Frunobulax
02-12-2003, 08:08 PM
Everyone has been going on and on about how Mel et al. don't listen, we fans can't do anything etc. However, there is something you can do, very easily, and if it is done properly can get across the message.
Holders of stock generally are admitted to the annual shareholder meetings. These things are usually rather boring puppet shows, with the CEO, CFO etc. talking about how profit rose 12.5%, excluding restructuring charges.
However, the people who make the decisions are there with other people who make decisions (usually only two or three people speak). In some more contentious meetings, people are invited to ask questions to senior management.
This is where you come in. Go to your broker and buy some Viacom stock, maybe 10 or 100 shares. Receive the proxy, and details of how you can attend the shareholders meeting. Dress smartly, go to the meeting and, if you're a somewhat eloquent speaker, ask in a non-smarmy and non-sophomoric tone,
"Given broadcasting licenses are important assets, it is troubling to see the management of your subsidiary, Infinity, letting one of those licenses go to waste in the most important radio market in the US. I am talking about WNEW. I am not speaking of the Opie and Anthony firing; we understand this action as defensive, to halt potential damage arising from any FCC action. However, there was on-air talent known as the Ron and Fez show which, by press accounts, single-handedly kept WNEW from hemmoraging more red ink for a five month period. Indeed, Infinity's EBITDA rose 2% in the third quarter, despite the firing of Opie and Anthony and a complete re-shuffling of on-air talent at WNEW. Despite this triage performed by Ron and Fez, management saw fit to take them off the NY airways and replace them with a 3-hour loop of vapid entertainment. We understand Ron and Fez have remained on the payroll, working in Washington DC. But we are curious as to what kind of management is being displayed when we see the fiasco at WNEW. I would like to hear your comment on this point."
And be done with it. Don't yell at Mel or Sumner, don't call them tools, don't tell them your card number and wait for Mel to give you your hoo-wah, and don't say "Your Mom's Box." The point is to put the decision makers on notice that other decision makers may have blundered, and while you're at it serve notice to those smart decision makers they could halt the flow of red ink, perhaps to a trickle from a gusher, by flipping a switch and putting the boys back on NY radio.
Possible downside includes retaliation by management against R&F ("hey, your fans made me look bad at the shareholder meeting"). I suspect R&F would prefer to remain employed rather than have some loser pull a stunt at the shareholders meeting on their behalf. As such, we'd need a well-spoken and well-dressed person to carry out this task.
This message was edited by Frunobulax on 2-13-03 @ 12:14 AM
Holders of stock generally are admitted to the annual shareholder meetings. These things are usually rather boring puppet shows, with the CEO, CFO etc. talking about how profit rose 12.5%, excluding restructuring charges.
However, the people who make the decisions are there with other people who make decisions (usually only two or three people speak). In some more contentious meetings, people are invited to ask questions to senior management.
This is where you come in. Go to your broker and buy some Viacom stock, maybe 10 or 100 shares. Receive the proxy, and details of how you can attend the shareholders meeting. Dress smartly, go to the meeting and, if you're a somewhat eloquent speaker, ask in a non-smarmy and non-sophomoric tone,
"Given broadcasting licenses are important assets, it is troubling to see the management of your subsidiary, Infinity, letting one of those licenses go to waste in the most important radio market in the US. I am talking about WNEW. I am not speaking of the Opie and Anthony firing; we understand this action as defensive, to halt potential damage arising from any FCC action. However, there was on-air talent known as the Ron and Fez show which, by press accounts, single-handedly kept WNEW from hemmoraging more red ink for a five month period. Indeed, Infinity's EBITDA rose 2% in the third quarter, despite the firing of Opie and Anthony and a complete re-shuffling of on-air talent at WNEW. Despite this triage performed by Ron and Fez, management saw fit to take them off the NY airways and replace them with a 3-hour loop of vapid entertainment. We understand Ron and Fez have remained on the payroll, working in Washington DC. But we are curious as to what kind of management is being displayed when we see the fiasco at WNEW. I would like to hear your comment on this point."
And be done with it. Don't yell at Mel or Sumner, don't call them tools, don't tell them your card number and wait for Mel to give you your hoo-wah, and don't say "Your Mom's Box." The point is to put the decision makers on notice that other decision makers may have blundered, and while you're at it serve notice to those smart decision makers they could halt the flow of red ink, perhaps to a trickle from a gusher, by flipping a switch and putting the boys back on NY radio.
Possible downside includes retaliation by management against R&F ("hey, your fans made me look bad at the shareholder meeting"). I suspect R&F would prefer to remain employed rather than have some loser pull a stunt at the shareholders meeting on their behalf. As such, we'd need a well-spoken and well-dressed person to carry out this task.
This message was edited by Frunobulax on 2-13-03 @ 12:14 AM