Bullets will be sweat, tears -- someone's --- will fall today at Fisher Plaza as the Board shootout with dissident shareholder David Lorber of FrontFour Capital will decide the fate of the media -- radio and teevee -- company.
CEO Colleen brings some so-so news and some bad news to the table. In the quarter which just ended, overall revenues went up 7%, but radio division cash flow margins dropped from 6.8% to 5.8%.
Brown’s critics have railed about the lower-than-average margins at Fisher, across radio and TV. For the just-ended first quarter, there were some unique situations - #1, the re-formatting of Seattle's KVI (570) from conservative talk to oldies. #2 is "The wind-down of the KING-FM Joint Sales Agreement", which the company says was a money-loser that it ended early, on May 1. Clipping the deal early cost it some one-time money, but CEO Brown says it was worth it – “This has not been a profitable venture for the company, since I’ve been here…I’m very much looking forward to operating this radio division without the drain on cash flow.” Fisher took over ad sales for commercial-classical KING-FM (98.1) in 2002, after Entercom gave up the job. Last year KING-FM (already run by a non-profit) announced it would be switching to a non-commercial business model in mid-2011, and you wonder if Fisher terminating the JSA early is one reason KING accelerated its conversion date. Fisher says the KING deal might’ve cost it $1 million a year in cash flow. It's optimistic about the prospects for stations such as news/talk KOMO-AM/FM (1000/97.7) and hot AC KPLZ (101.5), which Brown says are out-performing the Seattle market.
Read some background on today's Fisher board meeting here.
Is there any truth to the rumor that Hood's inheritance is the subject of discussions with KIRO?
Posted by: Lee | May 11, 2011 at 12:44 PM
Non-event today. Vote results not to be announced for a couple days.
Posted by: Fisher Junkie | May 11, 2011 at 01:30 PM
Ron Reagan is on Hardball. I knew he lived in Seattle, but I assumed he lived in some big house deep within a gated community with a solid gate and twenty foot high shrubs, so I looked it up, and lo and behold, he just lives in a fairly inexpensive, tiny house. I figure the Reagan estate must be worth several million at least.
I think I'm probably prone to being star struck, but I haven't seen a star lately so I don't really know, but that must be strange walking out of your tiny little house, look over and see Ron Reagan walking out of his tiny little house to.
Posted by: Andrew | May 11, 2011 at 03:01 PM
It is not a tiny little house. It is not a mansion but is very middle class. He doesn't strike me as being particularly grandiose in his desires.
Posted by: joanie | May 11, 2011 at 05:19 PM
The house in in Magnolia. Elegantly understated.
Posted by: Rich | May 11, 2011 at 05:30 PM
You guys are actually commenting on Ron Reagan's house? Really? No... really? Kinda creepy that you seem to know where he lives. I wonder if he knows about you...
Posted by: Radio Queen | May 11, 2011 at 05:41 PM
And you're actually reading it?
Posted by: joanie | May 11, 2011 at 05:54 PM
Once again; his address is in the goddamned White Pages, this is readily available, highly public information. Ron Reagan is son of possibly the most famous president in modern times, and has a substantial Wikipedia page. I make no apologies for wondering how notable people leave, especialy ones who live in the same city as myself. This website showcases thousands of celebrities' houses.
The late James Doohan lived in Redmond. I'm curious what kind of digs he lived in also, but I haven't gone through the effort to find it yet.
Posted by: Andrew | May 11, 2011 at 08:29 PM
BlaM's inheritance is going toward an investment group trying to purchase KVI. Pass it on.
Posted by: Pete | May 11, 2011 at 09:04 PM
I can get KVI during the day and night, I would go for that.
Posted by: Coiler | May 11, 2011 at 09:28 PM
How much did Hood inherit?
Posted by: Lee | May 12, 2011 at 10:05 AM