Encyclopedia.com. In 1962 the agency stopped representing newspapers in order to focus on representing electronic media. Source: International Directory of Company Histories, Vol. It had an interest in a cable TV system; it collected accounts receivables for television stations; it had an outdoor advertising business; and it represented advertising in the New Orleans Superdome. —, “Katz Takes Stock,” Broadcasting & Cable, March 27, 1995, p. 55. It was estimated the stations accounted for up to $110 million in spot billings annually. Katz’s new chairman would be replaced by DLJ Merchant Banking Partners managing director Thompson Dean. The standard 15 percent commissions in some cases fell as low as seven percent, due to intense competition for station clients. Christal Radio; Eastman Radio; Katz Radio; Katz Hispanic Media; Sentry Radio; Clear Channel Radio Sales; Continental Television Sales; Eagle Television Sales; Millennium Sales & Marketing; Katz International Ltd. (United Kingdom). Goulazian also became president of the company, a post that had been vacant for two years following the departure of Dick Mendelson. “DLJ Swallows Most of Katz,” Mediaweek, July 18, 1994, p. 4. An Employee-Owned Company: 1970s and 1980s. It formed Katz Cable Sales, which sought to represent the Hearst Corp.’s New England Cable News channel as well as Time Warner’s planned New York City cable news channel. DLJ purchased all of the stock in Katz held by Sandler and 61 K Associates, making Katz's senior management DLJ's only partners in the investment. In June 1992 Katz merged its Katz Cable Sales into Cable Media, which began to expand nationally by opening offices in New York, Chicago, Dallas, and Los Angeles. Around this time the company changed its name to Katz Media Group Inc. Also in 1994 Katz merged its cable sales group, Cable Media Corp., with National Cable Advertising to form National Cable Communications, the single largest cable rep firm in the United States. In the mid-1970s Katz was involved with several money-losing subsidi-aries and representation ventures. “Katz Media Corp.,” Billboard, August 27, 1994, p. 124. In March 1995 Katz gained the national representation con-tract from Chris-Craft Industries for its eight-station group, United Television Inc. Katz and Chris-Craft set up a new unit, United Sales Enterprises, dedicated to selling only the United stations, which billed about $185 million annually. 600 Madison Ave For fiscal 1987 Katz Communications had annual billings of about $1.2 billion for its 200 client television stations and nearly 1,300 radio stations. Katz and London-based International Media Sales formed Katz International Ltd., with headquarters in London, England, and other offices Frankfurt, Germany, and Paris, France. DLJ ended up with about 80 percent of Katz’s common stock. At the time Katz Radio had about $130 million in annual billings, Christal about $70 million, and RKO $20 million. During the 1980s media representation firms were consoli-dating. The acquisition caused concern among some radio station owners that were represented by Katz in markets where there were also stations owned by Chancellor. The company remained profitable during the 1930s and 1940s, representing newspapers and radio stations. Matthew D Cavenaugh Jackson Walker LLP 1401 McKinney Street Ste 1900 Houston, TX 77010 713-752-4200 Email: mcavenaugh@jw.com. Katz Media Group, Inc. New York, NY. Early in 1997 Seltel split into two divisions, Republic and Capitol, to improve service to clients. International Directory of Company Histories. The company had failed to meet Wall Street's earnings expectations, due in part to ownership consolidation of radio and television stations. In the mid-1970s Katz reorganized its television group into two divisions, Katz American and Katz Continental, to serve the different needs of large and small markets. It has been at different times a private family-owned business, an employee-owned company, a management-owned company, a publicly-owned company, and a wholly-owned subsidiary. The completion of the transcontinental railroad in 1869 enabled manufacturers to sell their products nationally, and the concept of a national brand was born. Principal Divisions: Katz Radio Group; Katz Television Group. If you would enjoy working in a dynamic environment and are looking for an opportunity to become part of a stellar team of professionals, we invite you to apply online today. In 1980 Katz acquired Field Spot Sales and formed a new division, Katz National, to represent independent television stations and, later, Fox affiliates. Brodesser, Claude, “An Absorbing Question: After Sale, Katz Media Seeks Positive Return—As Do Wary Clients,” Mediaweek, July 21, 1997, p. 8. With the backing of its parent company, Katz was in a position to enjoy a stable, profitable future. Published in the Washington Monthly, July/August 2004 35. During the year Katz Radio acquired Eastman Radio from Jacor Communications for $11.75 million, making the Katz Radio Group the largest billing radio representative. The merger created the largest radio station group in the United States with 465 radio stations. The company started trading on the British marketing since 1888-01-01.. Between 1975 and the end of the 1980s Katz had tripled in size. 275,000,000 Consumers. The company had failed to meet Wall Street’s earnings expectations, due in part to ownership consolidation of radio and television stations. Therefore, it’s best to use Encyclopedia.com citations as a starting point before checking the style against your school or publication’s requirements and the most-recent information available at these sites: http://www.chicagomanualofstyle.org/tools_citationguide.html. This business is unclaimed. DLJ agreed to pay $99.6 million in cash and assume Katz's outstanding debt of $187 million, bringing the value of the deal to $287.1 million. Current employees and contingent workers click hereto apply and search by the Job Posting Title.KATZ Media Group Job Summary: Our highly-competitive internship program provides students with hands-on experience in the media representation industry. By 1986 Katz Broadcasting owned and operated 11 radio stations, which were then sold to an employee group headed by the president of Katz Broadcasting for $68.3 million. A public filing for a proposed $100 million debt offering revealed that Katz’s 1991 revenues had declined 5.9 percent to $117.5 million, due in part to an economic recession and the Gulf War. Torpey-Kemph, Anne, “Katz Launches Sports Marketing Unit,” Mediaweek, July 12, 1999, p. 26. Over 4,000 Radio Stations. 2021 . “Former Katz Media Chairman Dies,” Adweek Eastern Edition, May 1, 2000, p. 86. In 1976 Katz began its in-house data processing operation, Media Data, which later became an important sales tool by providing online computing services to the radio and television stations that Katz represented. In addition to the MLA, Chicago, and APA styles, your school, university, publication, or institution may have its own requirements for citations. 3500 Piedmont Road Ne # 300 Atlanta, GA 30305 . Through a tender offer that was completed in November 1997, Chancellor offered $11 a share, a price agreeable to DLJ, which owned 49 percent of the company. Katz completed its IPO in 1995, and for the first time in its 108-year history it became a publicly owned company. Owners who claim their business can update listing details, add photos, respond to reviews, and more. Seltel would continue to operate as a separate subsidiary until it was merged with Katz American Television to form Millennium Sales & Marketing. … U.S.A. Most online reference entries and articles do not have page numbers. At the end of the decade Katz had about $1.5 billion in total revenues, about two-thirds of which were national TV spot billings. “Radio’s Megareps Lead the Way into the 90’s,” Broadcasting, January 15, 1990, p. 110. Retrieved April 15, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/katz-media-group-inc. Encyclopedia.com gives you the ability to cite reference entries and articles according to common styles from the Modern Language Association (MLA), The Chicago Manual of Style, and the American Psychological Association (APA). DLJ purchased all of the stock in Katz held by Sandier and 61 K Associates, making Katz’s senior management DLJ’s only partners in the investment. . Between 1975 and the end of the 1980s Katz had tripled in size. Katz began representing cable TV stations in 1991, when one of its broadcast television clients began operating a regional cable news channel. One of its subsidiaries, Katz Millennium Marketing, is dedicated to selling advertising on Internet web sites and other interactive media. . Miles, Laureen, “Put out the Katz,” Mediaweek, July 17, 1995, p. 6. At the end of 1991 Peter Goulazian, formerly president of Katz Television Group, succeeded James Greenwald as the CEO of Katz Communications. In 1972 Katz adopted an Employee Stock Ownership Plan (ESOP). 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