Industry News

RTDNA Announces Winners of 2023 National Edward R. Murrow Awards

The Radio Television Digital News Association announces the winners of the 2023 National Edward R. Murrow Awards. This comes after the winners of the Regional Edward R. Murrow Awards were announcedim earlier this year. RTDNA says the awards honor “outstanding achievements in broadcast and digital journalism… the Murrow Awards recognize local and national news stories that uphold the RTDNA Code of Ethics, demonstrate technical expertise and exemplify the importance and impact of journalism as a service to the community.” Some of this year’s winners in the radio category include: Audacy’s WBBM-AM/WCFS-FM, Chicago (Breaking News); KDKA-AM, Pittsburgh (Feature Reporting); KMOX, St. Louis (Newscast); and iHeartMedia’s WBZ-AM, Boston (Excellence in Innovation). See the complete list of winners here.

Industry News

FOX Sports Radio Announces Second Season of “Countdown to Kickoff”

FOX Sports Radio is bringing “Countdown to Kickoff” back for another season. The weekend show, presented by BetMGM, launches this weekend (8/19-20). The Saturday show airs from 9:00 am – 12:00 noon ET as aim lead-in to the weekend in college football and is hosted by FSR weekend personality Brian Noe who’s joined by former All-American Penn State left guard Rich Ohrnberger and betting analyst Jared Smith. The Sunday show airs from 10:00 am – 1:00 pm ET, also hosted by Noe and features feature NFL veteran Geoff Schwartz, along with professional sports bettor and KrackWins.com founder Bill “Krack” Krackomberger.

Industry News

PodcastOne Approved for Trading on Nasdaq

LiveOne – the parent organization of PodcastOne – announces that the subsidiary has been approved forim listing on Nasdaq. “PODC” has been reserved as the trading symbol for PodcastOne’s common stock. LiveOne senior management will host a live conference call and audio webcast to provide business developments and details of the planned spinout of PodcastOne at 1:30 pm ET tomorrow (8/17).

Industry News

Public Radio’s “The World” Hits Record Number of Affiliates

The GBH and PRX produced public radio news show, “The World,” is now airing on a record 376 public radio stations across the United States and in Canada. The two public media organizations say the program is heardim by more than 2 million people nationwide on a weekly basis. “The World” executive producer Dan Lothian says, “We’re delighted to welcome people from Florida, Wisconsin, Nevada, Ohio, Iowa, New York, Michigan, Illinois, and Kansas to the hundreds of communities listening to The World’s global coverage. As we reach this exciting audience milestone, we remain committed to bringing all our listeners nuanced coverage of the most critical global issues of the day, fueling informed conversations about international affairs.”

Industry News

Yesterday’s (8/15) Top News/Talk Media Stories

The fourth indictment of former President Donald Trump in the Georgia 2020 election case; the 2024 presidential race; the Hunter Biden investigation; the aftermath of the Maui wildfires; the Nordstrom’s Los Angeles flash mob robbery and San Francisco retailer Gump’s open letter to California politicians; the one-year anniversary of the Biden administration’s Inflation Reduction Act; the Russia-Ukraine war; the next congressional budget battle; and the Montana climate lawsuit were some of the most-talked-about stories in news/talk media yesterday, according to ongoing research from TALKERS magazine.

Industry News

New Research Reveals AM/FM Powerful Platform for Movie Releases

The latest blog post from the Cumulus Media | Westwood One Audio Active Group presents data from content testing research firm Screen Engine/ASI that indicates AM/FM radio is a powerful platform to launch theatrical releases. In the case of the coming film The Expendables 4, Screen Engine /ASI’s Audience Engine surveyed 2,389 people exposed to the trailer for the film and questioned them about their desire to see the movie. The result was that “heavy AM/FM radio listeners are +17% more likely to want to see The Expendables 4 in the theater than heavy TV viewers and +15% more likely that the general population.” See the blog post here.

Industry News

Cumulus and Former KTCK-AM/FM, Dallas Hosts Ordered to Mediation

The legal skirmish between Cumulus Media and former KTCK-AM/FM, Dallas-Fort Worth sports talk hosts Dan McDowell and Jake Kemp is being ordered to mediation by U.S. District Court Judge Karen Gren Scholer. Cumulus had petitioned the court for an emergency temporary restraining order to stop the duo from publishingim their podcast “The Dumb Zone,” arguing that it violates the terms of their contracts, specifically the non-compete clause. McDowell and Kemp left “The Ticket” in July after being unable to come to terms on a renewal due to the two sides’ disagreement over digital initiatives. Since then, the two have been producing the aforementioned podcast. In response to the suit filed by Cumulus, McDowell and Kemp argue, “Plaintiff’s business is the operation of terrestrial radio stations – old media – and it was only in that business that Plaintiff employed Defendants. Plaintiff has realized only too late that it should have been moving into new media platforms for years now. Defendants’ new venture does not compete with Plaintiff, and their words and actions have complied with the restrictive covenants of their employment contracts despite, as will be shown below, almost all of those covenants are illegal restrictions on Defendants’ rights under the National Labor Relations Act.” Mediation has been set for August 22.

Industry News

Report: Audacy and APM End Podcast Deal a Year Early

According to a report by Amrita Khalid in The Verge, Audacy and American Public Media have agreed to end their podcasting partnership a year early, on August 31. The deal between Audacy’s Cadence13 and APM wasim inked in 2021 and included Cadence13 and APM developing and producing new shows and made Audacy the exclusive podcast sales rep for APM. The piece further notes that Audacy CEO David Field referenced the deal during his Q2 2023 earnings commentary saying, “In June, we successfully negotiated an early exit to an onerous Podcast ad representation contract, which resulted in a restructuring charge of $5.9 million in the quarter and the accelerated recognition of $4.5 million of prepaid content expense. We believe exiting this agreement will have a positive impact on our podcast margins, without materially impacting our future podcast revenue growth opportunity.” Read The Verge story here.

Industry News

WFDF, Detroit Flips to Sports; Former Talk Hosts “Infuriated”

The Detroit Metro Times is reporting on the flip of Kevin Adell’s WFDF-AM, Detroit from urban talk to sports talk and the response to the move from numerous people who hosted shows at the station. Adell bought the former Radio Disney station in January of 2015 and launched “910 The Superstation” featuring Black talk hosts whoim were not paid but given the ability to get their message out. Adell promoted the station as “Detroit’s Only Urban Tall Station” via billboards throughout the metro area. The Metro Times piece says hosts learned of the change in an email delivered last Friday night that said, “Your show will no longer air on WFDF 910AM Superstation. All access passes have been revoked and you are no longer allowed on the premises. The guard has been notified not to give you entry.” The piece goes on to say, “The terse email and sudden change infuriated some of the hosts and prompted others to accuse the owner, millionaire Kevin Adell, of exploiting Black people by turning racial anxiety into entertainment and failing to pay the hosts for their shows.” But Adell tells the paper “the format was no longer profitable and only attracted about 2,100 listeners a month, an abysmally small audience for a radio station. ‘When you look at it, no one supported it. I couldn’t get the community to support it.’” Read the Metro Times story here.

Industry News

Washington State Sports Host Mark Scholten Dies

Sports talk radio personality Mark Scholten died on Monday (8/14) of natural causes at age 54. Scholtenim worked at Saga Communications’ Bellingham, Washington stations for decades hosting his program “The Zone” on both news/talk KGMI-AM and sports talk KPUG-AM. Saga says, “He was a skilled broadcaster of sports at all levels, but was especially known for his knowledge of and dedication to Whatcom County high school teams, their athletes and coaches. His family thanks the community for their outpouring of support, and says they’ll announce plans for a memorial in coming days.”

Industry News

TALKERS News Notes

Audacy Greenville is honored by the South Carolina Broadcasters Association with 11 2023 State Television and Radio Awards. Two of those awards went to talk personalities as Charlie James of news/talk WYRD-FM “989 WORD” won for Best News Talk Show and Rob Brown of WORD-AM/WYRD-AM “The Fan Upstate” won for Best Sports Show/Sports Talk Show.

FOX News Digital finished July 2023 delivering gains year-over-year with multiplatform views, minutes and unique visitors according to Comscore. July marked 10 consecutive months of FOX News Digital as the top news brand with multiplatform views and 29 straight months as number one with multiplatform minutes. Competitor CNN.com still leads in multiplatform unique visitors with 114.5 million (July 2023) to FOX News Digital’s 83.4 million.

Industry News

Yesterday’s (8/14) Top News/Talk Media Stories

Former President Donald Trump is indicted by a grand jury in Georgia; the 2024 presidential race; the special counsel investigation of Hunter Biden; the wildfire destruction of Lahaina, Hawaii; a Montana judge rules in favor of young climate activists; Russia’s economic troubles and the ongoing war against Ukraine; the battle between Florida Governor Ron DeSantis and Disney; and the Blind Side controversy were some of the most-talked-about stories in news/talk media yesterday, according to ongoing research from TALKERS magazine.

Industry News

Indy’s “The Fan” Announces New Morning and Midday Shows

Urban One sports talk outlet WIBC-HD2/W228CX/W298BB, Indianapolis “The Fan” announces that morning drive personality Jake Query will take over the 12:00 noon to 3:00 pm show on August 21. The new show, “Query & Company,” takes over the slot held by longtime “Fan” host Dan Dakich, who left the station lastim December and now hosts a show on the Outkick platform. With Query’s move to middays, the Kevin & Query Show that’s been airing in morning drive becomes “The Wake Up Call With KB and Andy,” as Kevin Bowen is joined by new co-host Andy Sweeney. Urban One Indianapolis operations manager David Wood tells the Indianapolis Business Journal, “While Jake loves working with Kevin, the show is a complete antithesis to his body clock. He’s a huge night owl. It dawned on me, ‘Why don’t I put a known quantity in this noon to 3 p.m. show?’ Everybody knows Jake. He’s well-respected and he’s an entertaining person.” Read the IBJ story here.

Industry News

Broadcasters Foundation Honors Late President Jim Thompson

The Broadcasters Foundation of America is honoring its longtime former president and beloved broadcaster, Jim Thompson, with a home page takeover on its website at broadcastersfoundation.org . Thompson, who passed away on this day a year ago, took the reins of the Broadcasters Foundation in 2008. During his 14-year tenure he led the charity to raise $10 million, quadrupling the amount of financial aid awarded to radio and TVim professionals in need from debilitating illness, accident, or disaster. BFoA chair Scott Herman says, “It’s hard to believe our friend and colleague left us a year ago. A true leader and exceptional human being, Jim helped everyone all the time. That’s the kind of person he was. I am proud to have known Jim for nearly 40 years as a colleague and a friend. He is sorely missed.” Thompson’s career included president and CEO of Group W Radio and co-owner of Liberty Broadcasting. He created the Radio Mercury Awards and served on the boards of the Radio Advertising Bureau and the Advertising Council and was vice chair of the Pennsylvania State Broadcasters Association. Upon Thompson’s passing, the Broadcasters Foundation created The Jim Thompson Memorial Fund, which remains open in his honor. You can donate any amount to the fund here.

Industry News

iHeartMedia Fundraising for Maui Relief Efforts

iHeartMedia Honolulu’s radio stations and their morning shows are hosting #KokuaforMaui. The radio fundraiser supports American Red Cross, Pacific Islands Region’s relief efforts on Maui. iHeartMedia Honolulu president Scott Hogle states, “With thousands of buildings burned to the ground and the casualty count increasing daily, each of us can play a part in bringing stability and supplies to Maui.” The cluster includes news/talk KHVH-AM and eight other brands.

Industry News

The Weekend’s Top News/Talk Media Stories

The appointment of David Weiss as special counsel to investigate Hunter Biden; Fulton County Georgia district attorney Fani Willis’ expected indictment of former President Donald Trump and others in connection with the 2020 election; the wildfires in Maui that have killed 96 people; the 2024 presidential race; Nordstrom flash mob robbery; the police raid on the Marion County Record newspaper in Kansas; the military coup in Niger; and the Russia-Ukraine war were some of the most-talked-about stories in news/talk media over the weekend, according to ongoing research from TALKERS magazine.

Industry News

Cumulus Seeking TRO Against McDowell and Kemp Podcast

According to a report by WFAA-TV, Dallas, a federal judge in Dallas is denying Cumulus’ request to prevent former KTCK-AM/FM hosts Dan McDowell and Jake Kemp from recording more “The Dumb Zone” podcasts. As a result, Cumulus is refiling its complaint against the duo and is seeking a renewed application for a temporary restraining order. There has been no ruling on that subsequent filing. As TALKERS reported onim Tuesday (8/8), Cumulus filed suit against the duo on August 4 claiming they are in violation of several clauses in their contracts with the company. McDowell and Kemp left Cumulus last month after they were unable to come to terms on a renewal to remain with “The Ticket.” The sticking point was their desire to explore digital initiatives outside of their work with Cumulus. They have since launched a podcast via Patreon that Cumulus says violates their six-month non-compete. The company also alleges the two have violated the non-solicitation and non-disparagement clauses of their contract and additionally alleges they have “commandeered” company-owned social media accounts, threatened to release “conversations Defendants illicitly recorded” with company executives. Cumulus is seeking “emergency injunctive relief” plus attorneys’ fees and costs. McDowell told listeners to the podcast released on Sunday (8/6), “We’re working with certain advisors. We’ve been advised that we are doing nothing wrong, so don’t stop, for now. So right now, we are putting this out there, and what’s in store for tomorrow? I don’t know.” Read the WFAA-TV story here.

Industry News

Kevin Slaten to Return to Sports Talk KFNS, St. Louis

The St. Louis Post-Dispatch reports that radio personality Kevin Slaten is returning to sports talk outlet KFNS-AM “590 The Fan” and will join Nate Lucas and Bob Ramsey on the 12:00 noon to 2:00 pm “High Noon”im program. The story notes that Slaten last worked at KFNS seven years ago and this will be his sixth stint with the station. Slaten has a reputation in the market for being controversial. He also hosts a conservative political podcast called “The King’s Court” and previously worked for the late Bob Romanik, a political raconteur whose talk station KQQZ-AM was shut down by the FCC after it was discovered that Romanik, a convicted felon, was illegally operating the station. In his new position with KFNS-AM, Slaten is agreeing to stick to sports talk. Read the Post-Dispatch story here.

Industry News

Round Four of July PPMs Released

imThe fourth and final round of ratings data from Nielsen Audio’s July 2023 PPM survey has been released for 12 markets including Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford. Nielsen’s July 2023 sweep covered June 22 – July 19. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Milwaukee, iHeartMedia news/talk WISN dips one-tenth to finish with a 9.7 share but remains locked in the #1 rank, while Good Karma Brands crosstown news/talk WTMJ falls 1.6 shares to finish the survey with a 7.9 share that takes the station from #2 to #4. In Providence, Cumulus Media news/talk WPRO-AM/WEAN-FM rises three-tenths for a 6.2 share finish and rises to the #6 rank, while iHeartMedia crosstown news/talk WHJJ loses three-tenths to finish with an 0.2 share good for the #18 rank.  In West Palm Beach, iHeartMedia talk outlet WZZR-FM adds a half share for a 1.9 share finish that lifts it to the #12 rank, while Hubbard Broadcasting news/talk WFTL dips three-tenths for a 1.3 share finish that leaves it ranked #13. See Mike Kinosian’s complete Ratings Takeaways from this group of markets here.

Industry News

The New York Giants and WFAN Extend Play-by-Play Deal

The NFL’s New York Giants and Audacy sports talk WFAN, New York announce an extension to their play-by-play partnership. WFAN will continue as the flagship station of the team, airing all pre-season, regular season and postseason games. The deal also includes expanded programming for the 2023 season, plus theim launch of a new weekly preview show called “Big Blue Kickoff Live” to be hosted by Giants.com’s John Schmeelk and WFAN’s Shaun Morash airing on Saturday mornings during the regular season. In addition, all three WFAN daily shows will broadcast live from Giants training camp on Monday (8/14), beginning at 6:00 am with “Boomer & Gio,” followed by “Brandon Tierney & Sal Licata” and “Evan & Tiki.” Audacy New York market president Chris Oliviero says, “WFAN is proud to grow our long-standing partnership with the New York Football Giants. More opportunities for fans to connect with Big Blue is our commitment, one that goes beyond Sunday and extends year round.”

Industry News

PodcastOne and Comedian Brendan Schaub Strike Distribution Deal

PodcastOne announces it obtains the exclusive network distribution and advertising sales rights to comedian Brendan Schaub’s network of podcasts including “The Schaub Show,” “The Fighter and The Kid,” and “Theim Golden Hour.” Schaub’s signature podcast, “The Fighter and The Kid,” is a weekly show hosted by the comedian and former professional UFC fighter and co-hosted by actor and comedian, Bryan Callen. “The Schaub Show,” explores the intersection of combat sports and life in and outside the sport. “The Golden Hour” is a weekly look at all of the most relevant cultural and social topics driving conversations in America. Schaub is joined on each show by a rotating collection of top-tier comedians who stop by to share their thoughts on everything from top trending news and engaging fan submitted videos.

Industry News

NHPR Names Leah Todd Lin VP Audience Strategy

New Hampshire Public Radio announces that Leah Todd Lin joins the public media firm as vice president for audience strategy. In this role, she will manage and lead efforts across the organization to reach and build newim audiences and deepen NHPR’s relationship with existing users. She will supervise NHPR’s digital team, programming team, and marketing efforts. Lin comments, “I’m thrilled to join this ambitious team to lead audience strategy at NHPR. I deeply believe in the mission of public media and am passionate about journalism as a means to inform communities, spark civic engagement and enrich our quality of life.” She most recently served with Solutions Journalism Network in which she worked with newsrooms across the US managing editorial and audience engagement initiatives as collaborations manager.

Industry News

Top News/Talk Media Stories for Week of August 7-11

The numerous legal battles facing former President Donald Trump and the expected charges coming from Fulton County Georgia district attorney Fani Willis combined as the most-talked-about story in news/talk media this week, landing atop the Talkers TenTM. At #2 this week was Hunter Biden’s “on hold” plea deal and Republicans’ push to investigate the Biden family finances, followed by the 2024 presidential race at #3. The Talkers TenTM is a weekly chart of the top stories and people discussed in the news/talk media during the week and is the result of ongoing research from TALKERS magazine. It is published every Friday at Talkers.com. See this week’s complete chart here.

Industry News

Urban One Needs Time to File Late Quarterly Reports

Urban One files notice with the SEC of its inability to file quarterly financial reports on time due to the change in its independent public accounting firms. As previously reported, Urban One realized the need to re-evaluate its accounting for the valuation of its investment interest in MGM National Harbor, which it sold for cash proceeds of approximately $136.8 million on April 21,im 2023. Consequently, it dismissed the accounting firm BDO USA, LLP and hired Ernst & Young LLP to serve as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2023 effective as of July 12, 2023. In the filing, Urban One says, “Given the change of the Company’s independent registered public accounting firm and the work required for E&Y to re-familiarize itself with the Company, the Company’s continued assessment of its internal controls, the Company is not able to finalize the financial statements and related information for inclusion in its quarterly report on Form 10-Q for the quarter ended June 30, 2023. The company is working to complete quarter reports for the first two quarter of 2023.

Industry News

iHeartMedia: Podcast Lifts Mattress Firm Sales

iHeartMedia and Affinity Solutions partnered to measure the incremental impact of Mattress Firm’s podcast marketing investments on brick-and-mortar sales. The campaign featured a custom podcast called “Chasing Sleep,” created in partnership with Mattress Firm, the Spark Foundry Content team and iHeartMedia’s Ruby Studio. For its inaugural season, the teams brought together a mix of sleep advisors and everyday people to explore how everyone fromim astronauts to newscasters to ultramarathoners prioritize sleep to perform and live at their best.  The podcast incorporated key brand messaging throughout, complemented with ad placements across the iHeartPodcasts network. The study concludes that Mattress Firm’s investments on iHeartPodcasts lead to a 45% lift in incremental sales and achieved a 4X incremental return on ad spend. iHeartMedia chief data officer Brian Kaminsky states, “Over 100 million Americans listen to podcasts a month with 80 million Americans listening weekly, which is clear evidence this ‘emerging medium’ has now become a permanent, new part of all of our media consumption – giving brands access to new and engaging audiences. By partnering with Affinity to measure the impact of Mattress Firm’s digital audio advertising, particularly on their bottom line, we were able to demonstrate the power of the brand’s partnership with iHeart to drive sales and strong ROI. We also gained insights to optimize campaign performance that we are already applying.”

Industry News

Audacy’s WSKY-FM, Gainesville-Ocala Unveils New Program Lineup

Audacy announces that news/talk WSKY-FM, Gainesville-Ocala “97.3 The Sky” makes some programming changes that will take effect on Labor Day. Premiere Networks’ “Glenn Beck Program” (10:00 am to 12:00 noon) and the “Clay Travis and Buck Sexton Show” (12:00 noon to 3:00 pm) join the lineup. Radio America’s “The Dana Show” with Dana Loesch shifts to theim 10:00 pm to 1:00 am slot. Additionally, the station adds new weekend shows including Compass Media Networks’ “The Erick Erickson Show” (Saturdays, 1:00 pm to 4:00 pm), FOX News Radio’s “FOX Across America” with Jimmy Failla (Saturdays, 6:00 pm to 8:00 pm), and Todd Herman (Sundays, 7:00 pm to 9:00 pm). Audacy Gainesville-Ocala SVP and market manager Peter Rothfuss states, “These strategic changes mark the most significant additions to the station’s talk show roster in years, reinforcing its position as North Central Florida’s premier news and opinion-leading station. The fresh lineup showcases the most influential voices in the region and is designed to propel ‘The Sky’ towards unprecedented growth, especially as the station approaches the highly anticipated election season.”

Industry News

Report: ESPN Radio Readies New Shows

According to reports in the New York Post, ESPN Radio will name Chris Canty, Evan Cohen and Michelle Smallmon hosts of its national morning drive show that had been hosted byim Keyshawn Johnson, Jay Williams and Max Kellerman. Their program was cancelled last month. The Post also reports that Chris Carlin and Joe Fortenbaugh will host the 12:00 noon to 3:00 pm program and Harry Douglas and Freddie Coleman are the new 3:00 pm to 7:00 pm co-hosts. Amber Wilson and Ian Fitzsimmons will host the 7:00 pm to 10:00 pm show. Read the Post piece here.

Industry News

Round Three of July PPMs Released

imThe third of four rounds of ratings data from Nielsen Audio’s July PPM survey has been released for 12 markets including Portland, Charlotte, San Antonio, Sacramento, Pittsburgh, Salt Lake City, Las Vegas, Orlando, Cincinnati, Cleveland, Kansas City, and Columbus. Nielsen’s July 2023 sweep covered June 22 – July 19. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In San Antonio, iHeartMedia news/talk WOAI falls two-tenths to post a 2.6 share (weekly, 6+ AHQ share) and falls to the #15 rank, while Alpha Media’s crosstown news/talk KTSA adds one-tenth for a 2.5 share finish that lifts it to the #16 rank. In Salt Lake City, iHeartMedia news/talk KNRS-AM/FM loses a full share to wrap the survey with a 4.6 share and regresses to the #4 rank, while Bonneville’s crosstown news/talk KSL-AM/FM tacks on two-tenths for a 4.3 share finish that lifts it to the #6 rank. In Orlando, iHeartMedia talk WTKS-FM loses six-tenths to finish with a 4.0 share but remains ranked #10, while Cox Media Group’s crosstown news/talk WDBO remains flat with a 3.9 share and the #11 rank. See Mike Kinosian’s complete Ratings Takeaways from this group of markets here.

Industry News

TALKERS News Notes

Audacy announces the debut of “Glitter and Might,” a four-part Audacy original documentary podcast series exploring the life and legacy of Hollywood legend Lew Wasserman. Hosting the podcast is film historian and best-selling author Shawn Levy, who looks at the career of a power broker uniquely positioned at the intersection of show business and politics and dissects how his impact continues to be felt today.

Positive Life Radio says its listeners once again stepped up to feed hungry people across the Northwest with the Hands and Heart: Christmas in July Food Drive. The 24th annual event saw listeners and volunteers collect more than 12,000 pounds of food and cash donations for local food banks at several locations from Portland, Oregon, to Lewiston, Idaho. Positive Life Radio is a non-profit Christian radio network is based in Walla Walla, Washington.

Industry News

Yesterday’s (8/9) Top News/Talk Media Stories

The indictments of former President Donald Trump, including the revelation of a previously secret memo to overturn the 2020 election and special counsel’s securing a warrant to search Trump’s Twitter account; the Hunter Biden “on hold” plea deal and calls for an investigation into the Biden family finances; President Joe Biden announces rules restricting investment in Chinese artificial intelligence; the FBI kills Utah man who allegedly threatened Biden; Ecuador presidential candidate Fernando Villavicencio is assassinated at a campaign event; Ukraine’s slow counteroffensive against Russian troops; and the deadly wildfires in Hawaii were some of the most-talked-about stories in news/talk media yesterday, according to ongoing research from TALKERS magazine.

Industry News

Townsquare Media Q2 Net Revenue Off 0.6%

Townsquare Media, Inc reports its financial results for the second quarter of 2023 and says net revenue for the period was $121.2 million, a decline of 0.6% from the same period in 2022. Breaking the company’s revenue down by segment, Broadcast Advertising net revenue decreased $3.3 million, or 5.8%, and Subscription Digital Marketing Solutions net revenue decreased $1.7 million, or 7.5%, compared to the same period in 2022. These revenue declines were largely offset by Digital Advertising net revenue which increased $4 million, or 10.6% from Q2 of 2022. Townsquare reports a net loss of $2.7 million in Q2 of 2023 compared to the net income of $4.9im million reported in Q2 of 2022, primarily due to a $16.8 million increase in non-cash impairment charges to the company’s FCC licenses and investments, partially offset by an increase in other income, net due to a $5.2 million gain on the sale of one of the company’s investments and an increase in the effective tax rate for the current period. Townsquare CEO Bill Wilson says, “I am pleased to share that Townsquare’s digital growth engine continued to drive results in the second quarter, demonstrating its strength and resiliency, as we delivered second quarter net revenue and Adjusted EBITDA that met our previously issued guidance… With its differentiated and sophisticated products and solutions, our Digital Advertising segment was once again our largest driver of growth, increasing second quarter net revenue by 11% year-over-year… The strong cash generation characteristics of our assets allowed us to produce $31 million of cash flow from operations in the first six months of 2023, an increase of $8 million as compared to the prior year. We could not be more pleased to share that given our strong cash position, we were able to repurchase nearly 9% of our total shares outstanding, repurchase and retire approximately $13 million of our Unsecured Senior Notes at a discount, and pay a high-yielding dividend to our shareholders during the first six months of the year. We also ended the quarter with a strong cash balance of $50 million and net leverage of 4.36x, retaining financial flexibility moving forward.”

Industry News

Salem Media Group Second Quarter Revenue Declines 4.2%

Salem Media Group total revenue for the second quarter of 2023 was $65.8 million, a decrease of 4.2% from Q2 of 2022. The company reports an operating loss of $4.1 million compared to operating income of $7.3 million reported in Q2 of 2022. Salem posts a net loss of $7.1 million for the second quarter of this year, compared to a net income of $9.1 million reported for Q2 of 2022. Looking at the company’s operating results by segment, Netim Broadcast revenue decreased 5.3% to $49.7 million from $52.5 million; Station Operating Income decreased 43.5% to $6.2 million from $10.9 million; Same Station net broadcast revenue decreased 5.8% to $49.4 million from $52.4 million; and Same Station operating income decreased 37.7% to $6.8 million from $10.9 million. Digital Media revenue increased 0.5% to $10.9 million from $10.8 million, and Publishing revenue decreased 3.5% to $5.2 million from $5.4 million. Salem reports that as of June 30, 2023, the company was not in compliance with its fixed charge coverage ratio. On August 7, 2023 it signed a forbearance whereby the bank agreed not to exercise remedies on the default during the month of August. Additionally, the notional amount of the revolver was reduced from $30 million to $25 million with a minimum availability of $1 million. The interest rate associated with the revolver increased by two percentage points effective July 1, 2023 through the date of the forbearance amendment.