Last week, E.W. Scripps Co. announced it has agreed to sell the rest of its radio stations to its final buyer SummitMedia. This allows Scripps to exit the radio business after selling all 34 of their radio stations to four distinct buyers.
The announcement is consistent with broader trends in the media industry such as Sinclair’s attempt to buy Tribune, AT&T’s acquisition of Time Warner, and Discovery’s merger with Scripps Network Interactive. In fact, the first half of 2018 saw more than $300B in mergers and acquisitions announced between media companies compared to just $60B in all 2017.
FastPay’s services team tracks the station group hierarchies for over 60,000 media owners and all ownership changes and all resulting payment policy changes.
For FastPay clients, we proactively monitor such activity to ensure that all supplier payments are issued efficiently and directed to the proper destinations and recipients 100% of the time.
“We have an established infrastructure and seamless process to manage all industry ownership and policy-change events. Whether there is a merger, acquisition or supplier payment acceptance criteria change, FastPay manages all such changes on behalf of our clients,” says Christine Rose, SVP of Client Management.
As further consolidation and new ownerships are finalized, there are likely to be many changes to manage for media finance departments. How will your organization handle 100’s of payment destination changes?