Building A Radio Empire-chancellor Media

Media originated with written text. The oldest known written document dates back to 2200 B.C. Around 500 B.C., Persia used a primitive mailing system, while the Greeks had a type of long-distance communication known as a ‘telegraph,’ which involved trumpets, drums, shouting, beacon fires, smoke signals, and mirrors. By 200 B.C., the Chinese circulated the first-ever ‘newspaper,’ called the Tipao gazette, among government officials. In Europe, newsletters started circulating around 1450, and over 150 years later, in 1609, Germany saw the circulation of the first regularly published newspaper. Advertising played a significant role in shaping the media industry from as early as 1631 when a French newspaper featured the first classified ads. Then in 1833, a New York newspaper was sold for just one penny, allowing it to reach a wide audience. Subsequently, radio emerged as another form of media.

In the early 19th century, an English man named Wheatstone replicated sound through print. However, it wasn’t until 1890 that Branly in France transmitted the first radio waves, signifying the true beginning of radio’s future. In 1901, the American Marconi Company (later RCA) sent radio signals across the Atlantic. By 1906, voice and music were broadcasted for the first time in the United States. DeForest introduced regular radio broadcasts featuring music in 1907 and followed it up with the first talk-radio format covering women’s suffrage in 1909.

Congress passed a law to regulate radio stations in 1912, leading to construction of KDKA -the first radio station- which began broadcasting its inaugural programs in 1920. During this period, ten minutes of commercial airtime cost $100. The Eveready Hour became the first sponsored radio program starting from 1924 and by that same year, over two and a half million radios were being used throughout America.

The “Golden Age” of radio is often associated with the 1930s when automobile manufacturers began installing radios into cars as early as 1929. Armstrong discovered FM waves in 1933 and established FCC (Federal Communications Commission) through the Communications Act in 1934. At this point, at least one radio set could be found in half of all American households.

In another milestone moment, A.C Nielsen started tracking radio audience in 1935; however, it was not until1954 when daily printed newspaper circulation was surpassed by number of radios sets.This event marked the decline of a single mass medium and the ascent of a fresh medium.

In 1996, the United States had around 12,000 radio stations that attracted a large audience and generated over $12 billion in advertising revenue. The implementation of the Telecommunications Act of 1996 resulted in the deregulation of the mass media industry, creating opportunities for mergers and acquisitions and leading to the emergence of ‘electronic barons’. Currently, corporations with three or more stations own more than half of all radio stations. Since then, there are now 1,100 fewer station owners. It is important to note that about 35 percent of industry revenues are controlled by just three major radio operators – Chancellor Media/Capstar, CBS Radio/Infinity, and Clear Channel/Jacor.

Television also has significant milestones throughout its history. Television theory was developed by a Russian named Rosing in 1907. By 1928, households began owning television sets and scheduled broadcasts were initiated in Schenectady, New York during the same year. Television made its public debut at the New York World’s Fair in 1939 with regular broadcasts starting at that time as well. NBC and CBS started commercial transmissions by 1941 and network television spread across America by 1949. In 1951, over 1.5 million television sets were being used in the United States. The introduction of regular color television broadcasts in 1954 marked a significant milestone for television news.The significance of John F. Kennedy’s assassination in 1963 was further highlighted through its broadcast and reporting. The Federal Communications Commission (FCC) regulated cable television, while color recording became the norm for most broadcasts by 1965. This new mode of communication rapidly expanded, with approximately 78 million televisions in American households by 1968 and around 200 million sets worldwide, showcasing its widespread growth and influence.

Mass Media Today

The evolution of mass media, from local newspapers to radio and now television, has seen significant advancements. However, the relevance of newspapers and radio has been questioned, and even television is experiencing a decline. This begs the question of what the next medium will be – whether it’s the Internet, digital radio, or something entirely new that hasn’t been invented yet.

In its early stages, mass media faced strict regulations under the Communications Act and the establishment of the Federal Communications Commission. The close relationship between mass media and government emphasized its crucial role in democracy as it is protected by the First Amendment. However, in 1996, everything changed with the Telecommunications Act. Its purpose was to allow any communication business to enter any market and compete against others.

Unfortunately, instead of reducing barriers for entry as intended, it actually facilitated large-scale mergers and acquisitions that resulted in mega-corporations forming. Consequently, these entry barriers have become almost impossible for new companies trying to compete in this industry.In addition,this led to big operators acquiring numerous stations due to elimination of previous limitations on station ownership imposed by the Telecommunications ActLarge corporations have gained significant control over all aspects of the media industry, including content creation and delivery. This has resulted in a state of shared ownership that can be interpreted as monopolies.

In 1996, the TV industry experienced mergers and acquisitions worth $8.6 billion, while the radio industry had a total of $14 billion. This caught the interest of potential media moguls like Hicks, Muse, Tate & Furst, an investment company currently in the process of creating a radio empire.

Chancellor Media Corporation

If Chancellor were a baby, its parents would have it checked out for hormone problems. This’s a Texas-based radio company that has grown rapidly since it was established in 1993. With the approval of the Capstar merger, Chancellor Media will become the biggest radio empire in the United States.

Chancellor Media, headquartered in Dallas, Texas, is a publicly traded corporation engaged in radio broadcasting, outdoor advertising, and media representation. It maintains a widespread presence with 129 offices throughout the United States. In 1998, the company achieved an astounding revenue of $1,273.9 million, marking a remarkable growth rate of 118.8% compared to the previous year. Chancellor Media’s stock is listed on NASDAQ as AMFM and has experienced fluctuations between $18.625 and $59.375 within the past year.

The company’s workforce comprises approximately 5,700 full-time employees and 1,000 part-time employees – reflecting a rise of 10% from the preceding year and an impressive surge of 192.5% since 1996. Among Chancellor Media’s subsidiaries are AMFM Radio Networks, Christal Radio Group, Eastman Radio Inc., Katz Media Group, National Cable Communications, Seltel Inc., and Sentry Radio Sales.

Radio Broadcasting

Chancellor Media currently owns a total of 125 radio stations in the top 30 markets in the United States and Puerto Rico. This includes 92 FM stations and 33 AM stations. In 11 of the nation’s 15 largest radio markets (New York, Los Angeles, Chicago, San Francisco, Philadelphia, Detroit, Dallas/Ft. Worth, Washington D.C., Houston, Puerto Rico, and Phoenix), Chancellor Media holds superduopolies consisting of clusters with four or five FM stations. Additionally, they have superduopolies in five other large markets (Minneapolis-St. Paul, Pittsburgh, Denver, Cleveland, and Orlando).

Chancellor Media’s collection of radio stations is geographically diverse and offers a broad range of programming formats. These formats include adult contemporary, contemporary hit radio, urban, jazz, country, oldies, news/talk, rock, and sports. Each of Chancellor Media’s stations targets a specific demographic audience within a market. Most stations primarily appeal to men and/or women aged 18 to 34 or 25 to 54, which are the demographic groups that advertisers are particularly interested in.

Outdoor Advertising

Chancellor, the fifth largest outdoor advertising company in the United States, owns over 42,500 billboards and outdoor displays in 38 states.

Media Representation

Katz is a media representation firm that sells national spot advertising time for its clients in the radio and television industries throughout the United States. The firm is retained on an exclusive basis by radio and television stations in over 200 designated market areas (DMA’s), including at least one radio or television station in each of the 50 largest DMA’s. Katz represents over 2,200 radio stations, including stations owned by Jacor Communications, Inc., CBS Radio, Inc., Capstar, Cox Radio, Inc., and Heftel Broadcasting Corporation, among others. Additionally, Katz represents over 365 television stations, including stations owned by Paramount Communications, Inc., Hearst Argyle Television, Inc., The E.W. Scripps Company, Clear Channel Communications, Inc., Allbritton Communications Company, and Sinclair Broadcast Group, Inc., among others.

Corporate Timeline

Evergreen Media was founded in 1988 and had 6 radio stations, with half of them in the top ten markets and 90% concentrated in Chicago. The company purchased KFAC-FM (later renamed KKBT) in Los Angeles in 1989, changing the format from classical to urban contemporary and improving the ratings from last to first place. The FCC relaxed radio station ownership regulations in 1992, allowing broadcasters to increase the number of stations they could own nationwide and in a single market, leading to the emergence of duopolies. Evergreen Media expanded its presence in major markets by acquiring stations in Washington, D.C., and San Francisco. In 1993, Hicks, Muse, Tate & Furst, along with Steven Dinetz, formed Chancellor Broadcasting. The same year, Evergreen Media finalized its initial public offering and became the first radio broadcasting company in the United States to form a duopoly. Chancellor Broadcasting made its first station acquisition in 1994 by purchasing two stations from American Media Group for $150 million. In 1995, Evergreen Media acquired Pyramid Communications for $316 million and Broadcasting Partners for $259 million, adding a total of 23 stations.

1996 was a significant year with multiple developments. The Telecommunications Act of 1996 was passed, allowing for unlimited levels of national ownership and significantly higher ownership levels in the top radio markets. Alongside this, Chancellor Broadcasting acquired 12 stations from Colfax Communications for $365 million, 8 stations from OmniAmerica Group for $178 million, and 19 stations from Shamrock Broadcasting for $395 million. These acquisitions doubled Chancellor’s portfolio from 14 to 33 stations. In the same year, Evergreen Media strategically expanded its presence in major markets by acquiring twelve independent stations. As a result, the creation of Chancellor Media Corporation can largely be attributed to the impact of the Telecommunications Act of 1996.

In 1997, a merger between Evergreen Media and Chancellor Broadcasting resulted in the creation of Chancellor Media Corporation. This merger, valued at $1.5 billion, brought together 99 stations in 21 markets, including stations previously owned by Evergreen and Chancellor, stations acquired from Viacom and Gannett, and other stations obtained after the merger announcement. With stations in the top ten radio markets in the country and superduopolies in nine markets, Chancellor Media emerged as the largest pure radio company in the nation.

Recognizing the growing importance of national advertising in the radio industry, Evergreen Media and Chancellor Broadcasting jointly agreed to acquire Katz Media for $373 million. Katz Media is known as the only full-service media representation firm in the United States with leading market shares across various electronic media platforms.

The year 1998 marked a period of growth for Chancellor. During this time, Chancellor launched AMFM Radio Networks, a broadcasting network that reaches approximately 66 million listeners nationwide and delivers advertising and syndicated programming. Some of the syndication offerings include popular shows like American Top 40 with Casey Kasem, Rockline, The Dave Koz Show, The Bob and Tom Morning Show, as well as special events like the Kentucky Derby. In addition to these developments, Chancellor also made acquisitions of representation firms, outdoor groups, network television stations, and radio conglomerates in 1998.The inclusion of Petry Media, a spot television rep firm that owns subsidiaries such as Petry Television, Blair Television, and Fox Television Sales, bolstered Chancellor’s television representation portfolio. Additionally, the acquisition of Martin Media and Whiteco Outdoor Advertising solidified Chancellor’s position as the fifth largest outdoor advertising company in the country, boasting over 42,500 display faces in 38 states. By acquiring LIN Television, an emerging company with eight network-affiliated stations, Chancellor expanded into a new medium. Furthermore, Chancellor’s acquisition of Primedia Broadcast Group, Puerto Rico’s premier radio broadcaster, along with six Cleveland radio stations and Capstar Broadcasting, the nation’s leading broadcaster in medium-sized markets, propelled them to the top of the radio industry. As a result, Chancellor is now the largest radio conglomerate and holds the top rankings in revenue, broadcast cash flow, station count, and listenership nationwide. The Spring 1998 Arbitron survey reaffirmed Chancellor’s position as the most successful radio broadcasting company in America. To support these acquisitions, Chancellor established three primary operating divisions: an outdoor group, a television group, and a radio group.

Strategy

Chancellor Media’s main goal is to maximize shareholder value, just like any other public institution. It plans to achieve this by implementing several strategies. This includes creating a leading diversified media company with a strong presence in both radio and outdoor advertising. Chancellor Media aims to achieve the following objectives:

• Building a diverse portfolio of media assets to provide clients with more options and value.
• Integrating station cluster groups to minimize expenses and enhance cash flow in each market.
• Enhancing operating performance through market research, programming, and marketing campaigns.
• Expanding its national radio network, AMFM.
• Establishing a prominent national representation firm.
• Increasing market share and enhancing national sales efforts.

Marketing MIX

Chancellor Media provides affordable media packages that include advertising airtime and billboard space. This enables the company to capitalize on cross-selling, cross-promotion, and cost savings to drive growth and deliver benefits to both customers and shareholders. Chancellor’s objective is to leverage economies of scale by marketing and selling radio airtime alongside billboard space, thereby creating additional value. In addition, Chancellor makes use of its outdoor division to promote its own radio stations in markets with billboards.

Competitors

Chancellor Media competes for audience, advertiser dollars, and acquisition opportunities. In radio, attracting a strong listener base through popular program formats and on-air talent increases ratings, which appeals to advertisers. Ratings are determined by multiplying the share (percent of homes listening to a specific radio station) by the PUR (persons in the market who listen to radio). Ratings indicate the number of people in a designated market area (DMA) tuned into a particular radio station. Success in attracting advertising dollars relies on attracting a strong listener base. Chancellor faces competition from other radio stations, outdoor groups, broadcast and cable television, newspapers, magazines, and direct mail for advertiser dollars in each market. Chancellor’s outdoor advertising competes with other outdoor groups and various mass media forms based on location, price, and service availability. A billboard’s success is determined by the number of impressions it delivers, measured by the number of people in a DMA who see it. The number of impressions directly correlates to its advertising appeal. Media representation firms compete to acquire client stations and sell airtime to advertisers.Chancellor, along with other independent and network media rep firms, competes against direct national advertising and other media on behalf of its clients. Chancellor holds ownership over several competitors including Seltel, Petry, and Blair Television. The main rival of Chancellor is Interep National Radio Sales.

The success of Chancellor Media Corporation relies on ratings, impressions, and the share of advertising dollars in the market. When advertising dollars increase, revenues also increase. Assuming everything else remains the same, higher revenues result in higher profits. These profits can then be used to expand the business through acquisitions, creating a cycle of growth. Chancellor Media also faces competition from new media technologies such as cable television systems, direct broadcast satellite (DBS) systems, the Internet, personal communications services, and other digital audio broadcasting formats.

Hicks, Muse, Tate & Furst is a leveraged buyout firm that is focused on building a media empire. They create limited partnership investment pools and target companies in specific industries that can serve as a foundation for other investments. The chairman and CEO of Hicks, Muse, Tate & Furst, Thomas O. Hicks, also holds the same positions at Chancellor Media Corporation. Additionally, Hicks, Muse, Tate & Furst owns a 17 percent stake in Chancellor Media, along with significant ownership in Capstar (69 percent) and LIN Television (80 percent). In addition to their media holdings, Hicks, Muse, Tate & Furst also has ownership in Berg Electronics, International Home Foods, Stratford Capital Partners, Olympus Real Estate, and Donaldson, Lufkin & Jenrette. International Home Foods is known for their popular products such as Chef Boyardee pastas, Bumble Bee seafood, Libby’s canned meat products, Polaner fruit spread, Gulden’s mustard, and PAM cooking spray. They also offer canned foods with southwestern cuisine flavors like Ro*Tel tomatoes, Dennison’s chili, and Ranch Style beans. Snack foods like Crunch ‘n Munch and Jiffy Pop are also part of their product portfolio. Apart from his involvement in these companies, Tom Hicks is the owner of the Dallas Stars NHL Team and the Texas Rangers MLB Team. He serves as a director for various other organizations including Capstar, LIN Holdings Corp., LIN Television Corporation, Sybron International Corporation Inc., Cooperative Computing Inc., International Home Foods, Triton Energy, DAC Vision Inc., and Olympus Real Estate Corporation.R. Steven Hicks is the Vice Chairman of Chancellor Media Corporation and the President and CEO of Chancellor Media Services Group. He is also the President, CEO, and director of Capstar Broadcasting, which he founded in 1996. Along with his brother Tom Hicks, they have ownership over various components of the media industry, such as content creation (Dallas Stars and Texas Rangers), message production (LIN Holdings Corp.), message delivery (Katz), and distribution (LIN Television, Chancellor, and Capstar). As a result, Tom and Steven Hicks have significant control over the means of production and essentially operate as a monopoly.

Current Events

On July 7, 1998, Chancellor announced its plan to acquire LIN Television for $902 million in stock. The acquisition was seen as a strategic move for Chancellor, as it allowed them to expand into the television broadcasting industry, complementing their existing radio platform. However, shortly after the announcement, a stockholder initiated a derivative action in the Delaware Court of Chancery on behalf of Chancellor. The defendants in this case were Hicks, Muse, Tate & Furst Incorporated, LIN Television, and some of Chancellor’s directors. The plaintiff claimed that Hicks, Muse, Tate & Furst had inflated the merger price, alleging a breach of fiduciary duty and waste of corporate assets. Eventually, a settlement was reached between the plaintiff, defendants, and Chancellor. On March 15, 1999, both Chancellor and LIN’s Boards of Directors decided to terminate the merger. This series of events brought significant changes to the executive branch of Chancellor, with some members facing consequences on the Ides of March.Jeffrey A. Marcus, Thomas P. McMillin, Eric C. Neuman, and Richard A.B. Gleiner all stepped down from their respective roles as President and CEO, CFO, Senior Vice President-Strategic Development, and General Counsel at Chancellor. Their resignations were effective on March 15, 1999.

On the same day, Thomas O. Hicks, the CEO of Hicks, Muse, Tate & Furst, was elected President and CEO of Chancellor Media Corporation. In addition, James E. de Castro was appointed as President and CEO of Chancellor Radio and Outdoor Group, and R. Steven Hicks, the current President and CEO of Capstar, was appointed as President and CEO of Chancellor Media Services Group.

On August 26, 1998, Chancellor Media and Capstar Broadcasting agreed to merge in a stock-for-stock transaction. This merger would create the largest radio broadcasting entity in the nation. Chancellor Media would acquire Capstar through a merger of Capstar into one of its wholly owned subsidiaries.

The combined company would control 463 radio stations across 105 markets, as well as have interests in television, billboards, and ad sales.

This merger is pending stockholder approval and will be voted on July 13, 1999.

As a result of the FCC’s Telecommunications Act of 1996, which relaxed restrictions on cross ownership and duopoly, radio groups in the United States have either merged with or been acquired by larger corporations. These mergers and acquisitions are driven by the expectation of increased profits and returns. The rationale is that larger station groups can reduce costs through consolidation while attracting a larger listener base to capture higher shares of advertising revenue.Approval for the merger was granted by the Federal Trade Commission on June 9, 1999, whilst stockholders are examining it with similar scrutiny as they did with the LIN agreement. In September 1998, a stockholder filed a class action complaint in the Delaware Court of Chancery. This complaint was filed by a stockholder who claimed to represent not only themselves but all other individuals who own securities of Chancellor and are in a similar position, excluding the defendants. The defendants named in this case are Chancellor Media, Hicks, Muse, Tate & Furst, Thomas O. Hicks, Jeffrey A. Marcus, James E. de Castro, Eric C. Neuman, Lawrence D. Stuart Jr., Steven Dinetz, Thomas J. Hodson, Perry Lewis, John H. Massey, and Vernon E. Jordan Jr. The plaintiff accuses them of breaching fiduciary duties, engaging in gross mismanagement, gross negligence or recklessness in relation to the proposed Capstar merger. Chancellor is planning to challenge these allegations and the ongoing lawsuit will determine whether it will end with a settlement agreement to terminate the proposed merger.

In 1998, Chancellor Media made a move into the outdoor advertising industry by acquiring Martin Media L.P. and Whiteco Industries, Inc., for $610 million and $930 million respectively. These acquisitions boosted Chancellor’s position in the outdoor market, giving them ownership of over 42,500 billboards and outdoor displays across 38 states. However, due to management problems, Chancellor decided to sell its outdoor business to Lamar Advertising for $1.6 billion in stock and cash on June 1, 1999. As part of the deal, Chancellor will receive a 30 percent stake in Lamar. This sale came shortly after Chancellor’s cancellation of its consolidation with LIN Television. According to Hicks, the president of the outdoor group, Jim McLaughlin, has chosen to leave the company soon, making it difficult to consolidate their billboard holdings. The sale will allow Chancellor to shift its focus back to its current and potential radio assets. CEO Tom Hicks commented that “The agreement enables Chancellor’s senior operating management team to focus on our industry-leading radio station portfolio.”

Future

On May 19, 1999, Chancellor Media announced that it will change its name to AMFM, Inc., pending approval from shareholders. Chancellor has established three new business units: AMFM Interactive, Inc. (AMFMi), AMFM.com, and AMFM Equities. These units aim to position AMFM’s E-commerce websites as popular online destinations, stream AMFM’s on-air programming and other media online, and promote emerging concerns related to the internet and new media. Chancellor plans to leverage the loyalty of their 66 million listeners. Steven Hicks stated that AMFM is revolutionizing radio by making it a feedback-driven and user-controlled medium. The internet’s visual and interactive capabilities will allow radio audiences to become active participants in communities and e-commerce buying clubs. AMFM.com will generate revenue primarily through audio and video commercials and sponsorships. They will also offer video conferencing and other webcasting services to various media and corporate clients. Chancellor intends to exchange radio advertising inventory and promotional sponsorships for shares in promising companies that can benefit from its marketing efforts. Ultimately, Chancellor aims to trade advertising space for stakes in promising internet companies.

Conclusion

Despite radio still being a relevant form of advertisement, it is rapidly losing its status as a medium for news. According to Charles Davis, mass media refers to news delivered to a specific audience. The crucial element in this definition is news. However, what exactly qualifies as news? Webster’s dictionary defines it as new information that was previously unknown. Therefore, can music or advertisements be considered news? Perhaps a more appropriate definition should be based on societal standards. There are certain essential characteristics that define news, which are not mentioned in the aforementioned definition. These characteristics include conflict, proximity to the audience, prominence, quantity, information value, and educational significance. Radio news has practically ceased to exist, largely due to the Telecommunication Act of 1996. In order for news to be profitable and thrive as an independent entity, it must be competitive.

The Telecommunications Act has eliminated competition in radio news. Locally owned radio stations are no longer present as mega media corporations like Chancellor Media buy them up, leading to virtual monopolies. Instead of prioritizing quality programming that entertains and informs consumers, the focus has shifted to maximizing profits for these corporate owners. To achieve this, stations are being consolidated to reduce costs. The biggest cost for radio stations is news production, so media moguls are cutting local news to save money. As a result, news departments are being replaced with generic broadcasts that have no local connections. The media’s interest has shifted from promoting Libertarian viewpoints and emphasizing news as a vital part of society to prioritizing corporate profits. Radio stations are no longer primarily focused on gaining listeners but on attracting advertising dollars. However, these mega corporations are burdened with significant debt, with Chancellor alone owing $6.4 billion.

In order to reduce their debt, media corporations must find ways to boost revenues and cut expenses. As a result, these giant companies opt for acquisitions as a means to increase revenues and reduce costs through consolidation. However, the prices of media acquisitions are excessively high, causing stockholders to take Chancellor to court due to inflated prices. These expensive acquisitions aimed at reducing debt only perpetuate a cycle of even more debt. This mindset is driving the consolidation trend in media companies. Therefore, one must ask: is television the final authentic mass medium?

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