CLOSING BELL

Dow Gains 204, Nasdaq Finishes Up 31

U.S. stocks pushed further into record heights on Friday following an encouraging report on hiring across the country, though trading was shaky as the bond market was hit with another day of sharp swings.

Byron Allen Raises $10B For Tegna Bid, Debt Refinancing

Media entrepreneur Byron Allen has raised $10 billion in preferred equity and debt for his bid for station group Tegna, hoping to prevail over a rival offer from investment firms Apollo Global Management and Standard General LP, people familiar with the matter said. The financing is backed by a consortium of 14 banks and 10 investors, including Ares Management Corp., Fortress Investment Group, Oaktree Capital Management and Michael Milken’s family office, one of the sources said.

Greg McAlister Named GM Of KCBD-KLCW Lubbock

The veteran Texas broadcast executive is tapped by Gray Television to oversee its NBC-CW duopoly in Lubbock, Texas.

BRAND CONNECTIONS
EARNINGS CALL

Scripps Targets New Advertisers To Grow Core

“In addition to a strong ad market, our core revenue was being bolstered by our success capturing new-to-TV advertisers,” Local Media President Brian Lawlor told analysts this morning. “In this quarter we again had over 1,000 new-to-TV businesses advertising, who have been developed by our local sellers over the pandemic. Across our footprint, we are focused on maintaining a strong and consistent effort to bring new business to local television.”

Tegna Files Cross-Complaint Against Dish

It charges the satellite provider with bad-faith conduct in retrans negotiations and responds to what it calls Dish’s “false claims.”

QUARTERLY REPORT

Scripps 3Q Adjusted Station Rev Down 15%

The drop to $331 is pegged to lower political ad revenue, that more than offset an 18% increase in core advertising to $167 million.

Facebook Faces New Antitrust Lawsuit

The suit, filed by the now defunct photo start-up Phhhoto, accused the social network of stalling on a deal and then putting it out of business.

QUARTERLY REPORT

Graham 3Q TV Revenue Dips 5%

The decrease to $126.5 million is due to a $24.1 million decrease in political advertising revenue and partially offset by increased local and national advertising demand, Summer Olympics money and higher retrans revenue.

Moonbug, Producer Of Netflix Hit ‘Cocomelon,’ Sold To Kevin Mayer & Tom Staggs

The media venture run by Disney alums Kevin Mayer and Tom Stags and backed by private equity firm Blackstone has acquired Moonbug Entertainment, maker of popular kids shows like CoComelon. The valuation of the deal, which had been rumored in recent weeks, was not specified in the official announcement, but people familiar with the transaction pegged it at $2.75 billion. With earn-out incentives, the final pricetag could reach $3 billion.

TVN’S FRONT OFFICE

Digital Ad Taxation: Great In Theory, But Disastrous In Practice

A concept that on paper seems like a good idea — levying additional taxes on media companies that sell digital advertising to keep the power and influence of Big Tech in check — is quickly turning out to be a disastrous experiment. While many believe the digital behemoths aren’t paying enough taxes, remedies proposed at the state level demonstrate digital advertising taxes can be unfair to smaller media companies, particularly struggling local news outlets.

EARNINGS CALL

Univision Grew Auto Advertising Last Quarter

CEO Wade Davis: “We actually grew the auto category” low- to mid-single-digits, “which is pretty remarkable relative to some of the performance of our peers.”

Lionsgate Exploring Starz Sale Or Spinoff

Lionsgate says it’s exploring options for Starz is news that is sure to heat up the M&A rumor mill. The company made the announcement in an SEC filing as it reported quarterly earnings Thursday.

CLOSING BELL

Dow Falls 33, Nasdaq Advances 129

Despite a mixed finish, the S&P 500 and Nasdaq notched records on Thursday. The benchmark S&P 500 rose 0.4%, extending its winning streak to a sixth day. The Nasdaq climbed 0.8%, its ninth-straight gain and latest record high for the tech-heavy index.

EARNINGS CALL

Streaming Is ViacomCBS’s Focus For Wall Street

Those businesses will become one of three stand-alone reporting segments, along with traditional television (broadcast and cable) and film.

EARNINGS CALL

Gray TV Gives First Estimate Of 2022 Political

Kevin Latek: “The combined Gray, Quincy, Meredith portfolio, less divested stations, recorded $652 million in total net political revenue in 2020. We anticipate that next year’s revenues will roughly reach 80% of last year’s total in a presidential election year. We are therefore today guiding to total net political revenue for 2022 of approximately $525 million.”

EARNINGS CALL

Tegna Weighs Bids As It Reports Record Results

Execs keep mum on acquisition offers while waxing optimistic about the company’s revenue potential going forward.

QUARTERLY REPORT

ViacomCBS Reports Streaming Growth In 3Q But Subdued Overall Results

ViacomCBS cracked the $1 billion mark in streaming revenue in the third quarter, but overall results were more mixed, with total revenue rising 13% to $6.6 billion and earnings per share declining to 69 cents. Advertising inched up 1%. Cable network ad revenue gained 6%. Free, ad-supported streaming outlet Pluto TV continued to be a mainstay, with revenue up 99% and monthly active users rising to 54 million, paced by global expansion.

QUARTERLY REPORT

Tegna Reports 2% 3Q Revenue Gain

The increase to $756 million is driven by record third quarter subscription revenue and advertising and marketing services revenue.

QUARTERLY REPORT

Dish Loses 13,000 Subs But 3Q Profit Grows To $557 Million

The company finished the quarter with 10.98 million pay TV subscribers, down from 10.99 million at the end of the second quarter.  It had 8.42 million Dish TV subs, down from 8.55 million, but it grew its streaming Sling TV subscribers to 2.56 million, up  from 2.44 million.

QUARTERLY REPORT

Gray 3Q Broadcast Revenue Flat

However, total core ad revenue (which excludes political) climbed 23% to $292 million, increasing by $55 million, from 3Q 2020. Also, retrans money climbed 49% to $266 million.

EARNINGS CALL

Local Ad Trends Positive For Fox Corp.

Said CFO Steve Tomsic: “At the Fox Television Stations we continued to observe a meaningful rebound in the base market, with our core ad revenue up high single-digits, which partially offset the absence of historic political advertising revenues that we experienced last year.”

QUARTERLY REPORT

Roku Stock Falls After Slight 3Q Earnings Miss

Roku stock dropped sharply in after-hours trading after the company reported third quarter revenue that fell just short of Wall Street analysts’ consensus estimate. Revenue of $680 million missed the Street number by a bit more than $3 million. On the bottom line, though, earnings per share of 48 cents far outpaced the estimate of 6 cents.

CLOSING BELL

Dow Moves Up 105, Nasdaq Finishes Up 162

Stocks rose Wednesday after the Fed said it will dial back aid for the economy. The S&P 500 rose 0.6% and the Dow Jones Industrial Average added 0.3%, both marking their fifth straight gain. The Nasdaq climbed 1%, extending its winning streak to an eighth day. All three indexes set their latest record closing highs a day earlier.

QUARTERLY REPORT

Fox Corp. Quarterly Ad Revenue Jumps 17%

Fox Corp. posted a strong September quarter Wednesday afternoon, including a 12% pop in sales to $3.05 billion, beating Wall Street forecasts and fueled by a 17% uptick in ad revenue, citing continued growth at Tubi, the return of a full schedule of live events at Fox Sports and more scripted programming at Fox Entertainment — all versus last year when the industry was still staggering under COVID.

MRC Accredits IAS For Facebook, Instagram Measurement

Integral Ad Science (IAS) this morning announced it has been accredited by the Media Rating Council for impression and viewability measurement and reporting of display and video ads across Facebook and Instagram.

Sinclair Says It Has ‘Critical Mass’ Of Rights For Direct-To-Consumer Sports Offering

Viant Partners With Beachfront To Scale Real-Time Programmatic Buying Of Linear And CTV

Viant Technology Inc., an advertising software company, and Beachfront, a convergent TV advertising platform, have integrated Beachfront’s premium linear and connected TV (CTV) inventory into Viant’s Adelphic advertising software. With the integration, the companies say, “Adelphic becomes the first demand-side platform (DSP) to support Beachfront’s unique linear TV inventory, which is enabled for real-time bidding.” The […]

EARNINGS CALL

Sinclair Expects Core Ad Gain This Quarter

EVP-CFO Lucy Rutishauser: “Compared to fourth quarter pro forma 2019, media revenues [are trending to be] up 7% to 9%. Excluding the impact of political ad revenue, fourth quarter core advertising is expected to be up a low double-digit percent versus Q4 of last year and up by a low single-digit percent versus Q4 of 2019.”

Sinclair Broadcast Shuts Down Ring Of Honor Wrestling To Reevaluate Business

QUARTERLY REPORT

Sinclair 3Q Media Revenue Comes In Flat

That’s tagged to the absence of political advertising. Core revenues grew 11% to $434 million.