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KGMB - KHNL - KFVE "shared services agreement"

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  • Re: KGMB - KHNL - KFVE "shared services agreement"

    Members of The Media Council (Former Hawaii Lt. Gov. Jean King and former Hawaii Newspaper Guild President Lucy Witecktried) tried to view KHNL's public inspection records, were given the runaround, then flatout denied. Not being able to find them is one thing, being denied access is completely different. I could insert a joke and say the records were lost in the move from Sand Island to their new studios in Kalihi, but it really isn't funny.

    KGMB was much more accommodating, but a copy of their own FCC license could not be found.

    Sources: http://bizbites.honadvblogs.com/2009...access-denied/

    Also this Thursday KGMB News Director Chris Archer and Media Council Hawaii's Chris Conybeare will discuss things on "Insights on PBS Hawaii". If anyone wants to ask questions or make comments about the shared services agreement they will be able to during this program. Joe Moore was asked to appear on the program but declined his invitation.

    http://leslienotes.typepad.com/the_l...-inhawaii.html

    Comment


    • Re: KGMB - KHNL - KFVE "shared services agreement"

      That's a bad move on KHNL's part.
      Now there's an open invitation for the FCC to investigate, or at the least fine the station, which will help in any potential fight against the shared services agreement.

      Comment


      • Re: KGMB - KHNL - KFVE "shared services agreement"

        RE: "Media Council" From a simple country boy, some common sense observations:

        1- KGMB is arguably the #1 station in Hawaii
        2- KHNL is arguably #4
        3- KGMB laid off 20 or 30 people 1 year ago and has laid off another 20 or 30 now.

        Therefore:
        1- If KGMB was generating enough revenue to maintain it's position, then it would not want to "SSA" with anybody and lay off more people. Not to mention moving everything from it's iconic Kapiolani location.
        2- Therefore, I deduce that the "SSA" is a last ditch effort to stave off bankruptcy and avoid complete shutdown.
        3- If "Media Council" is successful at blocking this "SSA" I forsee a real possibility of complete shutdown. Which would leave only 3 major stations operating and lots more people out of a job.
        4- Therefore, I fail to see what benefit to the viewers of Hawaii "Media Council" would produce by adding legal challenges and expenses to an already hobbled operation.
        5- Therefore, I challenge "Media Council" or anybody else to produce a realistic plan to save this valuable local business.
        6- It seems to me that "Media Council" is in a lose-lose battle. By that, I mean if they win the challenge, KGMB may shut down and leave three stations anyway. So realistically, what is the point?

        I know there are wise-a** cynical people out there who say television is obsolete and useless and tv news is a joke anyway. But the fact is that tv is still a mainstay of entertainment and information for a majority of people. Furthermore, these stations provide a real honest wage and living for dozens and dozens of people. For these people, it is not a joke or a game or some kind of righteous crusade. It is real life trouble.

        Comment


        • Re: KGMB - KHNL - KFVE "shared services agreement"

          While its not a plan, if the SSA is stopped or meets with too much resistance, MCG Capital would sell KGMB.
          They value their asset at $22-$25 million, which is a decent price, and MCG would make back close to its initial investment since they already got about $12.5 million selling the fee simple property the station sits on.

          Comment


          • Re: KGMB - KHNL - KFVE "shared services agreement"

            Originally posted by Media Guy View Post
            While its not a plan, if the SSA is stopped or meets with too much resistance, MCG Capital would sell KGMB.
            Who would buy KGMB? New Vision TV (owner of KHON2) or Hearst (owner of KITV4)? Another outside media group?
            Beijing 8-08-08 to 8-24-08

            Tiananmen Square 4-15-89 to 6-04-89

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            • Re: KGMB - KHNL - KFVE "shared services agreement"

              Originally posted by Random View Post
              Who would buy KGMB? New Vision TV (owner of KHON2) or Hearst (owner of KITV4)? Another outside media group?
              New Vision is in no position to buy anything after filing for bankruptcy:

              http://www.starbulletin.com/business...tml?page=1&c=y

              Hearst wouldn't either because we would be back in the same mess again with one owner owning two stations.

              It's really too bad none of the stations are locally owned, but I doubt most stations, radio or tv are locally owned anymore.

              Aj

              Comment


              • Re: KGMB - KHNL - KFVE "shared services agreement"

                Originally posted by Random View Post
                Who would buy KGMB? New Vision TV (owner of KHON2) or Hearst (owner of KITV4)? Another outside media group?
                There are still plenty of large station group owners out there; Lin Broadcasting, Gray, Barrington, Young, Fisher, etc.

                One of them would pick it up, but at a multiple of BCF (broadcast cash flow). MCG Capital paid an inflated price because of the land. It was an non-broadcaster mistake seeing the purchase of KGMB as a land deal.

                You never know, maybe a local hui could even make an offer

                Comment


                • Re: KGMB - KHNL - KFVE "shared services agreement"

                  Originally posted by Media Guy View Post
                  You never know, maybe a local hui could even make an offer
                  In this economy, is it possible for any local entity to raise the necessary capital?

                  Wouldn't it be something if Cec Heftel got back into the broadcasting biz here?
                  This post may contain an opinion that may conflict with your opinion. Do not take it personal. Polite discussion of difference of opinion is welcome.

                  Comment


                  • Re: KGMB - KHNL - KFVE "shared services agreement"

                    Originally posted by Frankie's Market View Post
                    In this economy, is it possible for any local entity to raise the necessary capital?

                    Wouldn't it be something if Cec Heftel got back into the broadcasting biz here?
                    Cec has been in ill health the past couple of years. So I don't think so.
                    You'd be surprise at the amount of liquid capital that is available locally. Until recently it's been in real estate.

                    Comment


                    • Re: KGMB - KHNL - KFVE "shared services agreement"

                      I'm curious about KGMB's Kapiolani property and what will be built there eventually.

                      Comment


                      • Re: KGMB - KHNL - KFVE "shared services agreement"

                        Originally posted by TuNnL View Post
                        As Random, Dale and Foolish Heart have illustrated, you’ve misinterpreted Bob and Jade’s point. Most working in the industry (and those retired from it) are well aware that ad revenue sustains t.v. news departments. What you seemingly fail to acknowledge, is that even though there was less of it made this past year, KGMB still made a profit.
                        Originally posted by Frankie's Market View Post
                        Well Tunnl, it's hard for me to take any of your points seriously when the very foundation of your arguments is one that is open to question and doubt.
                        Originally posted by Media Guy View Post
                        In broadcasting, profit is a close relative called Broadcast Cash Flow (BCF). While the station had a positive BCF, if wasn't servicing its debt or return on investment, therefore wasn't profitable.

                        The station didn't lose $6 million. MCG Capital wrote down $6 million on the value of its investment in KGMB. That combined with the sale of the station's over 40,000 square foot property and building, which was one of KGMB's most valuable assets, that devalued the station by another $12 million.

                        So, MCG capital saw a $18 to $20 million loss on its $40 million investment.
                        Thanks, Media Guy, for helping Frankie and A.J. with the details they either choose to ignore, or simply unable to comprehend. Pacific Business News puts it in more general terms, if you are still confused:

                        We’re talking about KGMB, the CBS affiliate, which has been on the rise in the ratings but hasn’t produced revenue adequate to cover both operations and the debt associated with its 2007 purchase by a Mainland investor.

                        I will repeat my point again: what business does MCG Capital, an investment firm, have in purchasing Top 100 market broadcast television affliate? This was a real estate deal from day one, and I’m not sorry MCG got burned. I am sorry that the good people at KGMB9 had to endure the greed of Emmis Communication, who probably had an inkling of MCG’s agenda.

                        We can’t be so fixated on our desire to preserve the rights of ordinary Americans.

                        — U.S. President Bill Clinton
                        USA TODAY, page 2A
                        11 March 1993

                        Comment


                        • Re: KGMB - KHNL - KFVE "shared services agreement"

                          Originally posted by foolish heart View Post
                          I'm curious about KGMB's Kapiolani property and what will be built there eventually.
                          A high-rise condo from what I have heard.

                          Aj

                          Comment


                          • Re: KGMB - KHNL - KFVE "shared services agreement"

                            "I will repeat my point again: what business does MCG Capital, an investment firm, have in purchasing Top 100 market broadcast television affliate? This was a real estate deal from day one, and I’m not sorry MCG got burned. I am sorry that the good people at KGMB9 had to endure the greed of Emmis Communication, who probably had an inkling of MCG’s agenda."


                            Well, most large station groups are financed by investment banks or venture capital firms now days.
                            MCG provided the funding to Greenlaw-Marshall Communications LLC, principals were Douglas Greenlaw, Chief Operating Officer and director Gary Marshall. They are both experienced broadcast executives, and the plan was to purchase several more stations, except of course the economy tanked which resulted in their revenue projections for KGMB being off by a couple million dollars a year among other things.

                            Comment


                            • Re: KGMB - KHNL - KFVE "shared services agreement"

                              Originally posted by Kalihiboy View Post
                              A high-rise condo from what I have heard.

                              Aj
                              That's what I figured.

                              I wonder if they will keep the historic coconut tree that still growing out of the roof, or will that piece of KGMB's past be swept away?

                              Comment


                              • Re: KGMB - KHNL - KFVE "shared services agreement"

                                Originally posted by Media Guy View Post
                                Cec has been in ill health the past couple of years. So I don't think so.
                                You'd be surprise at the amount of liquid capital that is available locally. Until recently it's been in real estate.
                                I think Cec was on the Board of Education until last year. He did appear on the KGMB tribute special to Bob Sevey a few months back. At 84, I'm sure he as well as former KHVH owner Lawrence "Bob" Berger don't want to jump back into things because it's a different business now compared to back then.

                                Aj

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