Radio Short On Payment To Sprint
You may recall the radio industry was required to make quarterly payments of $3.75 million to Sprint in return for Sprint putting the NextRadio app on its phones. On August 9 that payment was made in full. However, on December 12 only a $2.2 million partial payment was made. While Emmis CEO Jeff Smulyan says he's not worried about it, he did say a couple of the larger companies have not paid yet.
The latest Emmis 10Q says, "NextRadio is in discussions with Sprint on its partial payment of the second quarterly installment; however, we believe Sprint has continued to pre-install the NextRadio application in accordance with the planned product rollout." Smulyan has repeatedly said most radio companies are on board with Nextradio, a point he emphasized again on Thursday morning's earnings call. An Emmis spokesperson added, "We do have commitments – we're just working out machinations of payments."