Dial Global Restructures Credit Status; Pays Down $15 Million of Existing Term Loan. The industry has been watching the state of Dial Global’s debt situation and now the company announces that it, its lenders and certain of its stockholders have agreed to recapitalize the company’s existing credit facilities, other obligations and equity interests. CEO Spencer Brown states, “The new agreements with our lenders represent a significant step forward for the company. Once these transactions close, we will have delivered our balance sheet and decreased cash interest expense. The agreements will provide us with greater flexibility to actively manage and grow our business. We look forward to closing these transactions in April and focusing on serving our clients.” As part of the recapitalization, the company has entered into an Amended and Restated Credit Agreement, by and among the Company, General Electric Capital Corporation, as administrative agent and collateral agent, and the lenders party thereto which provides for a $15 million paydown of the company’s existing term loan and revolving credit commitments. That agreement matures on October 21, 2016. The company is also entering into a Priority Second Lien Credit Agreement among the company, the administrative agent, the syndication agent and the lender party for an additional $31.5 million through a term loan facility to the company, with a maturity date of July 21, 2017. As part of this Dial Global agrees to issue it penny warrants to purchase 7.5% of the company’s common stock exercisable immediately following the consummation of the recapitalization. Regarding the existing Second Lien Credit Agreement, dated as of October 21, 2011, lenders agreed to restructure their existing approximately $93 million in second lien obligations by amending and restating that agreement to provide for a $30 million term loan that matures five years after the expected closing of the recapitalization and exchanging approximately $63 million in remaining obligations under the existing Second Lien Credit Agreement for a new series of preferred stock of the Company. Under various subscription and exchange agreements between the company and the holders of the company’s PIK Notes and Series A Preferred Stock, such holders have agreed, subject to the satisfaction of certain specified conditions, to exchange their PIK Notes and Series A Preferred Stock for equity securities of the company and have further agreed to make an additional equity infusion of $16.5 million.
Construction Continues at Boston’s “Hot 96.9”; Baltazar Joins AM Drive Show. Greater Media’s rhythmic AC WTKK, Boston “Hot 96.9” adds Baltazar to the morning show alongside Pebbles for the new Baltazar & Pebbles show. Baltazar recently exited his position at CBS Radio’s CHR KZZO “Now 100.5” in Sacramento and prior to that served in Beantown at Clear Channel’s hip hop WJMN “Jam’n 94.5.” Program director Cadillac Jack McCartney says, “2013 is shaping up to be a very good year for the ‘All New Hot 96.9.’ The list is very small of radio personalities in America who would, on day one, already have a raving fan base in Boston, proven chemistry with Pebbles, and a great sense of humor to top it all off. Baltazar brings that and more to our station. I am very pleased to be able to add another ‘A’ talent to the team and reunite Baltazar and Pebbles for the first time in over 12 years for the listeners of Boston.”
JC Corcoran to Host AM Drive on Classic Rock KKRW, Houston “The Arrow.” The longtime St. Louis radio personality is heading south to Houston to become the morning drive host at Clear Channel’s classic rocker “The Arrow.” As Joe Holleman points out in his column in the St. Louis Post-Dispatch, JC Corcoran has worked at – and been fired from – a slew of the market’s stations over the past 29 years. Corcoran tells the paper proudly, “People started trying to run me out of town two weeks after I got here back in 1984. So I consider it a moral victory that it took them 29 years to do it.” Corcoran started at rock KSHE in 1984 and has worked at about six other stations in St. Louis. In the Post-Dispatch story, former co-host John Ulett and former Post-Dispatch critic Eric Mink credit Corcoran with bringing an edge and an irreverent slant to St. Louis radio that previously did not exist.
More RadioInfo Career Moves. At Ohana Media Group’s Anchorage stations, vice president of programming Tom Oakes takes on the PD role at hip hop KFAT in the wake of programmer Derek Moran’s departure…..Derek “Deek” Kastner – who recently exited alternative KMYZ, Tulsa – joins Jon Williams for the morning show at Butler Broadcasting’s alternative KXNA, Fayetteville, Arkansas. The two have worked together in the past co-hosting mornings at Clear Channel’s crosstown classic rock KIGL…..Talk host Jim Villanucci’s contract at Cumulus Media’s news/talk KKOB, Albuquerque is not renewed and the highly rated personality exits the station. PD Pat Frisch holds down PM drive until a replacement is found…..Criswell College-owned Christian contemporary KCBI, Dallas brings Joel Burke aboard as program director. Burke previously programmed Clear Channel’s country stations KASE and KVET in Austin.
PERSONALITY SPOTLIGHT: Recording Artist Sir Ivan Attracting Interest. He’s a songwriter and recording artist as well as a philanthropist and one of the most intriguing personalities to emerge on the pop music scene in quite a while. Sir Ivan, (a.k.a. Ivan L. Wilzig and pictured at left) who’s latest track, “LaLa Land” debuts on the RadioInfo Pop Chart this week at #40 is not cut from the same cloth as most of the talent competing on today’s crop of music competition reality shows. Actually, he’s somewhat of a caped and costumed real-life super hero-type character dedicated to bringing peace and love to the world. Born in 1956, Sir Ivan is the son of Holocaust survivors who went on to achieve enormous wealth in the oil industry. He has created a signature style of music amply displayed on both the audio track and music video of “LaLa Land” combining techno and hippy lyrics that he has dubbed technippy. The video, described by RadioInfo resident radio historian and music editor Duane Doobie as being “a provocative cross between Fellini and Psy with an irresistibly infectious hook” was recorded on the grounds of his 15,000 foot Sir Ivan’s Castle (that’s right a landmark castle) on Long Island called by many the “Playboy Mansion of the East Coast” because of its reputation as a charity party venue. Sir Ivan founded The Peaceman Foundation, a non-profit organization that battles hatred, violence and post-traumatic stress disorder (PTSD). His personal recording artist royalties from album sales are donated to the Foundation. As the Foundation’s spokesperson, he dresses as a caped character called Peaceman and sometimes goes out on good-will missions dressed in costume. The Foundation has made a substantial contribution to The Trevor Project, the leading national organization providing crisis intervention and suicide prevention to lesbian, gay, bisexual, transgender and questioning youth (LGBTQ.) He also financially supports Superheroes Anonymous, an organization of real-life super heroes that perform community service, including feeding the homeless. To see this week’s RadioInfo Pop Music Chart click here.
Welcome to the Concept of Core-Casting. It is a simple and elegant idea that puts one of the most effective radio broadcasting uses of social media into perspective and focus. Noted digital radio consultant and RadioInfo columnist Chris Miller writes today (3/4) about how social media provides radio programmers and talent with a pipeline to communicate directly with their most ardent listeners and fans. Miller writes, “There are companies outside radio who are learning how to use social media to leverage the power of their most valuable customers. One day, some smart radio group is going to figure out that social media is not just more broadcasting in a different medium. Neither is it just a matter of getting likes, shares and comments. While most mass marketing involves some form of trolling for cume, this is different. This is like the sales department taking its 10 biggest clients on a cruise. It’s core-casting.” To read Chris Miller’s entire piece, click here.
Radio Broadcasters Still Learning About IP Codecs. Last week’s RadioInfo article by technical editor Tom Ray about the proper use and application of IP codecs raised several questions from readers indicating there is still a lot to be learned about this emerging technology that promises to be the next step beyond ISDN in remote audio delivery. Today (3/4), the industry’s leading technical wizard addresses some of those issues — namely 1) the most important thing to have in place to use IP codecs effectively; 2) how to integrate service between brands of the device made by different manufacturers and get them to “talk” to each other; and 3) how to go about purchasing and testing an IP codec. To read Tom Ray’s informative article or pass it along to the person at your station or company who manages technical issues and equipment, click here.
WIL, St. Louis Personalities Take Part in St. Baldrick’s Event for Children’s Cancer Research. Hubbard Broadcasting’s country WIL, St. Louis is supporting the 10th Anniversary of the largest St. Baldrick’s Foundation annual head-shaving event in St. Louis. The fund- and awareness-raising party to benefit life-saving children’s cancer research is this Saturday and “The Cornbread Morning Show” personalities Judi Diamond and Cornbread, along with WIL jock Derrick Keith, will be on-site during the marathon head-shaving event, to keep spirits of the participants high and the razors buzzing along. Cornbread and Derrick are going “head to head” to see who can raise the most money, with Judi serving as team captain and “referee.” The winner between Derrick and Cornbread will determine who has to shave their head between the radio hosts – even Judi!
Horizon Broadcasting Group Radiothon Tops $30k for Make-A-Wish Foundation. The Bend, Oregon cluster of Horizon Broadcasting Group – oldies KQAK, hot AC KWPK “The Peak 104.1,” and AC KLTW “Lite 95.7” – helped raise $30,369 and added 110, 254 frequent flyer miles that will help grant wishes to children living with life threatening medical conditions in Central Oregon. The two-day “Make-A-Wish Radiothon” is in its 12th years and thus far has raised more than $294,000 and generated over 2.3 million air miles since its inception in 2001. Pictured here are (from l-r): KQAK morning personality Dave Clemens, Make-A-Wish Foundation’s Tracey Lam and Megan Hoy, “The Peak 104.1” personalities Debby Bever and Robin Fox, Horizon promotions director Heather Roberts, Make-A-Wish’s Kara Post, KQAK personality Jim Schoebel and Make-A-Wish CEO Laila Umpleby.