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sales@spotsndots.com Copyright 2020.The Daily News of TV Sales Tuesday, April 21, 2020

COX’S SMOKE: USED SALES MAY FALL UNDER 29M Online retailers continue to make gains in used-vehicle sales, and with the coronavirus pandemic keeping many shoppers home this spring, they hope to further their foothold in 2020. In Automotive News’ 2019 ranking of the top 100 used-vehicle retailers, upstart Carvana jumped to No. 4, after making its debut at No. 8 in 2018. Carvana’s used-retail units jumped 89% in 2019 to 177,549. The Tempe, Ariz., company accomplished this feat with an asset-light approach that included vending machines and vehicle reconditioning centers but otherwise relied mostly on its Web presence. It trailed only CarMax, Penske Automotive Group and AutoNation, which were 1, 2 and 3 in 2018 as well. CarMax posted record sales in its latest fiscal year but, like others, has seen a stark change in business just over three months into 2020. Many retailers were headed into the busy spring selling season with used-vehicle sales poised to be above 2019 levels. The outbreak of the novel coronavirus caused a pandemic that arrived in earnest in the U.S. market in mid-March. Robby Findlay, director of operations for Findlay Automotive Group, says the group is focused on enhancing its digital presence and putting more emphasis on used-vehicle sales. Cox Automotive Chief Economist Jonathan Smoke said earlier this month that there would likely be a historic decline in vehicle sales in the second quarter of 2020, with a potential recovery perhaps arriving in the second half of the year. That outlook assumes the pandemic — which kept many retailers closed in mid-April and millions of consumers mostly confined to their homes — improves sooner rather than later. For 2020, Smoke said new-vehicle sales could fall below 12 million and used-vehicle sales could drop below 31 million. Used-vehicle volume has been estimated at about 40 million units for the past several years, and before March it was expected to remain at that level in 2020. If the virus-caused slowdown lasts longer than expected or reoccurs, new-vehicle sales could fall below 11 million, and used-vehicle sales could drop below 29 million, Smoke said. “That’s a bleak outlook, compared to where we were in January,” Smoke said. “I hope we’re wrong.” Vroom CEO Paul Hennessy told Automotive News that his company had seen a decline since the outbreak of the pandemic caused mass stay-at-home orders in the U.S., but as traditional auto retailers leaned more toward digital sales (often out of necessity), he said his company was well-positioned to capitalize in 2020. Vroom, a digital newcomer similar to Carvana, made its debut in Automotive News’ 2019 used-vehicle retail rankings at No. 16, thanks to unit sales of 31,963.

DIGITAL NEWCOMERS GAINING GROUND IN USED AUTOSADVERTISER NEWS About 22 million members of the U.S. workforce have filed for unemployment benefits during the pandemic, but some retail and e-commerce companies continue to add jobs as they struggle to keep up with demand. A roster of companies including Walmart, Amazon, Lowe’s, CVS and Ace Hardware aim to add 604,000 new employees.… J.C.

Penney has received an approximately $300 million loan offer from a group of first-lien and second-lien lenders, which would be secured by the retailer’s real estate holdings, sources say. The department store has been considering strategic alternatives, which could include a bankruptcy filing, since closing its stores due to the pandemic… More than nine in 10 consumers have changed their shopping habits due to COVID-19, according to the National Retail

Federation... Shake Shack will return the $10 million loan it received under the federal Paycheck Protection Program, which ran through its initial funding of $349 billion in less than two weeks, founder Danny Meyer and CEO Randy Garutti wrote in an open letter. The company was able to secure other funding, they wrote, so they’re returning the money to give less-fortunate small businesses a chance… Instacart has expanded its current partnership with Costco to also include prescription delivery. The latest online delivery service, which was piloted in California and Washington, will be rolled out nationwide in the coming months…Rite Aid says it’s adding more drive-through testing sites in New Jersey, New York, Michigan, Ohio and Pennsylvania. Testing will be overseen by the chain’s pharmacists, with patients self-administering tests for COVID-19. To qualify for testing, people must be at least 18 years old with government-issued identification and meet criteria set by the Centers for Disease Control and Prevention…Meat sales at B&R Stores have increased 30% over the past month even though suppliers are only filling 75% of the orders placed by the Midwestern grocery chain. The supermarket has begun placing limits on ground beef purchases and begun selling smaller chicken pieces at its deli stations…Stage Stores is asking vendors for more time to pay bills and other concessions as the discount department store chain seeks to avoid a bankruptcy filing because of the coronavirus pandemic, according to Reuters. “We will require concessions from you, our vendor partners,” CEO Michael Glazer and Chief Merchandising Officer Thorsten Weber said in an email to vendors yesterday. “We would not be reaching out to you today if these concession requests were not vital to keeping our company out of Chapter 11.” Stage Stores closed all of its 738 stores and three distribution centers last month... Cheesecake Factory shares moved higher yesterday after private equity firm Roark Capital invested $200 million in the company. The restaurant chain has struggled as the coronavirus pandemic has closed dining rooms around the U.S. Cheesecake Factory operates nearly 300 restaurants in the U.S. and Canada.

PAGE 2 The Daily News of TV Sales @ www.spotsndots.com

AVAILS WXLV/WMYV, Winston-Salem, N.C., is seeking a Digital Sales Manager who will ensure all digital objectives, including internet and mobile, exceed or meet company revenue growth goals. This person will become an expert in Sinclair’s digital capabilities and be able to deliver unique and valuable digital solutions to new and existing clients. Applicants must have the ability to lead, train and inspire, with knowledge of new media, digital interactive initiatives,

social media and content. CLICK HERE to apply. EOE/Drug Free Workplace. Fox 26 KRIV-TV, the Fox O&O in Houston, seeks an Associate Producer. Responsibilities include writing stories and teases, editing video, and creating graphics and supers for newscasts and digital platforms. Must be willing to assist on the assignment desk, if necessary. Must be reachable 24 hours a day in breaking news situations. One to two years’ experience as a TV

Newscast Associate Producer or Producer in a small to medium to major television market or equivalent preferred. CLICK HERE for more info or to apply now. EOE. A strong NBC news station in Southern Arizona is looking for a talented, organized and aggressive Multimedia Journalist. Duties include a broad range of accountabilities including but not limited to on-air reporting, video journalism, video editing, writing and producing on a variety of deadlines. The products will appear on regularly scheduled news shows with both live and video content. Products will be published on the company website and mobile devices. A Bachelor’s degree in journalism, communications or a related field preferred. Resumes to: cbatbie@kvoa.com. No calls. EOE. WYFF 4, the Hearst Television NBC affiliate in beautiful Greenville, S.C., seeks a Digital Sales Manager to provide energized leadership for our digital sales initiatives. The ideal candidate has a passion for new media and enjoys staying up-to-date with its evolution, understands digital marketing strategy, works with the LSM to achieve all digital budgets, and loves to compete. If this sounds like you, come work at one of the best television stations in the country. Google “Greenville, SC Top 10” and see why everyone wants to live here! CLICK HERE to apply. EOE.

THIS AND THAT Gray Television has announced a number of internal promotions. We’ve listed them on the Spots n Dots app....Netflix maintained its sizable lead as the top subscription video on demand play in March with a 71% share of the market while second-place Amazon Prime Video increased by 1 percentage point to 50% based on a HarrisX study with the MoffettNathanson research firm. Hulu held steady at a 37% share with Disney+ and Apple TV+ each rising 1 percentage point to 27% and 7%, respectively... Fox has quickly wrapped up its acquisition of ad-free streaming video company Tubi. The two agreed on the buyout, for $440 million net cash consideration, just over a month ago. Tubi is available on more than 25 digital platforms.

NETWORK NEWS A different kind of “event TV” took place on Saturday night, with Global Citizen’s “One World Together at Home” coronavirus relief effort airing on ABC, CBS and NBC. The broadcast, co-hosted by Jimmy Fallon, Jimmy Kimmel and Stephen Colbert, featured performances from the likes of Paul McCartney, Lady Gaga, Elton John, Jennifer Lopez and the Rolling Stones in their own homes. The broadcast was supported by brands donating directly to the WHO’s COVID-19 Solidarity Relief Fund. Coca-Cola, GlaxoSmithKline, IBM, Johnson & Johnson, PepsiCo, Procter & Gamble, State Farm, Target and Verizon were among those lending their support. The Los Angeles Times reports that after the concert, Global Citizen said it had raised $127 million. Meanwhile, the broadcast attracted more than 14 million viewers across U.S. network television… Tom Lester, the actor who played the guileless, brighter-than-he-seemed farmhand Eb Dawson on CBS’ 1960s sitcom Green Acres, died yesterday in Nashville, Tenn., of complications from Parkinson’s disease, his family announced. Green Acres, an alternately hokey and surreal comedy starring Eddie Albert and Eva Gabor as a sophisticated couple who gave up city living for life on a ramshackle farm in backwater Hooterville, was an immediate hit upon premiering in September 1965. The series ended in 1971. Lester’s other TV credits included Marcus Welby, M.D. and Little House on the Prairie. Tom Lester was 81 years old.

CONSUMERS SEEK DEALS AS RECESSION LOOMS As the Great Recession receded, one might have expected people to drift away from active economizing. Instead, U.S. consumers across income levels added new retail venues (like digital resale) to their money-saving mix, while doubling down on older methods (like buying private-label goods). Thus, they’re poised for serious bargain-hunting if the coronavirus pandemic yields a serious recession. “Consumers still care about quality and convenience,” says eMarketer principal analyst Mark Dolliver and author of the research firm’s latest report, Deal-Seekers 2020: Economizing in Ways Old and New. “But the hunt for good prices and special deals is an aspect of shopping that seldom goes away, and it extends across ages and incomes. Economizing will become ever more standard procedure if the coronavirus crisis continues to roil financial markets.” Price is often what prompts consumers to try a new product or stick with one they’ve been using. A June 2019 report by IRI (analyzing data from Q1 of that year) examined the propensity to “try new, lower-priced brands.” In a breakdown by income, 64% of U.S. consumers in the $100,000-plus bracket said they do this, as did 70% or more in lower-income cohorts. Criteo polling in February 2019 found the top reason for returning to a brand purchased before was “best value for money,” cited by 66% of U.S. internet users, followed by “lowest prices” (51%).

4/21/2020

Stephen Colbert

Big news in New York, where the governor’s executive

order requires everyone to wear a mask in public when

not social distancing. It’s a big change for all New

Yorkers, except Jets fans.

The Daily News of TV Sales @ www.spotsndots.com PAGE 3

MEREDITH SLASHES PAY FOR 60% OF WORKERS Meredith Corp., citing a “significant” decline in advertising revenues due to the COVID-19 crisis, yesterday announced several cost-cutting measures, including reductions in pay for about 60% of Meredith’s 5,000 employees. The company’s highest-paid employees, including CEO Tom Harty and the board of directors, representing about 15% of the company’s staff, will get pay cuts ranging from 20% to 40%. About 45% of the company’s employees will get a 15% pay cut, Broadcasting & Cable reports. The pay cuts will be in effect from May 4 through Sept. 4.

Employees whose pay is being reduced will get one day of paid leave per week during this period. Wages, salaries and hiring are being frozen and freelance usage is being cut. Meredith said it is withdrawing the financial guidance it gave to Wall Street about its financial performance. “The COVID-19 crisis has created an extremely challenging business environment, including significant advertising campaign cancellations

and delays,” said Harty. “While our financial position is strong, given the impact on advertising – which represents approximately half of our revenue mix – we are proactively taking aggressive actions to strengthen our liquidity and enhance our financial flexibility in the near-term to effectively navigate the current environment.” Meredith’s company’s TV stations have increased their local news output, but the company as a whole has seen “significant advertising campaign cancellations and delays.” “I continue to be confident in the strength and resilience of Meredith’s diversified business model,” Harty said. “The actions we are taking do not come lightly, but are necessary to strengthen our liquidity and enhance our financial flexibility.”

4/21/2020

FunnyTweeter.com

Two more rolls of duct tape and I should have

this television mounted.

SUNDAY NIELSEN RATINGS - LIVE + SAME DAY

STUDY: U.S. TV AD SPEND TO FALL 25% H1 2020 New estimates forecast that U.S. television advertising spending will decline sharply — between 22.3% and 29.3% — for the first half of 2020, according to eMarketer, mostly due to the lack of sports TV programming. For the first six months of the year, the research company estimates a roughly 25% drop in average total TV advertising (broadcast, cable, syndication and local) to between $23.95 billion and $26.30 billion, from January through June. These declines are due to the disruption caused by COVID-19. Previous estimates from eMarketer, released March 6, forecast a 2% increase for the full 2020 year to $72 billion. For the full 2019 year, total TV advertising was down 2.5% to $70.6 billion. In the first half of 2019, national TV pulled in $33.86 billion. In addition, all major sports franchises — NBA, NCAA, NHL and Major League Baseball — have suspended their respective TV seasons, and the Tokyo Summer Olympics has been shifted to the summer 2021. NBCUniversal, the TV network group that will be airing the games, had pulled in $1.25 billion in national TV ad spending before the suspension of the event. Political advertisers are still expected to spend big on TV, says eMarketer, “but probably not in second quarter.” Although it was anticipated that political ad growth would come from presidential campaigns and other election-related ads, “the election season itself and the apparent insensitivity of campaigning during the pandemic, [means] that spend is largely on hold.”

FURLOUGHS AND DOWNGRADES FOR DISNEY Disney is furloughing 100,000 employees — half its workforce — because of business shutdowns due to the coronavirus, Media Play News reports. Disney, which is telling affected staff to seek state and federal financial assistance, said the furloughs would save the company $500 million monthly while it continues to pay employee healthcare and related benefits. Wall Street analysts responded in force. John Hodulik of UBS downgraded the company’s stock to “neutral” from “buy,” cutting his price target to $114 from $162. The analyst contends Disney is facing a long road to recovery, especially in its theme park and cruise businesses — both, he believes, would not be fully operational until Jan. 1, 2021. “[They] will be impaired for a longer period of time,” Hodulik wrote in a note. Meanwhile, Credit Suisse dropped its rating to “neutral” from “outperform,” due to similar concerns about Disney’s amusement parks business. Analyst Doug Mitchelson remains positive on Disney long-term, saying liquidity issues appear overblown. “We expect a full rebound in theme park and Hollywood operations over time,” he wrote with the caveat that the mid-term outlook remains challenged. “We expect Disney will remain in a more narrow trading range given a remarkable lack of operational visibility, expected severe cuts coming to street estimates, and a now more equally balanced mix of positive and negative catalysts,” he wrote.