Local TV Operating "Out of the Box"
Source: Press Release America’s newest television company burst into the media industry today as Local TV CEO Randy Michaels wired $575 million to the New York Times and took the helm of this nine station, mid-market TV platform. The new Local TV stations are heritage market leaders with the number one or two revenue share in 7 of their 8 DMAs. But this isn’t your mom’s television company.
Michaels and his long time partner COO Bobby Lawrence are well known in the broadcast business for operating outside the box. They are strong competitors, creative strategists and anything but traditional business executives. The stations might look the same at least in the short run but behind the scenes things are already churning. In its first hours of existence, Local TV arranged for new market managers in several markets, launched one of the industry’s mostunique on-line news surveys, reorganized the sales departments, trimmed expenses across and proclaimed a new policy manual that reads, simply, ‘Use your best judgment.’
It’s a new day, a new culture and a new company, understates Michaels. It is always difficult to change a culture, especially one so undamentally different from ours. But the only way to win in this changing business is to lead the change. There’s no question that business as usual has no place at Local TV. We are the vision you can’t ignore.
Lawrence is leading the sales organization’s newly created focus on local business. Local TV’s name isn’t a coincidence, says Lawrence. Our focus is our local market, our local product and our local sales opportunities. We can’t change what NBC sends over the transom anymore
than we can take credit for CBS’ ratings strength. But we can make a difference on what we control our 4-7, news and fringe. That’s where we compete and where we’ll focus our time and energy.
We’re looking for growth opportunities in the broadcast space to add more muscle to the platform, adds Michaels. We’ll be strategic, disciplined and patient as we grow this company. But there’s no question we’re on a growth curve.