WHAT SHOULD I BE DOING INSTEAD OF THIS?
 
April 3rd, 2012 By Kevin Osborne | News | Posted In: News, Media, Business, Courts, Financial Crisis

Media Companies Face Rough Times

Clear Channel has layoffs, while magazine owner seeks court's help

magazine

It’s a tumultuous time in Greater Cincinnati’s media scene. In addition to The Enquirer’s ongoing staff shakeups, troubles abound at Clear Channel Communications and at the firm that owns Cincinnati Magazine.

This all occurs just a month after the recent sale of CityBeat to Nashville-based SouthComm, Inc.

Clear Channel, which owns the most radio stations in the local market, laid off several employees last week.

Among the people who were let go were Tony Bender, the program director for WKRC (550 AM) and WCKY (1530 AM); Sherry Rowland, promotions director for WLW (700 AM); Mark Bianchi, digital sales manager; and traffic reporter Brian Pitts.

The staffers reportedly were laid off due to budget cuts.

Based in San Antonio, Texas, Clear Channel owns 850 radio stations across the United States, making it the nation’s largest radio station group owner both by stations and revenue. Locally, the media giant owns the previously mentioned WKRC, WCKY and WLW, along with WEBN (102.7 FM), WKFS (107.1 FM) and WSAI (1360 AM).

If you're in the media and need a job, you might want to consider applying to become The Enquirer's new sports editor. The last editor, Barry Forbis, recently quit to work for Fox Sports in Los Angeles. Here are the requirements for the job.

Meanwhile, Emmis Communications Corp. — which owns Cincinnati Magazine — is struggling to keep its stock listed on the NASDAQ exchange while the firm’s owner is being roundly criticized for asking an Indiana court to approve a plan to vote so-called “dead shares” of the company.

Indianapolis-based Emmis is seeking to vote the shares of preferred stock that the company had bought from shareholders at a sizeable discount. Typically, such shares are considered “extinguished” and no longer viable under tax and accounting rules. But Emmis executives said the shares weren’t actually bought, they merely were part of a “total return swap.”

If a judge agrees, Emmis will be able to vote those shares and convert its remaining preferred stock into common stock, so it doesn’t have to ante up the cash for unpaid dividends.

To deal with its financial problems, Emmis has borrowed a total of $31.9 million from controversial businessman Sam Zell, chairman of Equity Group Investments, to help keep the firm afloat.

Besides Cincinnati Magazine, Emmis owns similar publications in Atlanta, Indianapolis, Los Angeles, Austin, Texas and elsewhere. Also, it owns radio stations in New York, Los Angeles, St. Louis and Terre Haute, Ind., as well as in Bulgaria and Slovakia.

 
 
05.31.2012 at 10:20 Reply

It seems SouthComm has been quietly laying off several prominent CityBeat employees since it bought the paper in March.

Political columnist and news editor Kevin Osborne was among those canned. 

Really sad news...hope those who have lost their jobs can find something quickly.

 

 
 
Close
Close
Close