Snow days are days when the
staff at THE MEDIA REPORT
stays home with a quart of
Jägermeister, their new
Michael Phelps Bong and
watches TV Land.
Days like this the
often feels it is their duty to
turn out a post.
Could Knoxville become a ONE (local news)
TV Station market?
Here are their thoughts and
as always, no matter how ugly
or off the wall..YOUR thoughts are welcome!
To really understand more
about the situation the three
local TV stations (that offer news) are
in you kinda need to know something
about the companies that own them and
if they have the proverbial pot to
make water in?
Gannett Co., Inc Is the
parent company of WBIR TV.
One year ago Gannett Co was
finding buyers for their
stock at over thirty dollars a share.
Today GCI was trading
at a touch under five dollars.
Latest news on the Gannett stock is not good at all.
(Reuters) - "Moody's Investors Service on Monday cut its ratings on Gannett Co (GCI.N) to the cusp of junk territory and said it may cut them into junk, citing the company's ongoing and deepening revenue declines."
The upside is unlike most companies
Gannett has been steadily paying a nice
dividend since it went public many years ago.
The last they paid was over .40 a share.
The downside is...Gannett executives said last week the company's board would meet in February to evaluate its dividend.
WVLT is owned by Gray and
five years ago their stock was selling
for over 14 dollars a share. Today
try less than a half a dollar.
Locally WVLT has moved past WATE for the
number two ranking in the local news race and
WVLT is also the station for UT sports.
Can they beat WBIR in the local news
race? The answer is,can they afford
to invest the money to do it?
Rumor has it WVLT and WBIR
are sharing news video. For oldtimers the very thought of
competitors doing something like that makes eyes brows rise
and hackles dance. Still these are
not the old times these
are the SCARY times and
if the purpose is both
to save money and to continue to
push WATE further down the
local news ratings ladder
then there could be merit in the move.
Before you pass a second
collection basket at Prayer Meeting to
help the "From The Heart" staff
or those at WVLT, consider their former
For years Channel 6 was
always "this close" to making a
move on WBIR in the local
TV news race. NEXT BOOK
they were going to tie
and then it was just a matter of time
before they could raise
rates and raise the big
WE ARE NUMBER ONE
banner over Graystone.
Well that next book never
happened and today their parent company
Young Broadcasting is
in what Eddy referred to as being full
in the movie, CHRISTMAS VACATION!
Young Broadcasting was finding
buyers for their
stock in the beginning
of 2005 at TEN DOLLARS
By mid 2005 the stock
was under FIVE and it
finished out the 2007
year at less than THREE dollars.
Sound bad? Hey, those were the good years.
stock is between 1 and three CENTS a share.
It gets worse, MUCH worse....
NEW YORK--(BUSINESS WIRE)--Young Broadcasting Inc. (NASDAQ:YBTVA) announced today that it received a notification from the NASDAQ Hearings Panel that the Company’s common stock will be delisted from The NASDAQ Stock Market since the Company failed to meet certain of the NASDAQ requirements for continued listing. Trading will be suspended effective at the open of business on Tuesday, January 27, 2009.
So what happens now?
Normally when a company gets in this shape
another company will gobble them up
at a bargain price.
The problem Young will
have is there just
isn't that many out there
gobbling small television chains,
there isn't that
many gobbling large television
If you still wanta do the love offering
best do it for WATE.
Bottom line is the bottom line is causing all of
the local radio and TV stations to slowly bleed out.
Some much slower than others but all are feeling it.
It is sad to think of what is happening to 401Ks, raises,
and even the ability to hire when needed. Could
Knoxville become a one or two TV news market?
Before you answer remember when you never dreamed it
would become a ONE newspaper market.