RBR+TVBR Summer 2021 Special Report

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NEW MEDIA OPTIMISM IN THE TRADITIONAL VIDEO LANDSCAPE

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WHO ARE THE BROADCAST BEST FINANCE LEADERS OF 2021?

CAN HD RADIO DATA SERVICES OR EDGE COMPUTING BRING YOUR STATIONS NEW REVENUE? HOW ‘INTERNET OF THINGS’POWERED SYSTEMS ARE AIDING BROADCAST MONITORING SU M M ER 2021 · RB R .C O M

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A KAGAN MEDIA SUMMIT PREVIEW

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THE BROADCAST BEST FINANCE LEADERS OF 2021

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MEDIA MONETIZATION FROM MORE NEW TECHNOLOGY

RBR+TVBR offers an advance look at what’s on the agenda, and shares details of an exclusive chat with S&P Global Market Intelligence Senior Research Analyst Justin Nielson on industry trends and where radio and TV is heading in 2022 and beyond.

Media industry CFOs and key finance leaders at radio and TV companies have made it through very challenging times. In recognition of their efforts, the readers of RBR+TVBR have spoken.

Who’s on top in this ranked list?

HD Radio data services. Edge computing and the potential for broadcast TV and radio. What’s the potential, and timeline for launch, for these predicted dollar magnets?

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HOW ‘IoT’ CAN MAKE MONITORING EASIER

Using IoT systems to monitor points along the contribution and distribution network, through the studios, headends, and on to the last mile, is a technological advancement broadcast media should know more about.

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NEW OPTIMISM FOR ‘TRADITIONAL’ MEDIA VEHICLES

On June 17, television industry executives will once again be gathering in a virtual manner. While COVID-19 pandemic concerns are rapidly melting away, the organizers of the annual Kagan Media Summit opted to forgo traveling to New York just yet. The comfort level of participants will undoubtedly be higher, as the 2020 affair was a digital one, too.

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ith the Radio + Television Business Report again the official media partner for the summit, same-day coverage of key Kagan events produced by the S&P Global Market Intelligence group will be delivered to RBR+TVBR subscribers at RBR.com.

What can participants expect this year? S&P Global Market Intelligence Senior Research Analyst Justin Nielson spoke with RBR+TVBR Editor-in-Chief Adam R Jacobson to offer a preview of the event.

RBR+TVBR: In 2020, the Kagan Media Summit was one of the first media-industry events to shift to a virtual affair. It saw two days, on consecutive Thursdays, of events. For 2021, the plan is for a single summit meeting day. What prompted that decision?

JUSTIN NIELSON: From our perspective, we really wanted to look at a couple of specific topics in the TV industry and the video industry. This put a focus on an executive Q&A and industry overview type of summit, as opposed to having two days of long panel sessions.

It seems like now, over a year into the pandemic, people are getting a little bit of Zoom fatigue in having multiple-day conferences or long webinars. We consolidated our content into a four-hour block. Obviously, people can come in for individual sessions if they prefer. Or they can watch the replay after it’s been concluded.

RBR+TVBR: You’ll be offering, for the first time, Kagan’s spotlight on the U.S. broadcast station industry. Can you offer us a sneak peek of some of the key takeaways you’ll be presenting?

JUSTIN NIELSON: My industry overview will be primarily broadcast-focused. I will cover our projections for the TV and radio station advertising spend over the next 10 years, as well as TV, retrans, and distribution fee revenue.

I will also be covering some of the secular trends in both segments, as well as looking at some of the new advertising for television, such as sports betting. We will also look at some of the new technology surrounding ATSC 3.0 and NextGen TV, and some of the activity in the M&A market and values for stations.

“Within the next few years we will see a lot more commercial applications of NextGen TV, and also in spectrum leasing. It could benefit driverless cars.”

RBR+TVBR: You mention sports betting. That’s a great setup for learning more about the Executive Interview session with Chris Ripley, President/CEO of Sinclair Broadcast Group. Given Sinclair’s purchase of regional sports networks once branded as FOX Sports and now linked with the Bally brand, Sinclair is now a key player in bridging gaming and play-by-play. What can the broadcast TV industry take away from gaming’s rapid growth?

JUSTIN NIELSON: Sinclair is at the forefront of the reemergence

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of sports programming on broadcast and on cable. They recently announced that they are going to go direct-to-consumer with some of their Bally Sports programming as well as integrating some of the sports betting opportunities in certain markets.

In some markets, the NBA will even allow betting at the games.

There’s a lot of advertising around fantasy sports leagues like DraftKings. It’s an emerging category, and obviously Sinclair thinks it is going to be a very large category for advertising. It’s poised to provide substantial growth for their business.

Looking at it from the broadcasters’ side, the big focus has always been around news and sports. Local news is one of their key products. Sports has always been, with NFL packages and other packages. In terms of generating viewership, these are their bread and butter. That aligns very well in going after the regional sports as well as new categories — and, potentially, eSports.

RBR+TVBR: Sinclair has taken a leadership position in the development and rollout of NextGen TV in the U.S., something the consumer press hasn’t necessarily provided in its coverage of the company.

What can Kagan Media Summit participants expect to hear from Ripley on the data capabilities tied to ATSC 3.0, and the monetization of this, given what Sinclair has done in South Korea and in the U.S.?

JUSTIN NIELSON: A lot of talk in the press has been around the 5G rollout, and there’s not much press around ATSC 3.0 and NextGen TV — the ability for that new standard to expose people to programming that they haven’t been able to reach over the air, delivered in 4K, along with different audio streams, interactivity, targeting in terms of advertising. From the business side, it definitely opens up a lot of opportunities. Eventually there will be subscription on-demand pieces as well.

It also opens up the possibility for them to be on multiple devices, either in the home or outside. Within the next few years we will see a lot more commercial applications of NextGen TV, and also in spectrum leasing. It could benefit driverless cars.

“Over the past few years we’ve seen a pretty significant increase in the number of available multicast networks and channels across the nation. With the Scripps-Ion merger, you’re just going to see more of that.”

THE CHANGING DYNAMICS OF BROADCAST TV Following a lunch break, Kagan/S&P Global Market Intelligence Research Director Deana Myers will offer an overview on “the changing dynamics of the TV industry.”

This could be a wide-ranging conversation. And, given all the buzz about connected TV (known as CTV outside of Canada, where that’s a broadcast TV network) and advertising-based video on demand (AVOD), the NewFronts and Upfronts are now equally important to marketers and such radio and TV companies as Audacy, Estrella Media, and ViacomCBS, to name a few.

RBR+TVBR: Are AVOD and CTV rapidly changing how all should think about “television”? With a grand change in how consumers are viewing content, are we in the midst of a huge transition, much like the one experienced in 1948 when TV exploded in growth, impacting radio in myriad ways?

JUSTIN NIELSON: I really do think that the last year of the pandemic has just accelerated that trend. We had been seeing subscriber churn off of traditional MVPDs for quite some time. But over the past year that just surged, with new streaming services arriving. Alternative options for video and the on-demand and SVOD give so much out there for consumers to access. It’s really changed viewing habits profoundly across the entire ecosystem.

RBR+TVBR: The presence of FuboTV co-founder and CEO David Gandler is intriguing, given the digital TV service’s transition from an OTT-powered soccer game source to a vMVPD. What does Gandler’s perspective bring to the mix for Kagan attendees?

JUSTIN NIELSON: It was really interesting to see that he agreed to speak with us at the Kagan Media Summit. He brings a very unique perspective on how they are positioning their company in the video marketplace. They are very geared toward the sports fan, and no qualms about it. They are delivering the most sports programming in a streaming service to date.

RBR+TVBR: The Kagan Media Summit concludes with a 1:45pm ET session focused on the “evolution of video.” The participants are WarnerMedia Sales and Distribution Head of Sales and Partner Management Jennifer Mirgorod; Tubi Head of Global Business Development Andrea Clarke Hall; AMC Networks EVP/CFO Christina Spade; and Lisa Knutson, who became Scripps Networks President following The E.W. Scripps Co.’s merger with ION Media.

Knutson’s presence is particularly of interest to RBR+TVBR readers, and we’re curious as to where digital multicast networks fit in Kagan’s worldview of the total viewer universe. What can you share, as freeto-air TV and ATSC 3.0 offer new opportunities for broadcasters and viewers even as a major shift to digitally delivered programming platforms is unfolding, and fast?

JUSTIN NIELSON: Over the past few years we’ve seen a pretty significant increase in the number of available multicast networks and channels across the nation. With the Scripps-Ion merger, you’re just going to see more of that. And, with Scripps and Ion programming combined, one can look to the potential development of an AVOD platform, allowing for growth on the streaming side for a broadcast TV company. They are going to have more available bandwidth and spectrum when their channels transition to ATSC 3.0 and provides value.

RBR+TVBR: What else can participants expect from the Kagan Media Summit this year?

JUSTIN NIELSON: We will have some high-line metrics for our presentation, as well as some trend analysis and deal analysis that I will be presenting.

Also, we will have some interaction and some Q&A on both of our panel sessions, and the ability to chat with speakers during the show.

COVERAGE OF THE KAGAN MEDIA SUMMIT’S KEY SESSIONS WILL BE AVAILABLE TO ALL RBR+TVBR MEMBERS EXCLUSIVELY AT RBR.COM ON JUNE 17 AND JUNE 18.

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Congratulations to the Top 15 Broadcast Financial Leaders Nominated by the Readers of RBR/TVBR Melissa Mitchell Bonneville International Corp.

Corporate Controller

Dave Bestler Hubbard Broadcasting CFO

Evan Masyr Salem Media Group CFO

David Atkinson Educational Media Foundation CFO

Rich Bressler iHeartMedia EVP/CFO and COO

José Molina Spanish Broadcasting System CFO

Kimberly Parker Graham Media Group EVP/CFO

Tommy Trujillo Meruelo Media SVP of Finance and Operations

Victoria Harker TEGNA EVP/CFO

James Ryan Gray Television EVP/CFO

Paul Rahmlow Midwest Communications CFO

Jason Combs The E.W. Scripps Co. CFO

John Drain Hearst Television CFO

Tom Carter Nexstar Media Group President/COO and CFO

Peter D. Thompson Urban One EVP/CFO

Broadcast Best Finance Leaders:

THE 2021 RANKINGS

The worst of the COVID-19 pandemic is now in the past. Plans are in the works for the 2021 NAB Show in Las Vegas. One group of CFOs and other key financial leaders in broadcast media have successfully navigated through stormy seas and are positioned for sunny days ahead.

In recognition of their efforts, the readers of RBR+TVBR have once again spoken, with nominations for the Broadcast Best Finance Leaders of 2021. It’s a ranked Top 15 list, as it was in 2020, and honors industry professionals who have demonstrated leadership prowess, fiscal skill, and the acknowledged respect of their peers.

This year’s honorees include five new individuals, including the Chief Financial Officer at one of the nation’s biggest broadcast

TV station owners. It is also diverse, with representatives from media companies superserving Hispanic and African American consumers present.

RBR+TVBR salutes these 15 individuals, selected from nominations by readers — people who know the radio and television business from the inside — and finalized with research and editorial evaluation to determine the 2021 list.

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TOM CARTER

President/COO and CFO, Nexstar Media Group 2020 Ranking: No. 1 In 2009,

Tom Carter

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In 2009, Tom Carter entered the broadcast TV business. For nearly a quarter-century before joining Nexstar Media Group, he served as the Managing Director of Media Telecom Corporate Investment Banking at Banc of America Securities. At BofA he acted as the senior banker responsible for delivering bank products and services including M&A, private and public equity, high-yield debt, fixed income derivatives, syndicated financial products, and treasury management for selected clients across the broadcasting, cable, publishing, and media industries — including Nexstar.

Today, Carter has won the respect of his peers both inside Nexstar and across the media finance world. Yet Carter isn’t one to take to the virtual podium or have a spotlight shone on him when it comes to industry accolades.

As such, Carter has elected to bestow this honor on Randy Bradford.

Bradford serves as the Sr. Vice President of Financial Operations at Nexstar, and was appointed to that role in the fall of 2019. Bradford has responsibility for financial planning and analysis, risk management, treasury management, and employee services, and assists with mergers and acquisitions.

Bradford previously served as VP of Financial Operations, and from 2009-2013 managed the company’s station management relationship with Randy Bradford Four Points Media and was the company’s

Manager of Financial Operations.

Before joining Nexstar, Bradford served in various senior management roles including those of CFO of Independence Media, Controller for Healthvision, and Director of Finance for Chase Medical.

Victoria Harker Rich Bressler

Jim Ryan

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JIM RYAN

EVP/CFO, Gray Television 2020 Ranking: No. 2

Back in 2019, when RBR+TVBR first reached out to Jim Ryan, he offered a simple reply: “I prefer to stay under the radar and off the grid as much as possible.”

Little has changed for the Gray Television leader, who is again ranked at No. 2 on our reader-generated rankings of the Broadcast Best Finance Leaders.

“Jim does not want any attention or recognition,” a company spokesperson tells RBR+TVBR. While humble, Ryan has been a key member of the C-Suite since he joined Gray Television in October 1998, rising to a Sr. VP in 2002. He joined Gray following its purchase of Busse Broadcasting Corp., where he spent the prior 19 years in various roles, rising to CFO. Today, he’s busily crafting a post-merger Gray Television that includes all of Quincy Media, Inc.’s former assets, following necessary market spins to meet FCC’s local ownership limits. While that deal is a big one, Gray also recently acquired the CBS affiliate and the low-power TV station housing the Telemundo affiliate in the Permian Basin region of Texas.

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RICH BRESSLER

President/COO and CFO, iHeartMedia 2020 Ranking: No. 5

As was the case in 2020, the top-ranked executive from an audio-focused media

company happens to be the second-incommand at iHeartMedia — the largest single licensee of radio stations in the U.S. Rich Bressler has been CEO Bob Pittman’s right-hand man at iHeartMedia since January 2013, after he arrived from radio industry investment banking house Thomas H. Lee Partners, where he served as a Managing Director. Before that, he had a business relationship with Sumner and Shari Redstone. That’s because he served as Sr. EVP/CFO of the former Viacom Inc., where he led all strategic, financial, business development, and technology functions. Bressler has also been EVP/CFO of Time Warner Inc. One year ago, Bressler and the rest of the iHeartMedia team were riding a wave of momentum on Wall Street. The iHeartMedia share price was $17.82 prior to the novel coronavirus’ arrival in the U.S. As of June 1, it sat at $23.91, reaching a new post-bankruptcy-reorganization high.

This is testament to strong leadership that has endured accusations by some of cutting air talent and programming staff “to the bone” while ensuring its finances remain on track for growth. That growth is happening, fueled by digital and podcast excitement among consumers and advertising partners. Meanwhile, iHeart’s position as the home of some of radio’s most recognizable stars continues, even as it seeks to retain as many affiliates of The Rush Limbaugh Show as possible as the company’s Premiere Networks arm rolls out its own successor against a host of others in the marketplace.

Despite that challenge, iHeartMedia enjoys widespread brand recognition, from its iHeartRadio app to its music festivals and FOX-televised awards program.

Much of that is thanks to forward-thinking C-Suite leadership, and Bressler’s stewardship of the P&L yacht.

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VICTORIA HARKER EVP/CFO, TEGNA 2020 Ranking: No. 7

Its collection of TV stations ranges from the CBS affiliate in Washington, D.C., to such NBC affiliates as KPNX-12 in Phoenix; KGW-8 in Portland, Ore.; and WGRZ-2 in Buffalo.

These broadcast properties are just some of the standouts within the TEGNA family. And they’re key revenue catalysts at a company that, on a five-year stock chart, is trading at its high point.

Don’t tell that to Soohyung Kim, who through his Standard Media has a minority stake in TEGNA. He’s wanted greater influence on the company’s board of directors — and sway over TEGNA’s direction — for more than a year. At the 2021 annual shareholders’ meeting, his nominees were soundly rejected by those holding TEGNA stock.

Can you blame them? Under its current leadership, TEGNA is running on all cylinders. Among those C-Suite leaders proving TEGNA is on the right track is Victoria Harker, who took on CFO duties in July 2012. Before taking her current role, Harker served as CFO and President of Global Business Services at the AES Corporation, a global power company.

From November 2002-January 2006, she was CFO of MCI Group.

Like President/CEO Dave Lougee, Harker points to TEGNA’s “record” 2020 results as the company’s biggest accomplishment, with credit going to the entire team for achieving those results.

As such, she’s another honoree who has preferred to bestow her honor on all at TEGNA responsible for the company’s fiscal success.

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TEGNA salutes our own

Victoria D. Harker

Executive Vice President and Chief Financial Officer

Congratulations on being selected as one of the Best Finance Leaders in the media industry.

Your leadership, vision and dedication are invaluable to all of us at TEGNA.

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JASON COMBS

CFO, The E.W. Scripps Co. NEW

In 2020, Lisa Knutson was ranked at No. 4 on the Broadcast Best Finance Leaders list. She’s ineligible this year as a result of her promotion: with the closing of The E.W. Scripps Co.’s acquisition of Ion Media, Scripps EVP/CFO Lisa Knutson is now leading its new national television networks business.

Knutson’s changed role necessitated the selection of her replacement as Scripps’ CFO. And that post went to its VP of Financial Planning and Analysis — someone already nationally recognized for his financial leadership.

Now, Jason Combs finds himself on the reader-generated Broadcast Best Finance Leaders list, ranking at No. 5.

“Jason has been a strategic contributor to our management team since joining the company just after our double-spin, double-merge transaction with Journal Communications,” Scripps President/CEO Adam Symson said. “He has been a strong partner to Lisa in financial and strategic planning and a key player in our M&A

Jason Combs

activity. His deep career in public company finance will serve Scripps well as we focus on realizing the financial and business benefits of our integration of Ion, move quickly to pay down our debt, and plan for our next phase of growth.”

RBR+TVBR caught up with Combs and asked the following question: Looking

back at the last year, what would you consider to be your company’s greatest achievement? He replied, “Scripps’ ability to financially navigate the economic downturn while also balancing the financial and physical well-being of our employees has been a tremendous achievement for the company. We completed a $3 billion acquisition that propels the company into new growth areas.

“From a personal perspective, I’ve greatly enjoyed working with my team this past year to push our real-time financial analysis and data analytics to a new level.

Over the next 12 months, I look forward to working with our leadership team to drive our current momentum forward and ensure that Scripps comes out of this economic downturn a stronger company.”

Before joining Scripps in 2015, Combs spent 14 years at Convergys Corp. in a variety of roles, including corporate finance and treasury. He played a key finance role in several significant acquisitions, acted as the lead finance resource for one of the company’s divisions, and oversaw a major redesign of the corporate management structure.

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JOSÉ MOLINA

CFO, Spanish Broadcasting System (SBS) 2020 Rank: No. 6

Picking one achievement from the past year is not easy for José Molina, given the number of “incredible things” the team at SBS accomplished during unprecedented times and upended working conditions.

“Like many others in our industry, the pandemic had an enormous impact on our business as advertisers greatly scaled back their campaigns, live events were cancelled, and our employees had to balance working from home with family and their health,” Molina tells RBR+TVBR. “Despite the challenges related to the pandemic, we didn’t stand still. We forged ahead with our key strategic priorities and delivered a number of major accomplishments this past year that we believe position SBS to be an even stronger company when the pandemic is over.”

pandemic, Latinos increasingly turned to our stations and assets for critical health and wellness information as the pandemic has had an outsized impact on Latino communities across the country. We disseminated much-needed information and entertainment during COVID-19 and today have a stronger and more loyal audience that ever before.”

Looking ahead, Molina and the SBS team are “incredibly excited” about the year ahead. “With our recapitalization behind us, the entire SBS team can turn 100% of our focus and drive to the successful expansion of our multi-media Latino entertainment platform and driving accelerated audience growth of our audio, video, digital, and experiential business units.

We will continue serving Hispanics nationwide, as well as the advertisers that target their large purchasing power and growing social, cultural, and political influence.”

Molina has served as CFO of SBS since January 2019. From 2001 to 2015, he was SVP/Finance at SBS. In between, he served as CFO at the now-defunct MundoMax broadcast TV network.

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The accomplishment for SBS that Molina believes stands out the most is the completion of refinancing for the company. The agreement marked the end of a multi-year effort to strengthen SBS’s capital structure and best position it for sustainable longterm growth in the years to come.

Another major highlight — both for the company and for Molina — is how SBS’s commitment to Hispanic consumers became ever stronger during the pandemic. “We have operated with an unwavering commitment to serving the Latino community for over four decades. Our love for our audience and the deep connection they have with our brands and talent has never been clearer. In the midst of the

DAVID ATKINSON

Treasurer/CFO, Educational Media Foundation 2020 Rank: No. 8

As most media-industry executives recognize, Educational Media Foundation is a donation-based Christian music behemoth, with its KLOVE and Air1 radio networks adding more and more markets by the week. Yet some may wonder how the CFO of EMF ended up on the Broadcast Best Finance Leaders list once again — and a notch higher than in our 2020 rankings.

As we’ve noted before, EMF has mushroomed to become the No. 2 licensee of radio stations in the U.S., behind iHeartMedia. It has an impressive array of properties in the top markets. In 2020, readers of RBR+TVBR argued for David Atkinson’s nomination as a write-in candidate. They’ve spoken up again in 2021.

“This past year Educational Media Foundation has not only survived but expanded into new exciting areas of ministry, all while keeping our radio broadcasting strong and growing,” Atkinson told RBR+TVBR. “I’ve been so impressed with our team’s ability to persevere during such a challenging time while simultaneously breaking so much new ground.”

EMF was blessed to be able to keep all team members employed throughout the year, despite COVID-19. “In fact, our team actually grew,” Atkinson said. “Our leader-

David Atkinson

ship team, Human Resources, and Help Desk departments have gone out of their way to keep everyone feeling connected and valued through video staff meetings and other special events.”

None of this would have been possible without the continued support of faithful listeners and donors. “They have been so generous to keep the ministry financially stable, even while dealing with challenges of their own,” Atkinson said.

Personally, the pandemic forced Atkinson to develop new ways of working with the team and ensuring key objectives are met. “I am surrounded by the best team in the world (I may be a bit biased), and together we are able to not only keep operations flowing smoothly but also grow in multiple new directions,” he said.

Meanwhile, EMF is in the midst of relocating its longtime headquarters from California to Tennessee. “As you can imagine, that is no small undertaking,” Atkinson noted. “This is a team that can make it happen while still preserving the culture that makes our organization such a great place to work. I’m thrilled to be able to continue to learn and grow professionally as my role expands. God is doing incredible things through EMF, and I’m so glad to be along for the ride. I am excited to consider all the new and creative ways — beyond radio — EMF will be able to reach its audience over the next 12 months.”

Atkinson began his career at EMF in 1998 as Controller. Prior to joining EMF, he served in the United States Navy as an Electronic Warfare Technician and then, after obtaining his business degree, worked as an auditor at Price Waterhouse LLP in Sacramento.

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Dave Bestler

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DAVE BESTLER EVP/CFO, Hubbard Broadcasting 2020 Rank: No. 9

In May 2015, when Hubbard Broadcasting/ Minneapolis Digital Director Jeremy Sinon widened his duties by taking on national oversight of day-to-day corporate digital

initiatives and strategy for the company’s stations across the country, Dave Bestler said, “I really look forward to him helping Hubbard Radio continue to be leaders in the ever-changing digital landscape.”

The prepared comment was genuine, as it demonstrated just how passionate Bestler is about the company and its employees. That’s perhaps the best reason why this 17-year Hubbard veteran — hired as VP/GM of Hubbard’s flagship FM radio station, KSTP-FM “KS95” in Minneapolis — joined the company following a stint as Director of Sales for Cox Radio.

Bestler began his career in radio in August 1989, as Assistant Controller for CBS Radio’s WCCO-AM in Minneapolis. He’d been a senior accountant at Ernst & Young, and the shift to WCCO sparked a 31-year career in broadcast media. Among the highlights: playing a key role in the March 2011 agreement to acquire Bonneville International’s radio stations in Chicago, Cincinnati, and Washington, D.C., for $505 million.

That experience led Hubbard to promote Bestler to his current role and gave Hubbard the No. 1-billing radio brand in the U.S.: WTOP.

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JOHN J. DRAIN

CFO, Hearst Television 2020 Rank: No. 10

This autumn, John J. Drain will celebrate five years as Hearst Television’s CFO, having risen from SVP/Finance. He joined Hearst after serving as acting COO of Ultimark Products LLC and, before that, as the seven-year SVP of Finance and Administration at Comcast Spotlight.

Earlier in his career, he served as CFO of the One-on-One Sports Radio Network, which in 2001 became the Sporting News Radio Network following its purchase by Vulcan Ventures.

Drain has also been associated with KUTV-2 in Salt Lake City and the former WOKR-13 (now WHAM-TV) in Rochester, N.Y., as CFO of Hughes Broadcasting Partners from 1991-1995.

With 30 years of experience in media bookended by broadcast TV, Drain says he is “very proud” to be a part of the Hearst Television team — especially after a most challenging year for all.

“The team members of Hearst Television — across every function — performed

A SPECIAL CONGRATULATIONS TO OUR VERY OWN "MR. CFO"

DAVID ATKINSON

S N O I T A CE L U N T A A IN 1!

R F T G S 02 N E 2 B OF O E C H RS T O E T AD LE

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John J. Drain

remarkably over the past year, under clearly demanding circumstances,” Drain tells RBR+TVBR. “Our stations and journalists faced a multitude of challenges and critical issues that gripped our communities. Yet, through it all, our journalists cre-

ated meaningful, compelling stories that informed the communities we serve, fulfilling our commitment as broadcasters.”

One example of this is Hearst’s ongoing “Project CommUNITY” to investigate, chronicle, and study initiatives across the country focused on uniting people within their communities. “Our stations also raised more than $30 million in COVID-19 relief dollars for our communities,” Drain says.

The past year presented many highs and lows and personal adjustments to thrive in a remote work environment, he adds. “The loss of in-person connections was difficult, but our team quickly adapted, innovated, and maintained a high performance level.

Words are not enough to convey my pride and admiration for the entire Hearst Television team and the perseverance they demonstrated throughout this past year.”

Looking ahead to 2022, Drain remains “very optimistic” about the next 12 months. “The opportunity to get back to an in-person office presence will be a significant milestone; less Zoom and more inperson meetings,” he says. “A strong culture requires in-person connections and relationships that facilitate innovation,

team-building, and professional growth. I also foresee an improving business environment that will allow us to strengthen our market position and launch innovative solutions for our viewers, advertisers, and partners.”

“The opportunity to get back to an in-person office presence will be a significant milestone; less Zoom and more in-person meetings.”

— John J. Drain

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KIMBERLY PARKER EVP/CFO, Graham Media Group NEW

“I am not sure that any of us could have predicted in mid-March of last year what a roller coaster ride the next 16 months would bring us all.”

That’s the one-sentence assessment of how Kimberly Parker and her colleagues at Graham Media Group have surfed through the swells associated with the COVID-19 pandemic. Parker has been with GMG since 2007, when she started there as Business Manager for The CW affiliate in Jacksonville, WCWJ-TV, and the market’s top-rated local news leader, unaffiliated WJXT-4.

From a financial perspective, several large projects were in the works for 2020.

Then the COVID-19 virus arrived in North America. “We were 14 months into a centralized accounts receivable model,” Parker says. “We had just begun centralizing our accounts payable functions in late 2019 and launched the hub in February 2021. We had an ERP conversion planned to start in first quarter. While adjustments when we converted to our new ERP system had to be made, having our AR and AP hubs in place prior to March 2020 put us at an advantage, given all our finance staff were working from home. Streamlining procedures and reducing the reliance on paper and the need to go into the office put us ahead of the curve that many other companies had to get to quickly keep things progressing.”

As GMG continues to review all functions within the finance side of the business, Parker is proud of all of the achievements and progress the company’s finance teams have made.

Parker began her broadcasting career in 1996, working for broadcast software companies Enterprise Systems Group and Marketron.

11 Kimberly Parker

Parker became EVP/CFO in 2018, and is responsible for all aspects of the company’s finance and traffic business operations for the corporate office in Chicago, its seven television stations, Graham Media Digital, and the Social News Desk.

When the company’s financial leader reflects on the first 30 days of “our new world,” including closing all of its buildings to 90% of staff and navigating through work-at-home logistics, she says, “All of these things were monumental tasks for everyone involved that needed to be thoughtfully laid out and well planned.”

The GMG corporate and market-level leadership teams rallied together; much of the staff was up and running from home within two weeks. “We all found new ways to do our jobs and communicate with each other internally and externally, making us not only more efficient, but stronger,” says Parker, who is a first-time honoree in the Broadcast Best Finance Leaders list.

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MELISSA MITCHELL

Corporate Controller, Bonneville International Corp.

NEW

Joining Kimberly Parker as a new entrant on this year’s Broadcast Best Finance Leaders rankings is an individual who joined Bonneville in July 2015, following a decade at the former Lincoln Financial Media, where she served as VP

“I was never a proponent of working from home; however, I have learned a ton about others and myself working from home over the last year. I like the change, the options, and watching people grow in their positions.”

– Melissa Mitchell

Melissa Mitchell

and Corporate Controller. Before that, she was the Market Controller for CBS Radio in Denver. It was a role that kept her in radio: Melissa Mitchell’s previous role was at Foot Locker, as a Senior Manager of Strategic Planning. From April 1996-August 1997, she served as Assistant Controller of Chancellor Broadcasting Co., working from Dallas.

Looking back at the last year, what does Mitchell consider to be Bonneville’s greatest achievement?

“As everyone’s aware, 2020 was a year of many challenges, yet Bonneville invested in their biggest asset — their people,” she tells RBR+TVBR. “One of the obvious areas of investment is financial, and Bonneville not only maintained pay, but they also took care of our commissioned sales staff, who saw a 50% reductions in sales.”

What elevated an investment to an achievement, Mitchell adds, was a focus on staff well-being. “In a time when other companies have problems filling positions, Bonneville’s investment in their people will certainly pay off with retention and engagement,” she says.

Mitchell also notes that a personal achievement was realized in understanding how important it is to have clear expectations and trust in others. “I was never a proponent of working from home; however, I have learned a ton about others and myself working from home over the last year. I like the change, the options, and watching people grow in their positions.”

Editor’s Note: Bonneville SVP/CFO Kent Nate appeared on our 2020 rankings, at No. 12.

Mitchell’s appearance is based on reader nominations.

Peter D. Thompson

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PETER D. THOMPSON

EVP/CFO, Urban One NEW

What a year it’s been for Urban One, the company superserving African Americans.

From social justice protests to Black Lives Matter-fueled diversity and inclusion initiatives across Fortune 500 companies, Urban One has been right in the middle of the mix.

For investors, there’s renewed excitement in Urban One, with McDonald’s recently becoming the latest company to state that it’s upping its investment in Black-owned media. Then there’s the ONE Casino + Resort

in Richmond, which is one step closer to fruition — bringing Urban One more nontraditional revenue that’s not dependent on carriage fees or traditional advertising.

With Alfred Liggins III in command of the company founded as Radio One by his mother, Cathy Hughes, Urban One is today the owner of national radio entity Reach Media and cable TV networks Cleo and TV One. Assisting as the CFO is Peter Thompson, who has been in the role since February 2008. He joined the company in October 2007 as EVP/Business Development.

Before joining Urban One, Thompson spent 13 years at Universal Music in the United Kingdom, including five years serving as CFO.

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PAUL RAHMLOW CFO, Midwest Communications 2020 Rank: No. 14

“This past year was surely a test for all of the financial leaders,” says Paul Rahmlow, who has been with Midwest Communications since 1999. Before joining Midwest, Rahmlow held senior account-

Paul Rahmlow

“This past year was surely a test for all of the financial leaders.”

– Paul Rahmlow

ing positions at River Valley Bank and the Wipfli CPA accounting and consulting firm.

This marks the third year Rahmlow has been honored as a Broadcast Best Finance

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Leader. And he remains humble, simply stating, “Thank you for the recognition.”

Rahmlow’s other industry efforts include his role as a Media Financial Management Association Board of Directors member.

Midwest owns some 82 radio stations across the U.S. and is helmed by Duke Wright.

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TOMMY TRUJILLO SVP of Finance, Meruelo Media 2020 Ranking: No. 15

“What a year it has been,” says Tommy Trujillo, who stewards the financial needs

for a company that is rapidly gaining market share in Los Angeles. Meruelo owns a pair of Spanish-language broadcast TV stations. And it has a formidable radio presence, with classic hip-hop KDAY and reggaetón-flavored “Cali 93.9” joined

by Power 106 and KLOS — a pair of legendary FMs. With President Otto Padron at the helm and former LBI Media COO Winter Horton in a similar role at Meruelo, Tommy Trujillo is again a nationally recognized financial leader in the eyes of RBR+TVBR readers.

“Everyone pulled together to keep each other safe in the office. This only works when everyone is committed, like the quintessential example of a chain only being as strong as its weakest link.”

– Tommy Trujillo, SVP of Finance, Meruelo Media

Chris Ripley

Tommy Trujillo

Speaking to RBR+TVBR, Trujillo says, “I am deeply impressed by our team. First and foremost, everyone pulled together to keep each other safe in the office. This only works when everyone is committed, like the quintessential example of a chain only being as strong as its weakest link. Our team, our chain, did not break.

“Second, our team made an aggressive financial reforecast in June 2020 for the remainder of the year, which we were able to exceed. This took incredible efforts from the team. They took on more responsibilities than ever to make ends meet, and they did it with pride. Likewise, I have a great deal of pride when I compare our private results with those of the largest public radio companies.”

As Southern California emerges from a difficult pandemic, Trujillo looks forward to the ability to “produce, promote, and attend concerts again.” He says, “We have waited so long

MERUELO MEDIA CONGRATULATES

ONE OF THE TOP FINANCIAL LEADERS OF 2021 THANK YOU FOR YOUR LEADERSHIP!

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to get back out in our community, which is also why we want to make sure we do it in a way where everyone is as safe as possible.

Theme parks and sporting events are currently paving the road on how to assemble large groups going forward.”

Meruelo will be watching closely as the traffic volume continues to build across the Southland freeways.

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EVAN MASYR

EVP/CFO, Salem Media Group NEW

Asked why Evan Masyr should be among this year’s Broadcast Best Finance Leaders, one RBR+TVBR reader responded, “Evan has led Salem through the trying times experienced by all radio companies. His can-do attitude comes shining through when the times are most difficult!”

We couldn’t have said it better ourselves.

Salem Media Group turned an important fiscal corner at the end of 2020, and this momentum continued into 2021, with its publishing unit enjoying a strong Christmas release period and its secular spoken word

Evan Masyr

stations poised to attract at least some of the late Rush Limbaugh’s former audience.

Masyr has been Chief Financial Officer of Salem Media Group since July 2007. He began his career with Salem in February 2000 as Controller. Since being at Salem, he has been involved in raising more than $1.5 billion in capital. Most recently, he raised $255 million in senior secured notes and a $30 million revolver in May 2017 to refinance all of Salem’s debt.

Looking back at the last year, what does Masyr consider to be Salem’s greatest achievement? “The entire organization

was able to continue to deliver highquality content and programming during the pandemic without a hiccup,” he tells RBR+TVBR. “Additionally, our accounting and finance team met the challenge of working from home seamlessly.”

For Masyr, he marvels in his ability to quickly transition from working in his office with two monitors to his bedroom on just a laptop. “Through this time at home, I have memorized many cell phone numbers and also managed to not gain any weight despite the refrigerator and pantry being so close!”

What is he most looking forward to in the next 12 months? “Seeing my amazing team back in the office when we are allowed to regather. While I know it will look a bit different, with staff given some flexibility to work from home, I have truly missed seeing everyone.”

ABOUT RBR+TVBR’s BROADCAST BEST FINANCE LEADERS: This second annual Honor Roll is produced from RBR+TVBR reader nominations, which were gathered in April 2021. Rankings are based on nomination totals, in addition to research and analysis by the RBR+TVBR editorial department. © 2021 Streamline Publishing.

Media Monetization From More New Technology HD Radio data services. Edge computing, and its potential nontraditional revenue opportunity for broadcast TV and radio. These are some of the new-generation dollar magnets that haven’t been discussed much across the broadcast media industry.

That’s worth a closer look.

Ashruf El-Dinary, the SVP of Digital Platforms for HD Radio and DTS parent Xperi Corporation, is on the forefront of radio broadcasting applications in the “Internet of Things” and so-called “smart cities” of the not-too-distant future.

Among these applications: HD Radio data services.

Some “radical ideas” around radio broadcasting were first shared by El-Dinary during NAB Show Premiere, the NAB’s virtual conference held in mid-April. “Yes, we believe radio broadcasters can utilize their stations to send configuration control messages to thousands of millions of 20 · R B R . C O M · S U M M E R 2 0 2 1

devices in local markets,” El-Dinary says.

What, exactly, does that mean? Data and control messaging, which require connectivity, will power the smart city and the “IoT” world. It is poised to be a “huge industry,” with many service providers

looking to deliver content as well, and in a safe and secure way that is cost-effective, El-Dinary predicts.

Today’s radio broadcasting companies could be among those very providers. But how can radio stations participate?

“Challenges for 5G can lead to opportunities for radio broadcasters.”

adoption of these technologies,” Chapman noted during an NAB Show Premiere session on the topic held in late April.

Future adoption of edge computing, in the view of Friedlander and Chapman, starts with the NextGen TV rollout.

— Ashruf El-Dinary Continued cord-cutting is also a factor.

“It is a mind-change for broadcasters,” Friedlander said, “from decades of onemarket, their data schedule, and priority to-many delivery to really being able requirements,” he adds. to deliver directly, knowing where that A low-cost, low-power IoT receiver device is located. It becomes a one-to-one module has been built. relationship, and that is a real important “We believe there is an opportunity, game-changer for those companies.” and value, for the broadcast industry,” That’s great news for the broadcast TV El-Dinary concludes. “There are great ideas industry. But the radio industry appears to be that developers are constantly developing. more than a step behind, with broadcasters’ We see the need to work together and discussions scant among those using HD establish the cross-industry partnerships to Radio and audio to reach consumers. drive data services forward.”

“Edge will play out differently across Leaders at Verizon Media and Kearney TV versus radio broadcasters,” Chapman also believe there is an opportunity, and said, “because of the inherent differences value, for the broadcast media industry in between the two industry sub-sectors.” advances in computing and networking.

That said, edge technologies are poised This involves edge computing — and to have an above-average impact on how companies could use it to advance general broadcast industry innovation. their strategic agendas was a key topic And, Friedlander and Chapman claim, edge of discussion for Kearney Partner and computing could drive innovation across Americas Media Lead Mike Chapman and the entire broadcasting ecosystem, with Verizon Media Senior Director of Product targeted content and measurement and Marketing Jason Friedlander Sr. engagement opportunities a part of the But what is the knowledge level on edge mix. computing at a radio or TV broadcasting Asked by RBR+TVBR how many radio The progression of digital radio company? Ask your chief engineer. Within and TV executives were aware of what “edge broadcasting has been a key priority for a decade, edge computing has gone computing” even was before being queried by Xperi and its HD Radio team. And internet mainstream across several industries.

Chapman and Friedlander, Chapman replied, services for the car, the home, and portable Yet the distributed computing paradigm “Most of the executives that we interviewed devices — something discussed largely by — bringing computation and data storage had some knowledge of the topic; the TV and the ATSC 3.0 rollout — is also a topic closer to the location where it is needed degree of knowledge varied. Our executive radio should be hip to. to improve response times and save panel consisted primarily of tech and digital Data, text, and images can be bandwidth — has yet to make serious executives. So the challenge will be educating sent through the HD digital services inroads in broadcasting. broadcasting business executives of the platform, El-Dinary notes.

Fueled by the NAB’s PILOT initiative, opportunities available from edge.”

“Radio is a great transmission media, and Chapman partnered with Friedlander to The nascent technology, for the most we can do more with that band,” he says. see if it is a revenue opportunity, a costpart, saw moderate awareness among But what about 5G? Achieving data savings opportunity, or both. As they see broadcasters. In short, it depends on the capacity, El-Dinary says, will be heavily it, edge has the potential to become the size of the broadcast facility. And radio dependent on RF transmission. As core element of broadcasters’ technology industry knowledge was lacking. such, “Challenges for 5G can lead to architectures as they move into more When could edge be rolled out? The year opportunities for radio broadcasters.”

IP-based content delivery.

2025 could be a big year for broadcast El-Dinary also likes the benefits of Some broadcasters say they expect media adoption. the “secure one-to-many low-cost data device-level edge processing for some The FCC and D.C. lawmakers could play a services” opportunity in urban and rural applications where low latency and speed big role in that timeline. As Chapman and locales, which radio has at its fingertips. are important.

Friedlander see it, pervasive use of edge in As of April, the content-distribution As such, the definition of edge for the coming years requires fair government system was up and running on a small broadcasting, as Verizon and Kearney see regulatory policy, investment capacity scale. “We are testing in a few different it, is “data and compute processing at among broadcast media companies, and markets, providing message services to the tail end of a broadcaster’s IP-based data privacy and security. prototype receivers,” El-Dinary says. The networks,” including ATSC 3.0 and nextWhether under Democratic or GOP control, service manages scheduling, content generation digital — with processing on the edge computing relies on Washington just as routing, and the security aspects of this devices themselves for select applications. much as the NAB’s members. communications system. “Service providers “To finally have a starting point for this This sets the stage for numerous only need to access it through a simple web definition that the industry can rally around possibilities, and profit-making app or portal, providing the details for their is going to be important toward driving the opportunities, in the years ahead.

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How ‘IoT’ Can Make Monitoring Easier Using IoT systems to monitor points along the contribution and distribution network, through the studios, headends, and on to the last mile, is a technological advance broadcast media should know more about.

Brick Eksten, CEO of Qligent, believes there are many reasons this is so.

As broadcast systems increasingly move to remote, cloud, and virtualization, there is a greater need to rethink how radio and TV stations monitor the systems they rely on.

This is where the “Internet of Things” discussion can greatly aid a media property.

What are some of the things decisionmakers signing off on a purchase order should take into consideration?

“The number one thing to think about as a broadcaster who maybe isn’t thinking about iOT is the opportunity cost,” Eksten says.

While defining “Internet of Things” may still be a bit challenging to some, Eksten paints a startling portrait of what’s to come.

“There is projected to be over 200 billion sensors in the world by the end of the next year — 200 billion,” he says. “And every single one of those sensors is a fountain of unique information that becomes more relevant the closer it is to the things that you operate every day.”

Take, for instance, a hospital. Particular patient information can come from a bed, and the average hospital bed in 2022 is projected to have 300 sensors. The top hospitals in the U.S. have an average of 900 22 · R B R . C O M · S U M M E R 2 0 2 1

beds. There are 20,000 hospitals of that size worldwide.

This speaks to the fact that everything produced today, including smartphones, comes with sensors that are producing data on a continuous basis. “The average car has something like 200 sensors as of two Brick Eksten years ago and is projected to go over 500 sensors in three years.

Everything around us is connected.”

This leads Eksten to note how things such as a thermostat, a flooding alarm, or an air quality sensor all require IoT. Now, think of how a radio or television broadcasting company can benefit.

Everything from building health to the state of the equipment inside the building, and even the relevant data regarding the surroundings of your remote transmitter site or power fluctuations happening in your local grid, can be easily monitored through IoT technology.

“Tracking the trends and tracking what is happening with things at a low level, continuously taking the pulse of these systems and making sure things are operating, will give you insight into your operational costs,” Eksten says. “Thirty percent of your data center costs go into power and cooling alone. If you have equipment or racks that are out of balance with respect to power, you are going to have

subpar performance in those particular ranks. Because they are generating excess heat, by definition they are using up a lot of cooling.

And they are probably doing something critical. These are the types of things, from an engineer’s perspective, one may say are critical, so they put it all in one spot so it is easy to manage. The problem: it generates a lot of heat and has a strong power load.”

NEW TECH, NO JOB LOSSES A typical data center includes power conditioners, cooling and heating, support systems, and, importantly, people. Is there perhaps a mistaken belief that the efficiencies that come with IoT technologies can bring a reduction in force — something media companies have looked toward in tough times before, with the engineering department a big target?

After contemplating the question, Eksten replies, “I think the question is, ‘Does all of this information guarantee a path toward automation and a reduction in the workforce?’ My answer is no. You still need people. What IoT monitoring will do for you is the question. Computers do a better job of long-term sustained focus. If you wanted to watch all of your equipment at once, forever, you wouldn’t try to solve that by staffing up people and putting them in shifts. You’d wire

AUDIO ANALYTICS, ON THE EDGE With a new focus on edge computing and network monitoring, Swiss technology company Barix has put research and development resources into audio analytics being processed on the device in place before uploading to the cloud.

Barix CEO Reto Brader shares the importance of this, and what broadcast media companies should know about this technological advancement.

“Computation power is constantly increasing and is available at very attractive cost,” he says. “This Reto Brader means that ‘intelligence’ can be moved into the edge. Audio analytics is one example.”

At Barix, the Instreamer encoder streams audio back from remote locations, such as transmitter sites, to listen exclusively to the environmental sounds. “Traditionally, a service technician would drive to the transmission site and would assess the issue when leaving the car,” Brader says. “In this case, the technician could detect sounds coming from the cooling system. These technicians later bought Instreamers to listen in to the transmitter room without having to drive out to the site.”

Audio analytics will bring this application one step further, Brader predicts.

“Using audio analytics, one can now listen to the sounds from their offices, and decide when the sound is not ‘normal’ and issue an alarm,” he says. “The technician responsible for repairs can then listen at his or her location in the office or on a mobile phone and assess the problem acoustically.”

The benefit is that nobody needs to listen in to the location just to assess that everything is fine.

“The technician only invests that time and effort when the device thinks something is wrong based on the analytics,” Brader says.

Beyond audio analytics, Barix is working on edge computing solutions to push playout infrastructure further and further out to the edge or, in broadcast terms, to the transmission towers.

them up and through sensors let the systems monitor them because the systems never sleep. They never lose focus.”

On the flip side, IoT isn’t going to help a radio or TV station populate a rack, or decide the best routing or wiring or planning or engineering. “That’s a completely different problem set,” he says. “This allows people to focus on the things they need to focus on more critically.”

The performance of the playout, distribution, or delivery supply chains would seem to be a No. 1 C-Suite concern. Is it?

“It should be,” Eksten says. “The general direction of the industry is toward a directto-consumer model. The opportunity, especially as we look to that playout and supply chain to become more dynamic, moving into cloud and data center where it is more virtualized and on-demand, monitoring that supply chain from the perspective of delivery is — on the source side — about making sure that you are fulfilling all of your contracts around compliance, and meeting all of your regulatory obligations.”

If one is doing this in a direct-to-consumer model, then one is extending the contract all the way out to the consumer,

“What used to be a simple ‘failover’ playlist in the past as local playout capability on our decoder devices is growing into a much more sophisticated playout system,” Brader says. “The intelligence moves to the edge.”

Security and data protection in the unit as well as in transmission is a big topic. In response, Barix in recent years has offered IPAM400-based products. Still, Brader says there is no single solution for all customers.

Then there’s Barix’s SilenceMonitor, which continuously checks an audio stream for fluctuations. How has that aided broadcast media in ensuring that a problem can be prevented before it happens?

“The number of staff that need to facilitate the operations of broadcast infrastructure continues to reduce,” Brader says. “Small radio stations outsource the technology maintenance to specialized firms or individuals that make a living from maintaining multiple broadcasters and their transmission facilities.”

SilenceMonitor listens to an audio signal from a receiver and alarms the user on his mobile device when there is an issue.

Monitoring Barionets is also a key opportunity that Barix products can give a broadcast media company. What is a Barionet?

Brader describes it as “an intelligent Input/output device connecting to remote sites via an IP network.”

He explains, “People use Barionet devices for everything that needs to be remote-controlled, from activating doors to open and close, to triggering remote control equipment, to measuring and monitoring important parameters from voltages to temperature, and to switch lights on and off, for example. It can also switch redundancy equipment during main system failures, or simply extend Modbus or RS-232 interfaces over a network. These are programmable devices that can be truly intelligent. The Barionet can make decisions locally and take action, even if the network is not available for a moment.”

“I think the question is, ‘Does all of this information guarantee a path toward automation and a reduction in the workforce?’ My answer is no. You still need people.”

— Brick Eksten

Eksten adds: “Therefore, you have this unique opportunity where you can look from the demographics backwards, to decide how best to deliver the content or if there is another new opportunity that is created through the supply chain.”

When one looks at the cost centers, there are playout and distribution; these are typically thought of as fixed. But, Eksten says, that is the case only if one is monitoring it well.

BEHIND THE CURVE? Any one system is susceptible to a critical failure, and integrating the management of these systems sounds fairly logical. But are radio and TV stations falling behind on the technology afforded to them today?

“Yes,” Eksten laments. “The reason is that the rest of the world operates in a transaction model. When you go to check your bank account balance, the system that allows you to check the bank account balance didn’t exist until you asked it to. It was built on a model that’s sitting there, static, until the load demands and a certain threshold is reached.”

In the world of broadcasting, static systems are a way of life in engineering. But Eksten says, “We have to start thinking more dynamically.” This includes the way the rest of the world — including Netflix — thinks: in terms of demand, backward.

This means thinking about the delivery of the content before the creation of the content.

The result? More optimization opportunities, bringing freedom for broadcast media companies to take their engineering staff toward more critical, humanessential needs.

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November 16, 2021 Harvard Club, New York City radioinkforecast.com

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