Townsquare Media Reports Net Revenue Down 2.5% in Second Quarter
Townsquare Media reports its financial operations for the second quarter of 2024 and reveals net revenue of $118.2 million, a decline of 2.5% from the same period in 2023. The company also reports a net loss of $48.9 million in Q2, compared to the net loss of $2.7 million that it reported in the second quarter of 2023. Townsquare Media CEO Bill Wilson states, “I am pleased to share that Townsquare’s momentum is building as demonstrated by another quarter of sequential net revenue improvement, primarily due to our local focus
and our unique and differentiated digital platform… In the second quarter, the Company reported a net loss of $48.9 million, in large part due to non-cash impairment charges. Our Q2 performance was driven by stabilizing and/or improving trends across segments: Townsquare Interactive returned to sequential revenue growth in each month of the quarter, as a result of positive subscriber trends that have improved dramatically compared to previous quarters; Digital Advertising net revenue growth continued at +1% year-over-year; and Broadcast Advertising net revenue was approximately flat as compared to the prior year, an improvement from first quarter declines. In total, Digital represented 52% of Townsquare’s net revenue in the first six months of the year. Additionally, we continue to generate strong cash flow, granting us the ability to invest in our digital growth engine while preserving financial flexibility, as evidenced by our ongoing debt and share buybacks in the open market… Most importantly, due to our current cash position and our strong cash generation, we retain financial flexibility moving forward and we are confident in our ability to build shareholder value for our investors through long-term net revenue and cash flow growth, net leverage reduction, future dividend payments, and potential future share repurchases.”
7.8%. The company says net broadcast revenue was $47.1 million (-5.1%), while net digital media revenue was $11.9 million (+9.9%), and net publishing revenue was $1.56 million (-70.3%). It should be noted that Salem sold Regnery Publishing in December of 2023. The company reports net income of $2.3 million during the quarter, compared to that net loss of $7.1 million it reported in Q2 of 2023. 
responsible for overseeing the Fort Myers and Tampa, Florida markets. In addition to serving as Ft. Myers market manager, AJ Lurie will now oversee sales across the state. Mac Edwards will oversee the Charlotte and Fayetteville markets. Kent Dunn will continue to lead the Augusta market. Mary Menna will lead the company’s Boston, Philadelphia, and New Jersey markets. Kevin Rich, who currently serves as Beasley Media Group vice president of operations, will now also be responsible for overseeing the company’s Las Vegas and Detroit-based operations. Beasley CEO Caroline Beasley states, “These changes reflect the company’s continuous commitment to streamline our sales efforts and drive revenue in an efficient manner across multiple platforms throughout the company.”
Foundation’s 9th Annual Event & Dinner at Mohegan Pennsylvania in Wilkes-Barre on September 20 in the Keystone Grand Ballroom. The theme of the event is “The Enduring Importance of the American Revolution” and will feature keynote speaker Jack Warren, author of Freedom: The Enduring Importance of the American Revolution (Lyons Press, 2023). Each year the Foundation presents its Atlas Award for Citizenship and this year’s honoree is Northeastern Pennsylvania businessman Christopher Hackett. Find out more about the event and how to attend at: 
The New York Times’ “The Daily” remains #1, followed by NPR’s “NPR News Now” at #2 and “Up First” at #3, with NBC News’ “Dateline NBC” at #4. Dan Bongino’s “The Dan Bongino Show” leaps four spots to the #5 rank and the DailyWire’s “The Ben Shapiro Show” jumps two spots to the #6 rank, while FOX Audio Network’s “FOX News Hourly Update” falls two places to #8. 
Radio. The company says that in his new role, Goforth will collaborate closely with local Hubbard Radio markets to enhance sales strategies for existing podcasts. And as part of the Hubbard Radio corporate team, he will create new podcast initiatives and strategic partnerships, to build an even more robust podcast network. Hubbard EVP and chief financial officer Dave Bestler says, “We fully understand and embrace the evolution in our business from radio to audio. We are creating must-hear content in all eight of our Hubbard Radio markets, and listeners are increasingly accessing our content on-demand. John will help expand our podcast offerings, while growing revenue with the podcasts we already have.” Goforth comments, “I couldn’t be more excited to join the amazing team at Hubbard and help grow their already impressive portfolio. It’s thrilling to be at the intersection of local and national in the podcast space. As we’ve seen in other channels, cracking the code on local is the key to explosive growth.”
6:00 pm to 9:00 pm host. Tatum filled in for Elder during his run for governor of California in 2021 and subsequently assumed the role full time. Elder joined the 2024 Republican presidential primary race but dropped out last fall and threw his support behind Donald Trump. Since then, he’s been hosting his podcast, “Larry Elder – We’ve Got a Country to Save.” He’ll continue the podcast with Salem handling sales and marketing for the it. Salem SVP of spoken word Phil Boyce says, “Larry is one of a rare breed who actually grew in popularity and influence AFTER he departed the radio. Now we get to hear his sage words of wisdom daily on radio stations across the country, on Salem News Channel, and the Salem Podcast Network.”
The first of four rounds of ratings data from Nielsen Audio’s July 2024 PPM survey has been released for 12 markets including New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Philadelphia, Nassau-Suffolk (Long Island), Riverside-San Bernardino-Ontario, San Jose, and Middlesex-Somerset-Union (New Jersey). The survey period covered June 20 through July 17. Today, TALKERS managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In New York, Red Apple Media Group’s news/talk WABC rises a half share to finish with a 3.8 share (weekly, 6+ AQH share) and climbs to the #10 rank, while iHeartMedia’s news/talk WOR tacks on two-tenths for a 1.7 share finish good for the #19 rank. In Los Angeles, iHeartMedia’s news/talk KFI adds three-tenths to finish with a 4.0 share keeping it locked in the #7 rank, while Audacy’s all-news KNX-FM rises two-tenths to a 3.3 share, lifting it to the #10 rank. In Chicago, Nexstar Media Group’s news/talk WGN is flat with a 2.5 share but rises two places to the #13 rank, while Cumulus Media Group’s news/talk WLS-AM ticks up one-tenth to a 1.2 share, staying in the #25 spot, and Audacy’s all-news WBBM-AM/WCFS-FM dips two-tenths to a 5.2 share good for the #5 rank in the market. 
7:00 pm to 8:00 pm. KRLD brand manager Drew Anderssen says, “Will’s unique perspective on today’s top headlines will be a welcomed addition to our revamped lineup on KRLD. We’re excited to expand his reach and introduce his wildly popular program to KRLD listeners in Dallas and nationwide via the Audacy app.”
fans to engage with “Truth” hosts, enjoy delicious food, take in local entertainment. “Truth” hosts Tory Lowe and Melanie Ricks will broadcast live from 11 am to 1:00 pm. Station general manager Cherie Harris says, “We are thrilled to bring back Truth Family Fest for the second year in a row! This event is a celebration of family, community, and partnership. Truth Family Fest will provide valuable resources on healthcare, recreation, and back-to-school support, all aimed at making the transition to the upcoming school year smoother.”
governor who’s been a frequent contributor, guest host, and weekly co-host on the Rod Arquette show since 2018. Arquette says, “Greg has been a passionate contributor of political commentary in Utah on TV and radio dating back to 2012. His extensive experience and background in public service and public policy allows him to pull back the curtain on what’s really happening in Utah and national politics. Our goal is to bring common sense and fair mindedness to the issues that are impacting Utah families in an entertaining and informative way.” Hughes states, “I am beyond grateful and excited to join 105.9 KNRS and the iHeartRadio family. I am especially excited, to partner with Rod every day to inform and entertain the greatest listening audience in Utah. We are living in uncertain, but historic times. There is a real need for thought leaders today who can reach out and dialogue with public servants, business, and community leaders but most importantly, with everyday Utahns. ‘The Rod and Greg Show’ will be the place where that happens… and then some. I’m ready to go!” 
and Macy’s. In this newly created corporate position, Snyder will be responsible for overseeing digital marketing and building revenue opportunities on behalf of the company with an emphasis on newsletters, SEO, websites and affiliate marketing as well as leading the developers working across the organization. Beasley CEO Caroline Beasley comments, “We could not be more thrilled to welcome Dave into the Beasley family. His marketing expertise is exactly what we need as we continue to build new revenue streams on behalf of the company.”
investors are defined by the Securities and Exchange Commission’s Rule 501(a) as individuals with a net worth greater than $1 million – excluding their primary residence – or incomes in excess of $200,000 in the last two years with the expectation of the same in the current year – or $300,000 with a spouse.) Last month, Newsmax announced that it would seek to become a public company later in 2024 or in early 2025 with a listing on the NYSE or Nasdaq. In preparation for this contemplated public offering, Newsmax has launched a private placement offering seeking to raise up to $225 million. Ruddy states, “We are excited to connect with the tens of thousands of investors nationwide who have already shown interest in investing in Newsmax. There is much to be enthusiastic about Newsmax, including significant growth in our audience, a surge in interest in conservative media and our expanding portfolio of platforms and distribution. Now more than ever — especially in this election year of 2024 — America needs Newsmax. We look forward to sharing more details with everyone who tunes in to the webinar.” 
president and CEO Mary G. Berner says, “In the context of a challenging advertising environment, second quarter total revenue finished in line with our pacing guidance, down 2.5% year-over-year. However, our unrelenting focus on areas of the business that are in our control helped us to mitigate the impact of soft demand while also driving tangible progress in key priority areas. During the quarter, we grew our digital marketing services business by 24%, reduced fixed costs by $4 million, and continued to strengthen our balance sheet through the successful completion of our exchange offer, ABL upsizing, and the buyback of a portion of our remaining 2026 maturity debt. Looking ahead, while the advertising outlook remains uncertain, our advertisers continue to be focused on when – not if – they’re going to return to more typical spending levels. Fortunately, thanks to our success at extending our debt maturities, we have time on our side and the flexibility to pursue multiple paths to create shareholder value.”
Fanatic” to host the midday show, effective August 12. “97.5 The Fanatic” program director Scott Masteller says, “I am excited to welcome Mike back to the Fanatic. I know that both previous and new listeners will be anxious to hear his insight and perspective on Philadelphia Sports.” The company also announces that Bill Colarulo, a recent addition to the station, will join Mike Missanelli as part of the show’s new on-air lineup.
NAB Show New York on October 9. News/talk stations WLS-AM, Chicago and WLW-AM, Cincinnati are finalists for Legendary Station of the Year. WWTN-FM, Nashville talk host Dan Mandis is a finalist for Large Market Personality of the Year. KIDO-AM, Boise host Kevin Miller is a finalist for Medium Market Personality of the Year. The finalists for News/Talk Station of the Year are: WSB-AM, Atlanta; KRMG-FM, Tulsa; WLW-AM, Cincinnati; KDKA-AM, Pittsburgh; and WIBC-FM, Indianapolis. 
Mike Missanelli is a possible replacement. He writes, “Jonny Marks reported last week that the Mike/Fanatic reunion looks to be in place ahead of football season. My understanding is that 97.5 is also high on Bill Colarulo and Amy Fadool as new pieces. Colarulo hosts weekends and has filled in on P.M. drive while Fadool had been co-hosting alongside Cooney.” For his part, Cooney posted the following to Facebook: “Wanted to say thanks to all who listened over the years during my time at The Fanatic. Loved the conversations and getting to know a lot of you. They told me today they are moving in a different direction.”
the HD2 channel of talk WTKK-FM. It will be branded “FOX Sports 106.1 FM HD2” and feature the full lineup of the FOX Sports Radio network. iHeartMedia Multi-Platform Group – Raleigh president Michael Burger says, “Raleigh/Durham has long been a market that has celebrated the best in athletics. Partnering with FOX Sports Radio is an incredible opportunity to share the news and stories that shape the sports world daily. This partnership will also bring unique sponsorships and marketing engagement for existing and new clients. We are incredibly excited to add FOX Sports Radio to our already strong lineup.”
news/talk stations plus the John Fredericks Radio Network. He adds, “This undertaking was never authorized, sanctioned, or endorsed by President Trump or his campaign. Despite several very direct public communications disavowing any affiliation by Trump campaign senior staff, the fake news continued to propagate phony stories, which The Heritage Foundation and their Project 2025 leaders were willing and happy to substantiate. Sources say President Trump made the decision to shut it down himself. Good riddance to yet another grift charade using Trump to raise money.” TALKERS publisher Michael Harrison commented on Fredericks’ statement saying, “It has been disturbing watching the once-honored think tank known for its even-handed academic fastidiousness devolve into what is now perceived as just another fund-raising propaganda machine in the mud-slinging political wars. This is the kind of credibility squandering that damages the true American conservative moment and people’s confidence in all political organizations.”
The station says, “After a distinguished 36-year career in public education that included serving as a classroom teacher, school principal, and most recently, Superintendent of Warren Consolidated Schools, Dr. Livernois brings to WJR AM 760 and its listeners a wealth of experience and perspective on teaching and learning, technology, social-emotional learning, school safety, social media, and many other areas of interest to both parents and educators alike.” Dr. Livernois continues to serve as an adjunct faculty member of the College of Education at Wayne State University. WJR program director Ann Thomas comments, “Education is the key to a great future for our children and WJR is proud to partner with Michigan’s top educators to help them tell their stories about the great work they do in our communities.”
including radio over-the-air and radio streams. The next highest portion, 18%, was spent with owned music such as CDs and downloaded audio files, and 11% of their daily audio time went to streaming. Today, we see the increase in listening from linear sources to more on-demand audio sources such as YouTube for music or music videos (not the YouTube Music streaming service), and podcasts. Americans age 13+ now spend an average of 18% of their audio day listening to streaming music from sources such as Amazon Music, Apple Music, Pandora, and Spotify, 14% listening to YouTube for music, and 10% listening to podcasts. AM/FM radio still takes the largest portion of the audio day on a 13+ basis with 36%, driven heavily by in-car listening.” Edison director of research Laura Ivey adds, “A decade ago Share of Ear was created to answer the question, ‘What do Americans listen to?’ Today we can understand the listening patterns of Americans and see how audio sources have emerged to vie for our daily listening time. There are surely audio developments that we can’t even imagine that will impact our daily audio time over the next 10 years.”