Word: radioed
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Satellite radio clearly has momentum, but broadcast, or terrestrial, radio still owns most of the market. Local radio may be clogged with ads and promos, banal chatter and the same 200 songs spun ad nauseam, but almost everyone tunes in at some point during the week, according to ratings firm Arbitron. Viacom recently wrote down the value of its Infinity radio business by $10.9 billion, but terrestrial radio still hauls in around $20 billion a year in revenues, mainly from local advertisers like car dealers and banks, rendering it an important marketing tool and generator of free cash flow. Sirius...
...naturally with Sirius' bad-boy image. Frustrated by the feds' indecency crackdown, Stern is literally counting down the minutes (on his website) left on his contract with Infinity, his current home. He has been a relentless promoter for Sirius, trying to coax his 12 million listeners over to pay radio. He is also charging Sirius a fortune to air his signature blend of flatulence jokes and advice to strippers on breast implants: $100 million a year for five years, starting in 2006, a deal signed shortly before Karmazin came on board last fall...
...Sirius signed Stewart for a bargain $30 million over four years, plus a share of ad sales. It's paid to her company, Martha Stewart Living OmniMedia, in return for a 24-hour women's lifestyle channel, featuring advice to the "homemakers of America," as she puts it. Martha Radio goes on the air this fall, after she completes her sentence for obstruction of justice involving a stock trade. Stewart promises to play a hands-on role, taking calls from listeners and giving tips on topics from gardening to curtain care...
...traditional audience-tracking services like Arbitron, instead surveying listeners by e-mail and phone, so Sirius can't tell advertisers how many folks are listening in a given quarter-hour, a key metric advertisers use to negotiate rates. "Our clients aren't falling over themselves to advertise on satellite radio," says Jon Mandel, chairman of the ad-buying firm MediaCom US. Karmazin says he is confident that his stars will earn their keep. "What makes the difference is content," he says in an interview at Sirius headquarters. "I don't know how you can do it on the cheap...
...folks who know the old Karmazin, the idea of splurging on content sounds like a remarkable change of heart for a guy who became a cult figure on Wall Street as a radio adman, the Infinity boss and a media consolidator focused on the bottom line. After selling Infinity to Westinghouse (which had swallowed CBS a year earlier) for $4.9 billion, he became head of CBS in 1999 and then sold the whole thing to Viacom for $40 billion. He found himself the No. 2 guy at Viacom, behind chief Sumner Redstone. The two clashed famously, in part over personalities...