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Television Groups Merger Proposed

N

nuzguy

KLTV Channel 7, Tyler, on its 10PM news tonight announced a planned merger between the station's owner, Liberty Media, and Raycom. Both groups hold numerous television stations.

No details or elaboration on the planned combination except for the standard statement that the new group plans, words to the effect, "to operate more efficiently and better serve its clients." Ominous words, these, in this era when companies join forces to economize. Here's hoping established local talent will **not** be adversely impacted. Tonight's statement ended with the obligatory, "The transaction must be approved by federal regulators."
 
> KLTV Channel 7, Tyler, on its 10PM news tonight announced a
> planned merger between the station's owner, Liberty Media,
> and Raycom. Both groups hold numerous television stations.
>
> No details or elaboration on the planned combination except
> for the standard statement that the new group plans, words
> to the effect, "to operate more efficiently and better serve
> its clients." Ominous words, these, in this era when
> companies join forces to economize. Here's hoping
> established local talent will **not** be adversely impacted.
> Tonight's statement ended with the obligatory, "The
> transaction must be approved by federal regulators."
>
Consolidate, merge, layoff hundreds of people. Control the message to one side of the political spectrum. That is telecom'96 in a nutshell.
 
Liberty has really done a number on Channel 7. While a lot of the talent remains in place. A lot of "behind the scenes" people have been eliminated and others have taken on a lot of other duties. Most of the people had been there a number of years. So, if the merger goes through, I hope it doesn't further impact the people who make it all happen at the "Tiffany" station in Northeast Texas. I hate that Buford/TV-# sold the place. As I pointed out before, it was my favorite job and it was like a big family working there. We were all proud of the product that we put on air. It's a damn shame the pay couldn't match the product. <P ID="signature">______________
Put Down The Cell Phone, and Use Your Turn Signal!</P>
 
> > KLTV Channel 7, Tyler, on its 10PM news tonight announced
> a
> > planned merger between the station's owner, Liberty Media,
>
> > and Raycom. Both groups hold numerous television
> stations.
> >
> > No details or elaboration on the planned combination
> except
> > for the standard statement that the new group plans, words
>
> > to the effect, "to operate more efficiently and better
> serve
> > its clients." Ominous words, these, in this era when
> > companies join forces to economize. Here's hoping
> > established local talent will **not** be adversely
> impacted.
> > Tonight's statement ended with the obligatory, "The
> > transaction must be approved by federal regulators."
> >
> Consolidate, merge, layoff hundreds of people. Control the
> message to one side of the political spectrum. That is
> telecom'96 in a nutshell.
>
Indeed, that does seem to be both the intent and the trend when "federal regulatory agencies" readily approve (rubber stamp?) these combinations.

Among its holdings, Raycom acquired KSLA Channel 12 in Shreveport several years ago. Liberty bought out Channel 7 some years ago from local interests and the station has continued a solid news/programming reputation in the East Texas area. Liberty instituted very few on-air news/talent changes when it took over and turnover remained fairly low until recently. Then, one 5PM anchor departed, as did a weekend anchor, and a sports reporter is now with Tyler Junior College as Director of Public Information. The churn had become notable and onlookers were beginning to wonder what was at the root of the change. Now comes tonight's announcement, which may or may not have to do with all the leave takings of late.

Channel 7 has a basically respected product, so now begins all the guessing as to what changes will be brought on by the soon to be new conglomerate. These are the times that try broadcasters' souls.
 
> > KLTV Channel 7, Tyler, on its 10PM news tonight announced
> a
> > planned merger between the station's owner, Liberty Media,
>
> > and Raycom. Both groups hold numerous television
> stations.
> >
> > No details or elaboration on the planned combination
> except
> > for the standard statement that the new group plans, words
>
> > to the effect, "to operate more efficiently and better
> serve
> > its clients." Ominous words, these, in this era when
> > companies join forces to economize. Here's hoping
> > established local talent will **not** be adversely
> impacted.
> > Tonight's statement ended with the obligatory, "The
> > transaction must be approved by federal regulators."
> >
> Consolidate, merge, layoff hundreds of people. Control the
> message to one side of the political spectrum. That is
> telecom'96 in a nutshell.
>
Some interesting financial news on Liberty dating back to early August. Liberty's stock has been lowered to junk status in anticipation of significant investments to be made in acquisitions. Also, Liberty's CEO is to retire soon.
A lot of ingredients are being stirred into the mix, and many of them seem to signal "consolidate and downsize" in terms of expenses while building and expanding the portfolio.
 
>So KLYV staffers need to redo their resumes. What a shame, for a small market TV station they do one helluva job. I miss the old days when the owners were actually broadcasters who cared about broadcasting.
 
> Liberty has really done a number on Channel 7. While a lot
> of the talent remains in place. A lot of "behind the
> scenes" people have been eliminated and others have taken on
> a lot of other duties. Most of the people had been there a
> number of years. So, if the merger goes through, I hope it
> doesn't further impact the people who make it all happen at
> the "Tiffany" station in Northeast Texas. I hate that
> Buford/TV-# sold the place. As I pointed out before, it was
> my favorite job and it was like a big family working there.
> We were all proud of the product that we put on air. It's a
> damn shame the pay couldn't match the product.
>
The Longview News-Journal in its Saturday edition carried a locally-originated story on the deal. Value of the transaction is listed as $987 million. The paper quoted information from Liberty and Raycom that the companies agreed to the merger at a per share price of $47.35 and assumption of $110 in debt.

Of further interest is the pro forma management statement from Paul McTear, Raycom CEO, that "no dramatic changes" are expected as a result of the combination. Pardon my skepticism, but if that proves true it'll be one of the very few times in the history of broadcasting where such a change was effected without a major internal shakeup. But all the platitudes apply here-- "Time will tell" and "We will wait and see."

Liberty holds 15 stations, Raycom has 37. The companies stated it's hoped the deal will be finalized by December 31.
 
> I miss the old days when the owners were actually broadcasters
> who cared about broadcasting.

Unfortunately, that attitude is considered "quaint" today, when the top concern of broadcast operators is supposed to be efficiency in generating profits.
 
> > Liberty has really done a number on Channel 7. While a
> lot
> > of the talent remains in place. A lot of "behind the
> > scenes" people have been eliminated and others have taken
> on
> > a lot of other duties. Most of the people had been there
> a
> > number of years. So, if the merger goes through, I hope
> it
> > doesn't further impact the people who make it all happen
> at
> > the "Tiffany" station in Northeast Texas. I hate that
> > Buford/TV-# sold the place. As I pointed out before, it
> was
> > my favorite job and it was like a big family working
> there.
> > We were all proud of the product that we put on air. It's
> a
> > damn shame the pay couldn't match the product.
> >
> The Longview News-Journal in its Saturday edition carried a
> locally-originated story on the deal. Value of the
> transaction is listed as $987 million. The paper quoted
> information from Liberty and Raycom that the companies
> agreed to the merger at a per share price of $47.35 and
> assumption of $110 in debt.
>
> Of further interest is the pro forma management statement
> from Paul McTear, Raycom CEO, that "no dramatic changes" are
> expected as a result of the combination. Pardon my
> skepticism, but if that proves true it'll be one of the very
> few times in the history of broadcasting where such a change
> was effected without a major internal shakeup. But all the
> platitudes apply here-- "Time will tell" and "We will wait
> and see."
>
> Liberty holds 15 stations, Raycom has 37. The companies
> stated it's hoped the deal will be finalized by December 31.
>
In other words "un happy New year" for a lot of current employees. I can see it now at the company Christmas Party "Merry Christmas, you will notice there are no bonuses this year." " The usual place we have our holiday bash was moved to this Dairy Queen,because of restructuring" "I hope the ice cold blizzards and the freshly squeezed Limeade is to everyone's liking instead of the cash bar we normally have."" As You depart tonight once our holiday gathering is concluded please check by the front door security and see if your name is on the list for job elimination on New Years Day. From all of us at Liberty and our Friends at Raycom. Have a safe and prosperous Holiday".
 
> >
> In other words "un happy New year" for a lot of current
> employees. I can see it now at the company Christmas Party
> "Merry Christmas, you will notice there are no bonuses this
> year." " The usual place we have our holiday bash was moved
> to this Dairy Queen,because of restructuring" "I hope the
> ice cold blizzards and the freshly squeezed Limeade is to
> everyone's liking instead of the cash bar we normally
> have."" As You depart tonight once our holiday gathering is
> concluded please check by the front door security and see if
> your name is on the list for job elimination on New Years
> Day. From all of us at Liberty and our Friends at Raycom.
> Have a safe and prosperous Holiday".
>

Dairy Queen! I'd kill for Dairy Queen. I'll take the Blizzard for a bonus. I got a stinking letter from the CEO saying they had record profits and their best year ever and he/she thanked us for the hard work and said it would not have been possible without us. I shook it as hard as I could trying to get the check to fall out, but it never did. We used to get $15.00 gift certificates from Kroger or Randalls (Tom Thumb for you all in the Metroplex), but we don't even get those anymore. I'd take that for my seven course holiday meal... bag of doritos and a six pack.

As one of my co-workers so elequently said, "The Company just had sex with us, and we didn't even get a kiss under the mistletoe."<P ID="signature">______________
Put Down The Cell Phone, and Use Your Turn Signal!</P>
 
>> Dairy Queen! I'd kill for Dairy Queen. I'll take the
> Blizzard for a bonus. I got a stinking letter from the CEO
> saying they had record profits and their best year ever and
> he/she thanked us for the hard work and said it would not
> have been possible without us. I shook it as hard as I
> could trying to get the check to fall out, but it never did.
> We used to get $15.00 gift certificates from Kroger or
> Randalls (Tom Thumb for you all in the Metroplex), but we
> don't even get those anymore.

I guess the Christmas bonus is about as rare as you can get these days. Four owners ago, we got a weeks pay and a kick ass party at one of the big hotels. First, the weeks pay turned into $150, then totally dried up, and now the party is a buffet in the lobby during work hours. Guess it's just the way things are these days. Sure could use that weeks pay, though.
 
> >> Dairy Queen! I'd kill for Dairy Queen. I'll take the
> > Blizzard for a bonus. I got a stinking letter from the
> CEO
> > saying they had record profits and their best year ever
> and
> > he/she thanked us for the hard work and said it would not
> > have been possible without us. I shook it as hard as I
> > could trying to get the check to fall out, but it never
> did.
> > We used to get $15.00 gift certificates from Kroger or
> > Randalls (Tom Thumb for you all in the Metroplex), but we
> > don't even get those anymore.
>
> I guess the Christmas bonus is about as rare as you can get
> these days. Four owners ago, we got a weeks pay and a kick
> ass party at one of the big hotels. First, the weeks pay
> turned into $150, then totally dried up, and now the party
> is a buffet in the lobby during work hours. Guess it's just
> the way things are these days. Sure could use that weeks
> pay, though.
>
Do you have to go off the clock to attend the buffet? Hope you can buy the egg rolls as you go through the line at a discount off what they cost.

Reminds me of the company in Dallas in 1985. The suits got hefty bonus checks for "making the station a success." The peons were handed coupons for a dollar off a turkey (with a $10 purchase) at Tom Thumb.
 
The worst Company Christmas bonus I ever heard of was from Braum's, the ice cream folks. Their stores were given a dozen apples and each employee was allowed to take one apple home!. I kid thee not.
 
> The worst Company Christmas bonus I ever heard of was from
> Braum's, the ice cream folks. Their stores were given a
> dozen apples and each employee was allowed to take one apple
> home!. I kid thee not.

Any worms in the apples?
>
 
> > The worst Company Christmas bonus I ever heard of was
> from
> > Braum's, the ice cream folks. Their stores were given a
> > dozen apples and each employee was allowed to take one
> apple
> > home!. I kid thee not.
>

Maybe it was like providing benefits for their employees... you know "an apple a day keeps the doctor away."<P ID="signature">______________
Put Down The Cell Phone, and Use Your Turn Signal!</P>
 
> > Have a safe and prosperous Holiday".

More like 'preposterous' holiday...

> Dairy Queen! I'd kill for Dairy Queen.
>
> As one of my co-workers so elequently said, "The Company
> just had sex with us,

and you didn't get any dinner/dessert first....

> and we didn't even get a kiss under
> the mistletoe."
>
 
> > We used to get $15.00 gift certificates from Kroger or
> > Randalls (Tom Thumb for you all in the Metroplex), but we
> > don't even get those anymore.
>
> I guess the Christmas bonus is about as rare as you can get
> these days. Four owners ago, we got a weeks pay and a kick
> ass party at one of the big hotels. First, the weeks pay
> turned into $150, then totally dried up, and now the party
> is a buffet in the lobby during work hours. Guess it's just
> the way things are these days. Sure could use that weeks
> pay, though.
>
Walgreens employees get $25 checks for Christmas--minus the taxes OF COURSE--so it ended up being like $16.something. Not really worth all the paper used to print it on.

About the best in grub was when I was with CompUSA's corp HQ...2 big Xmas parties at the Anatole, and 1 at the Apparel Mart; the one right after I left was held at the Doubletree (now Hilton) Lincoln Center...believe me, I ate my a$$ off while I had the chance.
 
> > The worst Company Christmas bonus I ever heard of was
> from
> > Braum's, the ice cream folks. Their stores were given a
> > dozen apples and each employee was allowed to take one
> apple
> > home!. I kid thee not.
>
> Any worms in the apples?
> >
>


Do the worms that gave the apples count?<P ID="signature">______________
"Would the person or persons who stole radio, automated and genericized it with standardized formats and regurgitated it on all of America please return it. You're killing the medium. Thank you."</P>
 
> > > The worst Company Christmas bonus I ever heard of was
> > from
> > > Braum's, the ice cream folks. Their stores were given a
>
> > > dozen apples and each employee was allowed to take one
> > apple
> > > home!. I kid thee not.
> >
>
> Maybe it was like providing benefits for their employees...
> you know "an apple a day keeps the doctor away."
>


Well....if that's the case, then I hope the management doesn't pitch a wall-eyed fit when the staff keeps calling in sick. That one apple won't get 'em very far.<P ID="signature">______________
"Would the person or persons who stole radio, automated and genericized it with standardized formats and regurgitated it on all of America please return it. You're killing the medium. Thank you."</P>
 
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