Industry Views

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

imWall 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

Industry Views

SABO SEZ: Ratings Lessons from Dr. Ruth

By Walter Sabo
CEO, Sabo Media Action Partners
A.K.A. Walter M Sterling
Host, WPHT, Philadelphia – daily
Talk Media Network – Sundays

imDr. Ruth Westheimer holds the audience share record for 18-34s in New York.

When her first-ever radio show launched on WYNY-FM it was 15 minutes a week. She solicited letters. By the end of the second week, she had gotten over 1,000 letters.

General manager Dan Griffin put her on the air. Mitch Lebe had a good talk show and had booked Ruth as a guest… she was memorable! Betty Elam, public affairs director met her at a City College lecture. Everyone saw and felt the potential, but it was Mr. Griffin who came to me with the plan to hire Dr. Ruth. I was executive vice president in charge of the NBC FM stations and WYNY-FM was my responsibility. Being tactically and boldly irresponsible I said, “Yup, put her on.”

A few months later, Al Brady Law the next GM and Pete Salant expanded her show to two hours on Sunday nights taking live phone calls. Very quickly she got on the cover of PEOPLE, guested on the “Tonight Show” and became Dr. Ruth!

How did this happen? 

— Dan Griffin had been in the CIA. He was brilliant, fearless, and Catholic. I never heard him raise his voice or do anything without reasons and facts. My confidence in his judgement made a sex talk show easy to launch. He knew how to talk to humorless lawyers, advertisers, listeners and the NBC Standards and Practices department.

Dr Ruth’s world was fearless thanks to Dan Griffin. Amateur GMs would have panicked when she said, “blow job” and “vagina,” every week. Dan never blinked.

The underpinning of her success was the lack of fear. Management was fearless. She was fearless. Therefore, she could be authentic. Authenticity is rare, appealing, and always successful. Today, I’ve known talent beaten for making fun of Erin Andrews or posting a meme. How would that management have handled Dr. Ruth? They’d be passed out under the table. When listeners, lawyers, advertisers complain – that means it’s working!

Note GMs Griffin and Law were GOAT programmers who had never spent a second in sales.

— Dr. Ruth had two bullet wounds from her service in the Israeli army. She had no fear – of anything. This is key – she had no concerns about the comments of her psychologist peers or her private patients. Every other radio psychologist I’ve worked with were all concerned about their colleagues’ reactions to their radio work. Not Ruth. She maintained a listed private practice in Manhattan the rest of her life.

— She took direction. We gave her a few tips on how to take phone calls, how to pace a radio show. She embraced and enacted them all.

— Relentless promoter. Dr. Ruth was a self-made star. Every single day, at every meeting she pushed for more air time, press, appearances. She was happy to show up, do the heavy lifting, and work on every possible opportunity to grow the show. All whoopee parties were good news for Dr. Ruth. She launched two cable networks including Lifetime.

— She focused on the cross hairs of her expertise and the listeners’ interests. She never strayed from her knowledge and the listener’s expectations.

Dr. Ruth entered the Radio Hall of Fame without objection from anyone.

She received a purple heart from her service in the Israeli army.

And she was funny as heaven. Thank you, Dr. Ruth.

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.