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Semafor Intends to Buyout Sam Bankman-Fried’s $10M Stake In Company

Bankman-Fried contributed more than a third of the $25 million in initial funding for the media venture

Eduardo Razo

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Digital startup Semafor found itself between a rock and a hard place when former FTX founder Sam Bankman-Fried was accused of fraud by federal prosecutors. 

Bankman-Fried contributed more than a third of the $25 million in initial funding for the media venture, which former Bloomberg CEO Justin Smith and former New York Times media columnist Ben Smith started.

Nonetheless, the New York Times reported on Wednesday that Semafor plans to buy out the nearly $10 million investment it received from Bankman-Fried. 

“We are planning to repurchase Sam Bankman-Fried’s interest in Semafor and to place the money into a separate account until the relevant legal authorities provide guidance as to where the money should be returned,” Justin Smith, Semafor’s co-founder and CEO, told The Times.

The Times also reported that the digital media outlet struck agreements worth more than $2 million each with several advertisers before it started publishing, ensuring the company’s monthly cash flow.

Since agreeing to the initial advertising agreements, Semafor has signed ad deals between $100,000 and upward of $2 million, the publication said. Furthermore, the outlet plans to generate at least $15 million in revenue this year via live events and advertising.

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Media Business

News/Talk Radio Well Represented in 2024 NAB Crystal Radio Award Winners

The winners were chosen by a panel of judges representing the broadcast industry, community service organizations, and public relations firms.

Barrett News Media

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A photo of the NAB Crystal Radio Awards

The 2024 NAB Crystal Radio Award winners were announced during the 2024 NAB Show in Las Vegas Tuesday, and several news/talk radio stations took home honors.

The winners were chosen by a panel of judges representing the broadcast industry, community service organizations, and public relations firms.

KFI-AM 640 in Los Angeles, KSL Newsradio in Salt Lake City, and Newsradio 92.3 WNRP in Pensacola took home three of the 10 victories.

Other winners included:

  • KKBQ-FM Houston
  • KMVP-FM Phoenix
  • KNDE-FM College Station
  • WBZZ-FM Pittsburgh
  • WHPT-FM Tampa Bay
  • WJJY-FM Minneapolis-St. Paul
  • WLBC-FM Muncie

The NAB also awarded Hubbard Broadcasting’s KSTP-FM with its Crystal Heritage Award during the ceremony. The honor is given to stations that have won five Crystal Radio Awards, which has only been bestowed on 11 other stations.

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Media Business

Audacy Announces Expanded Partnership with Super Hi-Fi for Digital Operations and HD Broadcasts

“This partnership underscores our commitment to building the future of digital Audio, and we’re thrilled to see it start coming to fruition.”

Barrett News Media

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A photo of the Audacy and Super Hi-Fi logos

Audacy has announced an expanded partnership with AI-powered radio services firm Super Hi-Fi.

As part of the enhanced partnership, Audacy is utilizing one of its HD stations in Las Vegas as a showcase during the NAB Show. Some of the best-known national talent from the company will use Super Hi-Fi’s suite of AI tools throughout the day.

“As the nation’s second-largest radio broadcaster, we’re always integrating cutting-edge technologies into our stack to deliver the best experiences for our 200 Million monthly listeners and more efficiencies to our business,” said Audacy Chief Technology Officer Sarah Foss. “This partnership underscores our commitment to building the future of digital Audio, and we’re thrilled to see it start coming to fruition.”

With the announcement of the new deal, Audacy also revealed that five of its HD Radio stations are transitioning to the Program Director Radio Operating System developed by Super Hi-Fi. The stations include WWBX-HD2 in Boston, WLKK-HD2 in Buffalo, KILT-HD2 in Houston, KROQ-HD2 in Los Angeles, and KNRK-HD2 in Portland.

“We’re excited to work with Audacy as they re-imagine HD radio for their listeners,” said Super Hi-Fi Chief Business Officer John Bolton. “This partnership brings us one step closer to realizing our vision to transform Radio for optimal digital consumption.”

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Media Business

NAB President/CEO Curtis LeGeyt: Support of AM Radio For Every Vehicle Act ‘Should Be An Inspirational Story For All of Us’

“This has put tremendous wind in our sails. To see hundreds of thousands of people who took the time to reach out to their legislator, and say ‘This matters to me. It matters to my family’? They care.”

Barrett News Media

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A photo of NAB President and CEO Curtis LeGeyt testifying in front of a Senate committee
(Photo: United States Senate)

The 2024 NAB Show is underway in Las Vegas, and the organization’s President and CEO — Curtis LeGeyt — is sharing his optimism for the AM Radio for Every Vehicle Act.

During his opening remarks at the show, LeGeyt told attendees about his enthusiasm not only for the bill, stating “I think we’re gonna get this over the finish line”, but also for the reversal from Ford to keep the AM band in its new models going forward.

Additionally, LeGeyt stated that the strong response from the general public in support of the proposed bill should be an encouraging one to those in the broadcast industry.

“To me what’s most encouraging about this is what this says about all of you, the radio station owners in this room. It can be tough in this landscape. When you’re managing payroll to payroll in some cases, quarter to quarter, it can feel like a slog. And there’s so much disruption going on around this medium and questions about its ongoing relevance,” said LeGeyt. “This has put tremendous wind in our sails. To see hundreds of thousands of people who took the time to reach out to their legislator and say this matters to me. It matters to my family. They care.”

LeGeyt continued, “I just think what we’re doing to serve local communities, whether you’re in radio, television, AM or FM, this should be an inspirational story to all of us on the best of broadcast if we all fulfill our mission, but every station needs resources to do it and I’m fighting for that.”

Curtis LeGeyt stated that the bill has received support from more than half of the House of Representatives, adding that the backing comes from nearly a 50/50 split of both Republicans and Democrats.

“It’s unifying. There’s hope for America,” he said with a chuckle.

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