Biz Radio Network
|Availability||In Texas through its Radio affiliates|
|Slogan||"The Sound Of Your Money Growing."|
|Owner||Biz Radio Networks|
The Biz Radio Network was a small, privately held network that consisted of three AM radio stations, as well as Internet streaming via iTunes distribution. The network was headquartered in Houston, Texas.
The AM radio network consisted of three stations, the newest being AM 1130 San Antonio. A much larger audience listened online, by downloaded podcast from iTunes, and on the website, BizRadio.com. A November 2009 Houston Chronicle article stated that BizRadio was also heard in Denver and Colorado Springs.
The network featured news and analysis, with an emphasis on personal finance, though business subjects were also covered, under the tagline "The Sound of Your Money Growing".
The network stated that its demographics consist of 61% men and 39% women, with nearly half (48%) in the over-55 category, 43% with college degrees and 33% with a higher degree, and over 2/3 with net income exceeding $50,000. Thirty percent of the audience had networths of $1 million or more, with incomes around three times the average income in its broadcast cities.
Operation and closure
The network provided original market insights and analysis. The most popular program was the weekly offering, Genius Meets Streetsmarts, which starred Arthur Laffer and Daniel Frishberg, who also hosted The MoneyMan Report. The network catered to individuals (who were referred to by the network as "The Union of People Who Use Their Brains To Get A Better Deal") with high degrees of income, who spend on luxury items yet desire to maintain their "nest egg" by spending their money wisely.
The program director was network co-founder Elisea Frishberg, author of How Impact Marketing Can Make You Rich.
Lifestyles Unlimited, a show starring real estate mogul and media personality, Del Walmsley, The Ray Lucia Show, and The Moneyman Report, with CNBC regular, Dan Frishberg, were among the most downloaded finance programs in the world.
Management stated that they had never sought high ratings, but that they went for quality, and for information most entertaining and useful to the network's small but affluent audience, which represents a tiny fraction of the population in the listening areas, but controlled the lion's share of the money. The Houston Chronicle wrote of the network's flagship station AM 1110 Houston: "Though tiny in numbers, there are more people with advanced degrees, million dollar networths, $50,000 cars, million dollar homes, and decision making jobs listening to BizRadio than the whole rest of the radio dial combined.
BizRadio lost $1.6 Million between January and August 2009, though performance improved considerably with injection of capital from several media partners. BizRadio programs were aired through syndication on business stations around the country.
Sometime in 2012, Biz Radio Network quietly went off the air, and the remaining affiliates switched to similar business programming. Biz Radio's official website was shut down and their domain is up for sale.
In November 2009, the Securities and Exchange Commission (SEC) alleged that Albert Kaleta and his firm Kaleta Capital Management sold $10 Million promissory notes to investors, the proceeds of which were to be lent to small businesses at 12 to 14 percent interest. Instead, the SEC alleged, the money was used to prop up the ailing Biz Radio network and a related investment advisory firm, Daniel Frishberg Financial Services (DFFS).
As a result of these regulatory issues, Kaleta's interest was bought back by the company. Kaleta also is alleged to have used investors money to pay $1.6 Million in personal expenses, including $10,000/monthly credit card bills and a Mercedes. Kaleta denied the allegations of improper use of the monies. These allegations were never proven and were not part of Kaleta's settlement with the SEC. Kaleta signed a consent order neither admitting nor denying wrongdoing, and while the radio network and DFFS were not accused of wrongdoing by the SEC, both the radio network and Frishberg's investment firm will need to repay the investors, as do all other borrowers.
Affiliates before closure
- http://www.chron.com/disp/story.mpl/business/steffy/6730192.html/ Archived November 23, 2009 at the Wayback Machine
- Loren Steffy, Nov. 19, 2009, "Pirate of the Airwaves?: BizRadio Network's slogan ringing a little hollow," Houston Chronicle, at