Despite all the millions Tom Joyner made from the success of his show, will he come to regret his decision to sell a larger stake in REACH Media to Radio One?
The Story Behind Tom Joyner, David Kantor, REACH Media and Radio One – [Scroll down for video]
Tom Joyner is one of the most highly respected radio hosts in the black community and he was the first black with a syndicated radio show. Joyner’s morning show airs daily in 105 markets and reaches eight million listeners. With ownership in REACH Media, Tom Joyner possessed the ability to have control and power over the company he co-founded. But what happens when you sell too much of your stake in your own company and risk losing it all?
Long ago, Tom Joyner submitted to the control of Radio One in 2004 when he sold a $56 million stake of REACH Media to Radio One. In the deal, Radio One acquired control of ownership rights of The Tom Joyner Morning Show and Joyner’s website BlackAmericaWeb.com. REACH Media co-founded by Tom Joyner and David Kantor became a subsidiary of Radio One.
In October 2015, Radio One Pres./CEO Alfred Liggins appointed David Kantor as CEO of Radio One’s Radio segment and stated the following about Kantor and Joyner, “I’ve been partners with DAVID (and TOM JOYNER) in REACH MEDIA for 11 years. I highly respect his work ethic and intelligence. DAVID’s skill-set, his business acumen and entrepreneurial spirit are second to none. I’m excited about his leadership of our network and local radio business and I have every confidence that he will do an outstanding job.”
In the most recent news, Radio One Inc. (ROIAK) reported a loss of $18.1 million in its third quarter. Has this decline in stock value prompted Radio One and its CEO of Radio One’s Radio segment, David Kantor to consider replacing Tom Joyner’s syndicated radio show with syndicated host Russ Parr, starting in January 2016?
Below J. Anthony Brown compares The Tom Joyner Show to The Steve Harvey Show:
It’s no secret that Tom Joyner’s radio show has faced direct competition from The Steve Harvey Morning Show of Premiere Radio Networks. Harvey’s show has eclipsed Joyner’s show by attracting larger markets and more listeners.
Kantor and Joyner had the opportunity to join forces with Steve Harvey, however, Daily Mail reported that Kantor told Harvey that ‘he would never work in syndication’ because Harvey had a reputation for ‘being difficult and nasty to fans.’
The momentum and popularity of Harvey’s show was seen as early as 2009 when after 16 years on Chicago’s V103, “The Tom Joyner Morning Show” was replaced by “The Steve Harvey Morning Show.”
The move was an upset to Joyner’s loyalists so Steve Harvey talked to ESSENCE.com about what really went down and said, “I immediately called Tom and he knows as well as I do how the radio business goes. I’m a syndicated radio host for hire. I didn’t ask to go to V103. My services were no longer wanted at V103 because they planned to return to a hip-hop format and not continue with an adult contemporary program. Don’t get me wrong, I was treated nicely by the staff, but at the end of the day, this was the corporate boys squeezing what they could to make sure their corporation stays tight.”
Sourced from DailyMail.com