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TKO Group Holdings Reports Quarterly Earnings

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Last month, Netflix inked a 10-year, $5 billion deal with World Wrestling Entertainment (WWE) to become the exclusive home for its Raw series in a deal that will commence in 2025. In a separate transaction that took place last September, NBCUniversal renewed the Smackdown property on USA Network in a five-year media rights deal reportedly worth $1.4 billion. With these media rights alterations, combined with growing interest and gate revenue, the wrestling promotion has sought to position itself for long-term success. Furthermore, it is now part of a publicly listed company, TKO Group Holdings, that was created out of a merger with the Ultimate Fighting Championship (UFC).

“TKO is off to a strong start following record financial performance in 2023 at both UFC and WWE,” Ariel Emanuel, chief executive officer of TKO Group Holdings and Endeavor, said in a statement. “We secured Anheuser-Busch as the official beer partner of UFC, delivered a transformative deal to bring WWE’s ‘Raw’ to Netflix beginning in 2025, and expanded our international footprint in important growth markets. We have more conviction than ever in the combination of these businesses and TKO’s ability to drive topline growth and margin expansion, generate meaningful free cash flow, and deliver sustainable long-term value for shareholders.”

The company recently reported its fourth quarter results, divulging record financial flourishes for UFC with data for the entirety of 2023, its 30th anniversary. Revenue for UFC increased by 13% to $1.3 billion while adjusted EBITDA augmented 11% to $756 million. WWE also had strong fiscal results for the three-month span for which data was reported, accruing $331.2 million in revenue and $141 million in adjusted EBITDA.

Media revenue for UFC declined to $168.1 million, down 2.7% compared to last quarter, but on the year, the figure is up by more than 9.5% to $870.6 million overall. The company attributed the gain to the $76.2 million increase in fees for both media rights and content because of more contractual revenue and an additional pay-per-view event in the last calendar year. The UFC’s existing media rights deal with ESPN expires in 2025, but both sides are reportedly expected to discuss a new contract.

For the WWE – which did not report its earnings previously since it was a privately-owned company – the promotion earned $212.2 million in media revenue last quarter. In the full year, which includes the first three quarters before the TKO merger, the company compiled $1.3 billion in revenue and an adjusted EBITDA of $553.1 million, both of which are gains over the previous year.

TKO as a whole amassed $614 million in revenue last quarter and $1.68 billion on the year as a whole. Adjusted EBITDA for the four quarters in 2023 was $809.1 million, representing continued growth across its two properties.

New York Jets Reportedly Departing ESPN New York, Broadcasting Games on Q104.3

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The New York Jets will depart ESPN New York ahead of next season, ending its time with the sports radio outlet. Next season’s team, which is expected to include star players Aaron Rodgers, Ahmad “Sauce” Gardner and Garrett Wilson, will be broadcast on Q104.3, a classic rock station in the New York metro area. The announcing tandem of play-by-play voice Bob Wischusen and color commentator Marty Lyons are expected to continue on the air. News of the team’s departure from ESPN New York was first reported by Andrew Marchand of The Athletic.

The move is expected to be formally announced on Wednesday morning and is part of a radio and streaming partnership with iHeartMedia. Games will also be available to stream using the iHeartMedia streaming platform and the New York Jets app.

ESPN New York, whose operations have been run by Good Karma Brands since 2021, will cease broadcasting on 98.7 FM at the end of August. Good Karma Brands decided not to renew its lease with Emmis Communications. Internal data from Good Karma Brands founder and chief executive officer Craig Karmazin demonstrated that 60% of the consumption audience listens to the station outside of a terrestrial radio signal.

The New York Knicks and New York Rangers, which together comprise the MSG Radio Network, will remain with ESPN New York despite having stipulations in their previously-agreed upon contract should the entity choose to forsake the FM signal.

Diamond Sports Group Approved for $450M in Debt Financing

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Diamond Sports Group Approved for $450M in Debt Financing

Diamond Sports Group’s bid to garner $450 million in debtor-in-possession (DIP) financing was approved by Houston bankruptcy court judge Christopher Lopez on Monday. As the company looks to exit its Ch. 11 bankruptcy and actualize a proposed restructuring, this remuneration will be used in various manners to expedite the process. According to the terms of the restructuring agreement with its shareholders, the Sinclair subsidiary will utilize $350 million of these funds to pay its first-lien debt holders. The remainder of this funding will be transferred to the company’s balance sheet as it continues to broadcast games for teams in the National Basketball Association, National Hockey League and Major League Baseball until the end of their respective seasons.

During Monday’s hearing, Lopez also approved an amended management services agreement between Diamond and its parent company, which it sued earlier in the bankruptcy process for misconduct. Under terms of this pact, the litigation will be dropped in exchange for a cash payment of $495 million. Final details of the management services agreement could be determined within the coming days.

With both of these factored together, Diamond is ostensibly moving closer to a path out of bankruptcy. Judge Lopez referred to the progress in finding a resolution as “another huge step forward in the debtors’ emerging from Chapter 11.” Part of the restructuring agreement involves Amazon, which agreed to pay $115 million in convertible notes following the conclusion of Diamond’s bankruptcy. These notes are expected to be used to pay back some of the $450 million it received in DIP financing.

Junior creditors are expected to assume operations of the subsidiary if it is able to emerge and execute its restructuring support agreement (RSA). The restructuring process has been agreed on with over 85% of the company’s first lien debt holders, more than 50% of its second lien debt holders and more than 66% of unsecured bond holders.

Diamond will continue to broadcast 12 Major League Baseball teams during the 2024 season and is presenting various spring training games over the next month. The San Diego Padres and Arizona Diamondbacks will continue to utilize the league’s local media department to produce and disseminate games while also offering direct-to-consumer offerings. Ahead of the regular season, Diamond reached agreements with the Cleveland Guardians, Minnesota Twins and Texas Rangers on contracts to broadcast their games on linear television. After the season concludes, the local rights for MLB teams in Diamond’s portfolio will expire. The course of action that will take place thereafter remains unknown at this time.

The company reached agreements with the NBA and NHL on plans to return rights to the leagues following the end of the seasons and reportedly discussed such a deal with MLB. If the finalized restructuring support agreement is approved, however, it would retain those rights and move the contracts back to how they were originally structured. Nonetheless, the NBA will be able to reacquire its streaming rights at the end of the season. Moreover, Diamond only has streaming rights for five of the MLB teams it currently broadcasts.

Steve Mason and John Ireland Enter the SoCal Sports Broadcasters Hall of Fame

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Steve Mason and John Ireland Enter the SoCal Sports Broadcasters Hall of Fame

ESPN LA hosts Steve Mason and John Ireland, the longest running duo in Los Angeles, have taken their places in the Southern California Sports Broadcasters Hall of Fame. The pair, along with longtime LA Lakers Spanish broadcaster Jose ‘Pepe’ Mantilla had their official ceremony this week after having been named to the Hall of Fame back in 2021.

Ceremonies had been delayed during COVID and this was the first event back for the Hall of Fame, which was founded in 1992. The Southern California Sports Broadcasters Hall of Fame features some of the biggest names in the history of broadcasting, including Vin Scully, Dick Enberg, Chick Hearn and Keith Jackson.

Steve Mason and John Ireland have been on-and-off partners in radio since 1992. The duo recently finished 3rd in BSM’s Top 20 Major Market Midday Shows of 2023.

In June of 2022 when the show signed a multi-year extension, Steve Mason said, “I love L.A. sports and I can’t imagine working anywhere else. I really appreciate ESPN and our new owner Good Karm Brands. We’ve got a really good team on Mason & Ireland with producer Greg Bergman and associate producer Jorge Briones. And I especially love doing the show every day with John Ireland, my friend of 30 years.”

Greg Gutfeld Moves to Top of Cable News Ratings in February

BNM Staff
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Greg Gutfeld has long billed himself as the King of Late-Night. Now, he can bill himself as the king of cable news after his showing in the February ratings.

Gutfeld! — the Fox News late-night program — finished as the highest-rated program in all of cable news in the second month of 2024, averaging 2.2 million viewers for the month, according to Nielsen Media Research. Additionally, in the 25-54 demographic, Gutfeld topped the cable news landscape with 325,000 viewers.

Fox News garnered the top 13 slots in the demo, with The Five, Jesse Watters Primetime, Hannity, and The Ingraham Angle rounding out the top five.

In the late-night ratings, Gutfeld! narrowly defeated The Late Show with Stephen Colbert, which averaged 2.1 million viewers. Also, Jimmy Kimmel Live, and The Tonight Show with Jimmy Fallon finished with 1.45 and 1.3 million viewers on average, during the month.

It is also worth noting that the Fox News program hosted by Greg Gutfeld now airs at 10 PM ET after the network’s shuffle following the high-profile departure of Tucker Carlson last year. The other late-night programs it is measured against all begin at 11:35 PM ET.

Jim Costa: “There’s Curmudgeony Opinion from Jay Bilas on Court-Storming”

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Jim Costa and Jon Jansen, morning hosts on 97.1 The Ticket in Detroit, talked about recent comments made by ESPN basketball analyst Jay Bilas on the issue of court-storming. Bilas, appearing on ESPN’s First Take, said, “The truth is nothing is going to change now. We are going to talk about it, it’s going to go away and nothing is going to change. And if they wanted to stop it, they could stop it tomorrow.

“The administrators will tell you that security experts tell them that it’s not a good idea to stop the court storming and that it will cause more problems than it would solve. But you don’t have to stop the court storming. One time, all you have to do is once they’re on the court, don’t let them off. Just say, ‘You’re all detained’ and give them all citations or arrest them if you want to and then court stormings will stop the next day…The fans feel like it’s an entitlement and the universities like it and the truth is we like it.”

As the clip finished, Costa said, “So, there’s curmudgeony opinion from Jay Bilas on court-storming. Give everyone a citation, put them in handcuffs, arrest them, guillotines if necessary, there will be no court-storming.”

Janses added, “…Thanks, Jay. To defend his own Dukie…Should [the players] have to try and avoid people? No. But, it’s part of the world that is college basketball…The judge, hearing all of these citations is going to be like ‘Hey Mr. Bilas, would you like to come in here and handle all of this nonsense?’ This is ridiculous.”

Civic Media Launches New Midday Shows On Wisconsin Talk Stations

BNM Staff
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Civic Media Launches New Midday Shows On Wisconsin Talk Stations

Civic Media has plotted a pair of new midday shows on its 12 talk stations throughout Wisconsin.

Matenaer On Air — featuring Jane Matenaer and comedian Greg Bach will air on the network from 10 AM to Noon. Matenaer joined the outlet in 2022 after previously working as a news anchor and producer at WTMJ. She began hosting the daypart after Kristin Brey joined WTMJ in January.

“I’m so proud to be a part of Civic Media and our mission of keeping hometown radio alive. It is a joy to be able to break down the news of the day, along with finding the lighter side of issues Wisconsinites care about,” Matenaer said. “From childcare to clean water to animal rescue organizations and many more, it continues to be the honor of my life to be welcomed into people’s lives each and every day.”

Additionally, The Todd Allbaugh Show will be heard from 12-2 PM. Allbaugh joined the Civic Media network when the company purchased WRCO in 2022.

“It’s an amazing privilege to work for a statewide network and have conversations with our listeners,” Allbaugh said. “As we take our show across Wisconsin, I’m reminded there’s more that unites than divides us, and I’m excited to tell those stories.”

Finally, Maggie Daun is moving up in the lineup, taking her show from 6-7 PM and moving to 2-4 PM.

“I am beyond thrilled to start in my new mid-day time slot,” said Daun. “This is a crucial time for politics in our state, and I am excited to continue sharing my knowledge, having conversations with our listeners about holding our government accountable at all levels, and pushing for the efficiency and effectiveness needed so that it helps all of the communities it is meant to serve.”

Tony Katz Taking Show to Israel for Series of Special Broadcasts

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Tony Katz Taking Show to Israel for Series of Special Broadcasts

Syndicated host Tony Katz is taking his program to Israel for a series of special broadcasts from the Middle East.

Tony Katz Today will be live from Jerusalem, Tel Aviv, Akko, and other areas attacked by Hamas last October.

“The narrative is dominated by bigots who blame Israel for everything while never admitting that Hamas is a terrorist organization that brutally attacked innocent men, women and children. So many in media and in elected office never admit that Hamas raped and murdered women and set babies on fire,” said Katz.

“Also, the media rarely discusses the pressures on the Israeli people. Businesses struggle because the owners and the employees are on the front lines. Hospitals are working with skeleton crews. Food rots in the fields because the workers are fighting for Israel’s future. That story needs to be told. And I’m going to do just that; honestly and directly.”

Katz will air conversations with top Israeli politicians, as well as soldiers, hospital workers, business owners, and farmers from the Jewish state.

Tony Katz Today originates from 93 WIBC in Indianapolis and is heard throughout the Midwest on affiliate stations.

Warner Bros. Discovery Halts Merger Talks with Paramount Global

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Warner Bros. Discovery Halts Merger Talks with Paramount Global

Warner Bros. Discovery has ended talks with Paramount Global about a potential acquisition after stock prices for both companies dropped to a 52-week low.

A report from CNBC claims WBD broke off talks after spending several months exploring a potential takeover of the company. The report added that Skydance Media continues to perform “due diligence” on a potential purchase of the company.

A previous CNBC report claimed WBD CEO David Zaslav and Paramount CEO Bob Bakish had discussions about a potential merger late last year. The talks then heated up in January, but have since cooled as Warner Bros. Discovery stock dropped 10% last week after it failed to reach targets for earnings and revenue. The company’s stock price has nearly been cut in half in the past year and is trading at 52-week lows.

Meanwhile, Paramount just implemented widespread job cuts, eliminating the roles of 800 inside the company as its stock price also has dropped. It will release its financial results on a Wednesday earnings call.

Mark Jackson Launches New Podcast With Son Mark Jr.

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Mark Jackson Launches New Podcast With Son Mark Jr.

Former NBA player, coach and broadcaster Mark Jackson has launched a new podcast, The Mark Jackson Show. Airing as part of the Come and Talk 2 Me network, Jackson is doing the podcast with his son, Mark Jr. who is also known as ‘Bluu.’

The first episode of the new show has dropped and it didn’t take long for Jackson Sr. to get emotional. He said for those not aware, he is known to cry frequently and as he and his son shared how special it was for them to be doing the show together, the tears already started to flow.

“Launching this podcast with my son is an incredible thrill, especially on the Come and Talk 2 Me network,” Jackson said in the show announcement. “Discussing the NBA with him brings me true joy, and being part of a network that caters to our specific audience feels like the perfect fit. Brace yourselves for captivating stories, expert analysis, and a unique perspective as we explore basketball and beyond.”

“Welcoming a basketball legend like Mark to the network adds incredible depth to our roster, and we couldn’t be happier to have him and his son,” said Cam’ron. “Together, we’re offering fans an exciting new perspective on the NBA, and I can’t wait for listeners to tune in and experience the energy and insights Mark and Bluu bring to the table.”

Jackson, who was let go by ESPN at the end of July when Doris Burke and Doc Rivers were named as the new top analysts, started the show by answering his son’s question about what went into his decision to start a podcast.

“If you don’t know, I got fired!” he said. “That’ll do it, that’ll make you make an adjustment and an audible real fast.”

The Come and Talk 2 Me network was founded by hip-hop icons Cam’ron and Ma$e and their involvement is another major reason Jackson has started this podcast.

“What also happened was two legends out of New York City, two guys from Harlem, you never know who you’re impacting, and when I got fired they took my firing personally and they basically had a vision and they proposed that vision to me, two guys by the name of Cam and Ma$e, who are making a historic run with It Is What It Is, changing the game of how we cover sports. I’m honored to call them partners and even more honored to call them friends and family.”

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