Some news today in the fight to flush Rush. This is very important, but also somewhat mixed, news. Sometimes it might be possible to have too much success (please see below).
The Dial Global Radio Network has decided to voluntarily delist from NASDAQ. All Access Music Group says Dial Global is identifying Rush Limbaugh as the source of some of their financial problems.
Rush Limbaugh responsible for
very significant radio network losses
YESTERDAY (NET NEWS 11/16) ALL ACCESS first reported that DIAL GLOBAL, INC. had notified the NASDAQ Stock Market of its intention to voluntarily delist from its Global Market. The decision to voluntarily delist from NASDAQ was taken following a review by the Company's Board of Directors, which determined that a delisting would be in the best interests of the Company. [emphasis added]
—Dial Global Posts Disappointing Q3 Financials, Points Finger At Rush Limbaugh For Some Problems
One of the problems: "Costs of revenue jumped from 10,870 million in 2011 to $39,625 million now. Gross profit only inched up, growing from $14,148 million in Q3 2011 to $18,583 now. Additionally, DIAL GLOBAL disclosed in yesterday's 10-Q filing that it will take a goodwill impairment charge of $67,218 million."
Dial Global says they may not meet their financial obligations, and will seek to re-finance their debt.
We believe our 2012 results were adversely impacted by, among other things, late cancellations in ad buys (which we believe was a by-product of the election and renewed economic uncertainty), competitive factors, such as a greater diversity of digital ad platforms (into which ad budgets have flowed) and increased competition from our major competitors, and advertisers' response to controversial statements by a certain nationally syndicated talk radio personality in MARCH 2012." [emphasis added]
—Dial Global Posts Disappointing Q3 Financials, Points Finger At Rush Limbaugh For Some Problems
All Access Music Group explains, "That was apparently in reference to PREMIERE NETWORKS' RUSH LIMBAUGH, who faced criticism over his comments about the law student/activist SANDRA FLUKE."
In other news, Angie's List has stopped advertising on the Rush Limbaugh Show. It is believed this is due to the expiration of their contract. Angie's List tells us they are reviewing whether to drop Rush.
A NOTE ABOUT DIAL GLOBAL: This news is clearly an indication that advertisers are abandoning Rush Limbaugh in numbers that may eventually be sufficient to hold him accountable for his hate speech.
Because it is Dial Global, however, there are some concerns. Dial Global contracts for Rush Limbaugh's radio program, but also syndicates several progressive talk show hosts.
Private equity firms Oaktree Capital Management and The Gores Group own about 90% of Dial’s stock. It syndicates music, news, sports, events (including the Grammys and the Academy of Country Music Awards), and talk shows featuring Charles Osgood, Dennis Miller, Ed Schultz, Stephanie Miller and Clark Howard.
—Radio Company Dial Global Says Rush Limbaugh Hurt Its Ability To Stay Afloat
Just yesterday I wrote a diary which asked,
should we finish flushing Rush? Responses generally favored continuing our contacting of advertisers.
In the meantime we will explore the extent to which we can more narrowly focus our advertiser contacts on Premiere Networks (subsidiary of Clear Channel) stations, at least for local advertisers. Premiere Networks is the Rush Limbaugh syndication network.
Please also see my other recent diaries about Rush Limbaugh:
Rush Limbaugh shamelessly uses politically charged term: Hispandering
Rush Limbaugh rips ObamaCare, predicts "riots against these companies", asserts "no stopping this"
Limbaugh unveils "Baracka Claus", asserts Democrats bribe Hispanics for votes, mocks w/Feliz Navidad
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My Stop Rush blog posts: http://dailykos.com/...
Twitter hashtag: #stoprush
Mon Nov 19, 2012 at 8:47 AM PT: Limbaugh advertiser backlash DIRECTLY responsible for radio industry downturn: –radio network exec
http://www.dailykos.com/...
