SABO SEZ: The Myth About Wall Street
By Walter Sabo
CEO, Sabo Media Action Partners
A.K.A. Walter M Sterling
Daily host, WPHT Philadelphia
Weekly host, Talk Media Network
Wall Street investors do not put up money for traditional radio and television stations.
That myth has been a burden within our culture for about 10 years and it just is not true. From a 1980s fast-buck perspective, traditional media does not offer the no-effort returns it once did. But major investors continue to seek opportunities from radio and TV acquisitions. Notably, today the money is much “smarter” than that found in the 1980s.
(Side note, the 1980s rush to radio put the business in the hellish financing we live with today. The new money won’t do that.)
Marc Rowan is the CEO of Apollo Advisors which bought Cox TV and radio. Apollo was first money in Sirius radio. Their escrow check closed the deal for Howard Stern and changed the radio industry. Marc explained to me that Apollo is not an investor, they are “owners.” Apollo has a long game plan as savvy operators with decent, moral standards. Marc actually likes, consumes and celebrates media. Apollo is not a chop shop. They build businesses.
George Soros is about to close on Audacy. Mr. Soros is a brilliant business builder. Like Apollo, he is an owner/operator. Soros represents smart money going into the proven medium of radio.
John Malone, builder of the cable industry, saved Sirius within days of bankruptcy. The company was about to miss payroll, Malone pulled it out the fire and through Liberty holdings he continues to control 83% of SiriusXM. Over the years he has grown, not diminished Liberty’s stake in the satellite company.
Rowan, Soros, and Malone have one thing in common: They are not jokers. They each have robust histories of sober, sane investments which has made them billionaires. While you and I shop the price of milk, the new owners of proven media are model guides for future Wall Streeters.
Walter Sabo has been a C Suite action partner for companies such as SiriusXM, Hearst, Press Broadcasting, Gannett, RKO General and many other leading media outlets. His company HITVIEWS, in 2007, was the first to identify and monetize video influencers.. His nightly show “Walter Sterling Every Damn Night” is heard on WPHT, Philadelphia. His syndicated show, “Sterling On Sunday,” from Talk Media Network, airs 10:00 pm-1:00 am ET, and is now in its 10th year of success. He can be reached by email at sabowalter@gmail.com
announcer last season, will continue as Bills Insider for the station, co-hosting “One Bills LIVE,” weekdays at 1:00 pm and simulcast on MSG Western New York. Audacy Buffalo SVP and market manager Tim Wenger says, “Chris is best suited to carry on the long tradition of informative, passionate and entertaining Bills play-by-play announcing. His decades-long knowledge of the organization will be invaluable as he assumes the play-by-play microphone.”
We – inside-the-box – live and breathe radio. Listeners have their hands full just living and breathing. Their day is time crunched and financially challenging, and we want to be its soundtrack.
43% of spoken word listening, and podcasts 36%. Keep in mind that for Edison’s purposes spoken word content includes news, sports talk and play-by-play, audiobooks, talk shows, and “personalities.” Edison states, “Podcasting’s share of spoken word will almost surely surpass that of AM/FM within a few more years. There is one more thing to note – the advantage for AM/FM is coming entirely from those age 65 and older. Among those ages 13-64, podcasting has already passed AM/FM listening by, 41% to 39%. Meanwhile, among the oldest Americans age 65+, AM/FM radio continues to dominate, with a 66%-13% advantage. Curiously, that 66%-13% difference among the oldest Americans is the exact same difference we recorded for all Americans 13+ in 2017.”
Got young local radio news talent? CONGRATULATIONS, for five reasons:
Almost everything I know about pricing strategy I learned from domestic airlines. Guess what? Airlines are at it again and I hope you are watching and learning.
reach. “Republicans listen to more AM/FM radio than other groups, with an index of 109 (or 9% more listening than average). The ad-supported spoken-word channels on SiriusXM are a particularly efficient place to find Republicans, with an index of 146. Meanwhile, podcasts stand out as the more efficient platform for reaching Democrats, indexing at 121. And what about those elusive Independents, who often tip an election? Both streaming music, and in particular music videos on YouTube, over-deliver for these potential voters, with indexes of 103 and 123 respectively.” Edison adds, “Regardless of the party that buyers are trying to reach with political ads, audio stands out as a superior pathway to reaching voters. Audio provides enormous audiences and often a far less cluttered political environment than other ad channels.”
What happened to us? Unless we move quickly, the radio business stands to lose the final frontier: in-car listening.
AI-generated content in political ads; 2) Proposing to apply the disclosure rules to both candidate and issue advertisements; 3) Requesting comment on a specific definition of AI-generated content, and 4) Proposing to apply the disclosure requirements to broadcasters and entities that engage in origination programming, including cable operators, satellite TV and radio providers and section 325(c) permittees. Chairwoman Jessica Rosenworcel says, “As 
artificial intelligence tools become more accessible, the Commission wants to make sure consumers are fully informed when the technology is used. Today, I’ve shared with my colleagues a proposal that makes clear consumers have a right to know when AI tools are being used in the political ads they see, and I hope they swiftly act on this issue.” However, Republican Commissioner Brendan
Carr opposes the move, saying, “There is no doubt that the increase in AI-generated political content presents complex questions, and there is bipartisan concern about the potential for misuse. But none of this vests the FCC with the authority it claims here. Indeed, the Federal Election Commission is actively considering these types of issues, and legislators in Congress are as well. But Congress has not given the FCC the type of freewheeling authority over these issues that would be necessary to turn this plan into law. And for good reason. The FCC can only muddy the waters. AI-generated political ads that run on broadcast TV will come with a government-mandated disclaimer but the exact same or similar ad that runs on a streaming service or social media site will not? Consumers don’t think about the content they consume through the lens of regulatory silos. They just view content on screens. Will they conclude that the absence of a government warning on an online ad means that the content must be real? I don’t see how this type of conflicting patchwork could end well. Unlike Congress, the FCC cannot adopt uniform rules.”
be able to alter the course of established radio stations and the marketplace of ideas before the 2024 election or even soon thereafter. Harrison told “America at Night” host Rich Valdés last night (5/22) that radio is far too idiosyncratic an industry – already run by too many people who don’t understand how it really operates – for someone (who also doesn’t really have first-hand experience in the field) to just step in and make drastic alterations to entrenched stations, formats, audiences and sponsors just to make a political statement. Harrison states, “There are more 
expedient uses of his money if that is his main purpose. After all, not all Audacy stations are conservative news/talkers… many are music, sports and a variety of formats. How inefficient such a move would be!” Harrison went on to say that radio is still an extremely powerful and potentially lucrative medium if only its present owners and operators believed in it and invested in its programming and marketing. He encouraged radio broadcasters to understand and believe in the “esthetic of ‘radio’ and not be so anxious to bail out into the utilitarian term ‘audio.’” Harrison and Valdés tied the discussion into the current news about the AM for Every Vehicle Act currently making its way through Congress stating that radio is still a lifeline for service to the community as a place for information, education, and entertainment and that eliminating it from automobile dashboards would be about “five to 10 years premature.” 
Because you can? Because you aren’t doing AM/FM radio? Because you are on radio, but can’t-do-there what you can-do podcasting? Because you are making money podcasting?
Does anyone care anymore?
When a new restaurant opens, smart owners put the phone on busy so would-be diners believe the joint is hot, packed and hard to get in to. At street fairs we are drawn to merchant booths with long lines. Crowds give us confidence.
Audio advantage.” The guide provides data to counter prevailing myths that marketers often believe. Some examples include: 1) the notion that “apps have all the audience” is not true as “ad-supported platforms are key to marketer’s winning and Audacy’s 200 million+ is miles above Spotify (48.6M) and Pandora (41.2M)”; 2) “young people don’t listen to audio” isn’t true as 96% of Gen Z listen to audio daily – with 44% being daily radio users; and 3) “I can’t measure audio” is also false because marketers can “track, measure and analyze 
daypart, starting Monday (5/6). KLIF program director Bruce Collins says, “We are extremely excited to add Brian Kilmeade to the 570 KLIF-AM/96.3 FM-HD2 weekday radio lineup, especially as we head into the election season. Brian will be talking each day to the movers and shakers in the political world, keeping DFW up to date. Together with Sean Hannity weekday afternoons from 4:00 pm to 7:00 pm, we have the national political scene more than covered.” Kilmeade comments, “I am thrilled to be joining a great station with a rich history like KLIF and enter the fourth biggest market in the country. I’m honored to be a part of this first-class lineup right in the middle of this historic election season, and in short order will be in Dallas to meet all the listeners in person!”
Commerce vowed to sue the FTC to block the proposal, calling it ‘an unlawful power grab’ in a statement shortly after the vote. The chamber, as well as the two dissenting [FTC] commissioners, has argued that the FTC doesn’t have the authority to address this issue and that it should be left to the states.” The Times piece notes that the rule becomes law 120 days after being published in the Federal Register – meaning sometime in late August – but that legal challenges could block or delay the change. In the radio industry, most on-air talent, programmers, and sales staff who work under written contracts have a noncompete clause that prevents them from working “across the street” usually for six months. If this new policy stands, it will be a monumental change for radio companies. 
If you’re looking to jump-start – or optimize – your video interview technique, this session alone was worth the trip to Las Vegas. Washington-based video content strategist/producer/interviewer 
president and market manager Marv Nyren says, “WLS is bigger than a destination on your radio dial – it’s a Chicago institution and treasure. 100 years ago, radio was simply sound communication via radio waves but there’s nothing simple about the impact of WLS on Chicago. WLS has been a neighbor, a friend, and a mentor for people in Chicagoland. It’s been a place where people can go for entertainment and information – and it’s been a companion to the biggest moments in history. We are excited to usher in WLS-AM’s next 100 years with Chicago’s best audio content on-air, online, on-demand, and onsite.”
It seems every hour Nielsen and Pierre Bouvard of Cumulus fame (formerly of Westwood One) put out a release stating that radio is just fine, thank you. Radio is more persuasive than TV, direct mail, streaming and print. Radio is a proven success for over 100 years. Most of the buildings housing Procter & Gamble were built on radio – not TV – advertising success. Happily, P&G realized radio’s clout and is now a dominant radio advertiser – again!
consumer behavior and technology adoption across smart platforms. Marketers and media buyers turn to these insights for important media trends in key channels such as radio, streaming audio, podcasts, social media, and more. Audacy will host a webinar on April 3 with head of research & insights Idil Cakim and Edison Research president Larry Rosin, who will share key trends from The Infinite Dial 2024, including: Media consumption and device adoption, in-car listening habits, podcast trends among key demographic groups, and observations and advertiser insights. 
other platforms. Titled, Hendrie, and produced by Freestyle Digital Media and directed by Patrick Reynolds, the film features people like Hendrie’s one-time program director David Hall as well as comedians and Hollywood figures talking about the unique radio program Hendrie launched in 1990 in which he held kooky conversations with offbeat characters – all played by Hendrie himself – in real time. Hendrie tells KCAL-TV, “It was completely original… and it satirized something that I thought needed satirizing – talk radio.” 
devotion to Internet radio broadcasting, we are launching ‘The Mike Church Show’ into terrestrial radio syndication! The launch date of ‘The Mike Church Show’ will be March 1 and the show will begin its repatriation of AM/FM radio in Atlanta, Georgia’s #7 U.S. radio market on WXKG “The King”! Church adds, “We’ve always known that terrestrial radio was going to play a part in our industry leading development of Internet radio, we just didn’t know in what way. Over the last two years, that role began to materialize with the dearth of quality talk shows and the opportunities to fill that gap left by the wrecking ball that was consolidation’s march through local radio properties.” The program airs live from 7:00 am to 10:00 am ET. 
If you’re a news/talk station, don’t assume that you own “news radio” in your market. Imaging is important, but it merely talks-the-talk. You walk-the-walk with local news copy that delivers what solid commercial copy does: benefits. Just doing local news makes you special. But do listeners simply hear a station voice… reading something? Are you merely… accurate? Or do you deliver “take-home pay,” unwrapping the story to tell the listener something useful?
reach 17% more voters.” The study references Pennsylvania Senator John Fetterman’s 2022 campaign, noting that it deployed radio to reach voters in Philadelphia and Pittsburgh. In doing so, it allocated 20% of media dollars to radio and generated a 10% lift from radio above the local TV campaign, amounting to 676,000 additional voters at no extra cost. Audacy SVP of strategy, partnerships and analytics Jon Blum says, “When campaigns activate a TV plan, they should activate a corresponding radio plan and incorporate it into the mix with TV. The portion of the population that isn’t reachable via TV could be the swing vote and what throws it over the top for a candidate.” Nielsen’s study noted that if a campaign moved 20% of ad spending to radio, the optimized media plan would connect with 15% more Democratic and Republican voters and 23% more unaffiliated voters. 
the month reaching 3.27 billion total multiplatform minutes, compared to CNN.com’s 1.85 billion, and NYTimes.com’s 1.59 billion. FOX News Media attracted 1.66 billion total multiplatform views, compared to NYTimes.com’s 1.49 billion, and CNN.com’s 1.17 billion. When it comes to total digital unique visitors – similar to radio’s cume – CNN.com still holds the lead with 112.7 million. But FOX News Digital (109.7 million) has gradually been gaining ground on CNN. 
largest share of listening, accounting for more than one-third of daily time with audio among those age 13+. The vast majority of that listening (31%) is to AM/FM over-the-air signals.” (The other 5% comes from radio streams.) Behind AM/FM in listening is streaming music (20%), YouTube (14%), podcasts (11%), SiriusXM (8%), owned music (4%), TV music channels (3%), audiobooks (3%) and other (1%).