 million more mobile broadband subscriptions than the previous year, a 13.3% increase. Canadians used an average of 1.2 gigabytes (GB) of data per month on their wireless devices, a 25% increase from 2015. More than a quarter of those who subscribed to a monthly data plan had at least 5 GB of data.
Many young people are turning to their wireless device to watch TV. Forty-one percent of 18-34 year olds use their smartphones to watch TV online, compared to 11% of Canadians aged 50-64 years old and 4% of Canadians aged 65 and over. Other popular activities included accessing the Internet, emails and social media networks.
At the same time Canadians are also increasing the data and speed of their home Internet connections. In 2016, monthly data usage (downloads and uploads) increased by 23.4% to reach 128.3 GB. Over the last five years, Canadians monthly data consumption increased by an average of 40% each year.
In addition, 26% of subscribers had chosen a download speed of at least 50 megabits per second (Mbps). Five years ago, only 3.6% of Canadians subscribed to this speed tier. More and more Canadians have the option to subscribe to this speed tier. By the end of 2016, 84% of Canadians had access to download speeds of at least 50 Mbps and upload speeds of at least 10 Mbps on fixed broadband Internet services.
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Newfoundland Capital Corporation Limited (the “Company”) today announces its financial results for the third quarter ended September 30, 2017.
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Canadians are increasingly turning to platforms and devices connected to the Internet for their video and audio content, according to the CRTC’s 2017 Communications Monitoring Report.
Canadians aged 18-34 years old are leading the trend with 23% watching TV exclusively online. Nationally, 13% of Anglophones watch TV exclusively online compared to only 4% of Francophones. Overall, Canadians aged 18 years or older watched 3.1 hours of Internet TV per week in 2016, compared to 2.7 hours in 2015.
Although Canadians are spending less time with traditional television and radio services, these platforms continue to play an important role in their lives. Canadians watched on average 26.6 hours per week of traditional television in 2016, compared to 27.2 hours in 2015. Canadians aged 65 and over watched the most television at 42.8 hours per week.
A similar trend is occurring for audio content. Twenty-two percent of Canadians aged 18 years or older streamed AM/FM stations online, while more than 55% streamed music videos on Internet-based services. Twenty-seven percent of Canadians aged 18 years or older streamed personalized music, compared to 20% in 2015.
Regarding traditional radio, Canadians listened to an average of 14.5 hour per week, down from 15.6 hours per week in 2015. Canadians aged 65 and over listened to the most radio at 18 hours per week.
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Oxford Dictionaries calls it “one of the most taboo words in English,” noting that it is typically replaced in print with such euphemisms as “the F-word” or “f–k.”
But Canada’s broadcasting watchdog has ruled that when aired in French, the word “does not have the same vulgar connotation.” Responding to a complaint by a listener of a Montreal French-language radio station angered by repeated airing this year of the F-word, the Canadian Broadcast Standards Council panel ruled Tuesday that its ethics code had not been breached.
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Nathalie Dorval, Chair of the Board of Directors of the Canadian Association of Broadcasters (CAB) is pleased to announce the appointment of Sylvie Courtemanche as the CBSC’s new Chair. The appointment is effective as of January 2nd, 2018.
“Sylvie is well known to all industry stakeholders and has over 25 years’ experience in the broadcasting industry and in the public sector. Ms. Courtemanche is well acquainted with all aspects of our industry and understands the importance of broadcast standards and the key role the CBSC has played over the last 25 years in the interpretation and application of the CAB’s broadcast codes.”, said Nathalie Dorval.
“We selected an individual who would continue to build on the accomplishments of the CBSC,” she added. “Sylvie is uniquely qualified to understand the importance of effective and credible self-regulation.” The Appointment was made, following the recent announcement by Andrée Noël of her plan to retire after more than 6 years as CBSC’s Chair. The CAB wishes to acknowledge Andrée’s terrific stewardship of the CBSC and we wish her well in her retirement.
“I am delighted to join the CBSC and to have the opportunity to assume the challenging role of Chair,” said Ms. Courtemanche.
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Internet radio pioneer Pandora took a beating on Friday, as its stock plunged around 25% after a dismal Q4 revenue forecast. And there’s a sign that more trouble is on the horizon: teens are fleeing the service at a staggering rate, according to a recent survey by Piper Jaffray.
Pandora has gone through a flurry of changes over the last year, both in management and strategy, culminating with a CEO change in which cofounder Tim Westergren stepped down in June, and was replaced by former Sling CEO Roger Lynch in August.
In Lynch’s prepared remarks for Pandora’s earnings call Thursday, he acknowledged that he had a tough road ahead of him — “tangible challenges,” as he put it.
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Maybe it’s just me who head-scratches when I see a pic of a colourful playout system on social media posted by an enthusiastic presenter: “I’m on the radio now” Yeah? Or worse: “This is my view for the next three hours”.
Similarly, a pic posted of a screen-shot of the next track they’re about to play/played some time before I saw it: “This is a banger”.
It’s a little like saying ‘come and see my new car’ – and then showing someone a pic of the engine. A car is sold on the pride, the speed, the freedom – not a pic of its engine. A song is not about its title printed on screen – it’s a three dimensional visceral experience. To reduce it to a prosaic line of text diminishes its promise – unless your accompanying social media remark truly adds value.
This really is the broader question of a digital strategy. Why do stations and individuals spend their time, money and energies on their assorted social media presences and websites?
Read more here.