News Briefs - Nov. 15, 2012

BREAKING: Dial Global to Quit the Nasdaq Exchange. TPMedia News has learned that radio syndicator Dial Global has notified the Nasdaq Stock Market that it intends to voluntarily delist from Nasdaq's Global Market. The decision was made following a review by the Dial Global Board of Directors. They considered a number of factors including compliance costs and obligations that result from the maintenance of the listing, and the relatively limited historical volume of trading in the company's common stock. The company currently expects to file a Form 25 with the SEC before the end of the month, with the delisting to become effective in early December. "Dial Global has no plans to list or register its common stock on another national securities exchange," says a source inside the company. We're told that following delisting, the company's common stock will no longer trade on Nasdaq under its "DIAL" symbol. It is expected that, if one or more market makers determine to make a market in their common stock, the company's common stock will then instead trade on the OTC Pink Sheets.

WCSX-FM/Detroit PD Brent Alberts Out. Program Director Brent Alberts exits Greater Media's Classic Rock WCSX-FM, Detroit, after two-and-a-half years, telling us his contract wasn't renewed. Alberts posted on his Facebook page, "As of this morning I am no longer with Greater Media Detroit. WCSX has been one of the highlights of my career, and what a great staff. I will miss the many folks I worked with here. It was truly an honor to program and work for this company in Detroit. Who knows what's next for me. Only time will tell!" He was previously the Midwest Region Director of Programming and Operations for Citadel for eight years, based in Michigan.

Folger Media Debuts Another Country 'Blake FM'. Townsquare Media Wichita Falls flips "Lonestar 102.3" to Folger Media's "Blake FM" syndicated Country format. This comes only a few months after the launch of "Blake FM" in Lubbock. Folger Media President Joel Folger says, "Blake FM is a winning brand and we're thrilled to have another station on board." Joining Folger in consulting "Blake FM" is country music programming veteran Kevin Christopher, who programs "Blake FM" in Oklahoma City. Rick Andrews from "Blake FM" in Amarillo was also instrumental in helping with the latest launch.

MLC Launches Caliente Radio Network. Media Latino Communications announces the launch of its new Caliente Radio Network, which features the Tropical Format, and targets Hispanic Adults 18-34. The new network features Salsa, Reggaeton, Batchata, and Merengue songs. "The format is designed to create a celebratory atmosphere, with lots of high voltage energy," says MLC. CRN Program Director Jorge Almodovar tells us, "I am very excited about joining MLC on this wonderful and exciting venture, and I am pleased to say that our team lives to entertain. A radio station needs to be innovative and our Caliente team brings a great deal of excitement to this journey. There is no substitute for passion, and our focus is to create a great radio listening experience." Caliente Radio Network is available on barter with market exclusivity.

Coke, Fidelity and Goldman Sachs Invest in Spotify. We recently reported that Spotify was close to finalizing $100 million in financing that would bring the digital music service's value in at just over $3 billion. At the time, we wrote "the investment in Spotify would come from multiple sources, although Goldman Sachs is the only one named." Now there are credible reports that Coca-Cola and Fidelity Investments are two other investors involved in the financing round. The New York Times reports that its sources say roughly half of the $100 million investment comes from Goldman Sachs, with about 10 percent from Coca-Cola and 15 percent from Fidelity. The remaining 25 percent is coming from Spotify's existing investors. NYT notes that earlier this year, Coke and Spotify announced a marketing partnership but no specifics were ever revealed beyond a promise to help the digital music service expand globally into new markets.

FCC Reportedly Ready to Allow Continued Tribune Cross-Ownership The FCC is reportedly set to vote on relaxing media-ownership rules, and okaying Tribune Company's common control of radio, TV stations and newspapers in cities including Chicago and New York. That would clear the way for Tribune to emerge from its long Chapter 11 bankruptcy. According to several reports, Tribune claims that FCC Chairman Julius Genachowski has asked for a vote to "streamline and modernize" media ownership rules. Tribune, after its reorganization, needs new approval of its exemption that goes back to 1975 when rules limiting or preventing cross-ownership of media outlets became effective. In addition to Chicago and New York, markets affected by an FCC green light include Los Angeles, South Florida and Hartford where Tribune has both TV stations and newspapers. In Chicago, the company has its one and only radio station, WGN-AM. Tribune is still widely rumored to likely divest at least some of its broadcast facilities, but only after emerging from its bankruptcy proceeding.

FCC Says Media Ownership Diversity Still Lacking. The FCC, releasing an assessment of female and minority ownership of commercial broadcast radio and television stations, says the data shows that diversity is still lacking in the marketplace. According to the Commission's data, as of 2011, whites own almost 80% of all AM and FM radio stations, with more than 70% owned by men. Women own just under 7% of all full-power commercial radio and TV stations; racial and ethnic minorities control only 5% of those TV stations and 8% of radio stations. The FCC reports that African-Americans went from owning 1% of all commercial TV stations in 2009 to only 0.7 percent in 2011. Asian ownership was down from 0.8% in 2009 to 0.5% last year. Latino ownership increased slightly from 2.5% to 2.9% percent. Females owned 6.8% of all commercial TV stations in 2011, compared to 5.6% in 2009.

SoundExchange Pays Out $122.5M in Q3 2012. SoundExchange says it paid out $122.5 million in royalties in the third quarter of 2012, its largest quarterly payout ever. In 2012, SoundExchange has already distributed $326.9 million in digital royalties, passing the $292 million in royalty payments from all of last year. Says SoundExchange President Michael Huppe, "This distribution represents yet another record-setting quarter for SoundExchange, but means so much for the recording artists and record labels that rely upon this growing revenue stream. Musicians and rights owners -- both superstars and rising stars -- have come to depend on these royalty payments. We are proud to help facilitate this growth and are passionate about our work in protecting this revenue stream, and moving the music and creative community forward." Since SoundExchange was founded, it has reportedly distributed about $1.2 billion in performance royalties to artists and labels.

Cox Media Group Supports Sandy Relief Efforts. Cox Media Group is lending its support to storm-affected communities in the Northeast by donating a combined $75,000 to aid relief efforts in Southern Connecticut, Long Island and surrounding areas of New York City, that have begun the long journey to recover from Superstorm Sandy. CMG’s contribution will be shared with charities identified as having some of the greatest need by Cox Reps New York, CMG Connecticut and CMG Long Island radio stations. Earlier this week, CMG’s parent company, Cox Enterprises in partnership with The James M. Cox Foundation, announced a combined cash donation of $100,000 to the American Red Cross to assist the relief and recovery efforts of the communities affected by Hurricane Sandy.