Saga Communications Reports Q3 Revenue Down 2.8%
Saga Communications issues its Q3 2023 operating results and says net revenue for the period was $29.2 million, a decrease 2.8%. Station operating expense increased 2.1% for the quarter to $22.8 million compared to the same period last year. For the quarter, operating income was $3.5 million
compared to $1.1 million for the same quarter last year and station operating income (a non-GAAP financial measure) decreased 14.7% to $7.6 million. Saga reports a net income of $2.7 million for Q3 2023 compared to the net loss of $104,000 it reported a year ago. The company’s balance sheet reflects $41.7 million in cash and short-term investments as of September 30, 2023. Saga also announces that it is paying a quarterly dividend of $0.25 per share on November 3, 2023 to shareholders of record as of October 11, 2023. The aggregate amount of the quarterly dividend will be approximately $1.5 million.
with Scott Hastings and Tyler Polumbus for the 12:00 noon to 3:00 pm “P.H.D.” show. The 24-year Denver sports radio pro was let go from Bonneville’s KKFN-FM “104.3 The Fan” in September. KSE Radio SVP/GM Dave Fleck comments, “We are excited to add Darren to our new and improved midday P.H.D. show. He is a respected member of the community whose work ethic and passion for broadcasting will help take our radio stations to new heights. Having DMac as part of ‘Altitude Sports Radio’ allows us to reconfigure our daily lineup while adding a great voice to the station.” 
The third of four rounds of ratings data from Nielsen Audio’s October 2023 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. The survey period covered September 14 through October 11. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Portland, Alpha Media’s news/talk KXL-FM rises two-tenths to finish with a 6.9 share (weekly, 6+ AHQ share) that keeps it locked in the #3 rank, while iHeartMedia’s news/talk KEX-AM, adds three-tenths for a 1.7 share good for the #21 rank. In San Antonio, iHeartMedia’s news/talk WOAI-AM tacks on two-tenths for a 2.8 share finish that lifts it to the #13 rank, while Alpha Media’s news/talk KTSA-AM rises four-tenths to a 2.6 share and climbs to the #15 rank. In Salt Lake City, Bonneville’s news/talk KSL-AM/FM rockets up 1.7 shares for a 6.9 share that puts it in the #2 rank, while iHeartMedia’s news/talk KNRS-AM/FM plunges 1.1 shares to a 2.9 share that puts it in the #15 rank. It should be noted that Nielsen released updated information for the Nassau-Suffolk (Long Island) and Riverside markets and that is now reflected in the first-round report. 
News for its podcasts from John Solomon, Victor Davis Hanson, and “Bauer and Rose” on the SPN platform. The agreement allows Salem to market and sell the podcasts to its array of advertisers and provide additional promotional support. Salem SVP Phil Boyce says, “John Solomon and his team are a perfect fit for Salem and will provide an additional layer of news credibility to the stories he covers. When you add Victor Davis Hanson’s podcasts, and those of Bauer and Rose, it makes the partnership complete.” Solomon comments, “Salem Podcast Network has amassed one of the most formidable audiences and lineups in the industry. We are excited to be joining the team and introducing our news and analysis to a whole new audience.”
anchored by Newsweek senior editor-at-large Josh Hammer. Newsweek says the program’s goal is to “navigate the converging realms of politics, law, and culture while deliberating on the evolution of American conservatism. Hammer, with his background as a constitutional lawyer, intends to present commentary accompanied by interactions with contemporary conservative thought leaders.” Newsweek director of radio and podcasting Jesse Edwards adds, “Josh Hammer is going to be the next big voice in conservative talk radio, and we couldn’t be more thrilled to bring his powerful message to the airwaves of Seattle, and beyond.”
deductible donations to the Guardian Fund. Corporate donations can be given to the Angel Initiative, which is also tax deductible. BFoA chairman Scott Herman states, “Life can change in a heartbeat, and exorbitant medical bills can leave one of our colleagues in broadcasting in desperate need of assistance. I’m asking everyone in radio and television to consider a donation, in any amount, so that we can continue to provide assistance to those in our industry who need it most.” 
retiring after he promised to do that if the Arizona Diamondbacks beat the Philadelphia Phillies. After the D-backs made the World Series, Stern hosted Russo on his show and got him to agree to wear a Diamondbacks-themed bikini and hold a sign saying, “I am a liar and a dope.” Now it seems Russo is reneging on the deal. Stern, who told his audience he’s done with it, shared a text from a listener who suggested Stern refer to Russo as Chris “Mad Fraud” Russo. 
ECHO box technology. He says, “GCN’s Adam Miller explains that their ECHO Files can easily be synced with most radio automation systems for easy delay broadcast with no new hardware needed and about fifteen minutes setup time! There is no need to have staff do daily chores like pulling files manually from an FTP or website. Those days are done! For live affiliates GCN has their ECHO Box that comes pre-programmed for the shows the affiliate carries. The ECHO Box can also do delay broadcast. They are sending these out with priority to stations that take the largest number of live hours, but eventually all live affiliates will receive them as dozens more of the very small ECHO Boxes will be coming in early November.” Affiliates with questions can call Adam Miller at 612-695-5982. 
team of award-winning journalists brings a fresh perspective to mornings while delivering a perfect mix of news, sports, and entertainment.” Also, station traffic and weather anchor Renee Vitale becomes co-host of “First Thing with Mike Parsons” from 5:00 am to 6:00 am. The station is pairing Detroit Lions great Lomas Brown with WJR’s Sean Baligian for the 6:00 pm to 7:00 pm “Sportswrap with Lomas Brown and Sean Baligian” program. Cumulus Media regional VP and market manager Steve Finateri comments, “‘JR Morning with Guy, Lloyd and Jamie’ plus ‘SportsWrap with Lomas Brown and Sean Baligian’ as bookends to our current big-name local daily shows on WJR has given ‘The Great Voice of The Great Lakes’ more prime time firepower than at any time in the past 20 years!”
digital revenue growth of 9.1% year-over-year, with digital revenue representing 18.6% of total third quarter revenue. Our continued strong digital revenue growth has moved us to within a few basis points of reaching the bottom end of our goal of digital revenue accounting for 20% to 30% of total revenue, and we remain laser focused on this initiative as a means to diversify our revenue in a cash flow positive manner. Our dedicated sales teams continue to leverage the tremendous audience reach and engagement of our local multi-platform content to attract new advertisers, resulting in a 22% increase in new local business revenue growth for the third quarter. Additionally, the actions we have taken to reduce our cost structure resulted in third quarter operating and corporate expenses decreases of 2.7% and 12.5%, respectively. In summary, we believe our third quarter financial performance demonstrates that our digital transformation and revenue diversification strategies continue to gain momentum and our initiatives focused on lowering operating expenses and reducing debt are positioning Beasley to generate increased and more diversified cash flows in future periods. Looking ahead, as has always been the case for non-election years, we expect fourth quarter revenues to be somewhat impacted by the absence of cyclical political advertising. While we plan to offset some of this expected softness through continued growth in digital and new business, we are hopeful that the overall advertising environment will improve in the fourth quarter and continue to closely monitor the economy.”
noted that it lost about 96,000 self-pay subscribers during the quarter and states that its current total subscribers stands at 34 million. SiriusXM CEO Jennifer Witz says, “We are very excited to unveil SiriusXM’s next-generation platform on November 8th, a key component of our long-term vision for the company’s consumer offerings. Our content portfolio continues to differentiate us in the audio marketplace with exclusive access to live sports, talk, music and one-of-a-kind content.”
programming includes Premiere Networks’ “The Clay Travis & Buck Sexton Show” and “The Jesse Kelly Show,” as well as programming from Westwood One. iHeartMedia SVP of programming Jason Carr says, “We’re excited to bring ‘The Patriot’ to Vero Beach with local talk and news from ‘The Brian Mudd Show’ and some of the biggest names in national talk radio. ‘The Patriot’ will super-serve the growing Vero Beach community, with the most up-to-date news, weather and sports updates, including sources like FOX News and the Florida News Network.”
Spoken Word Audio Report 2023. According to data from the study, 48% of those in the U.S. age 13+ listen to some type of spoken-word audio daily, and audio consumers in the U.S. age 13+ spend 31% of their daily audio time with spoken word. They say this edition of the study focuses on listening locations and explores spoken-word audio consumption at home, at work, in-car, and other locations. 
stories of our nation’s heroes, the families who serve by their side, and how Fisher House plays a role in their journey. Fisher House Foundation provides a home away from home for families of patients receiving medical care at major military and VA medical centers. Fisher Houses provide temporary free lodging so families can be close to their loved ones during medical care. The inspiring and patriotic radio show features an exclusive interview with Jessica Lynch who recounts her harrowing experience as a prisoner of war during the early days of the 2003 invasion of Iraq during Operation Enduring Freedom. She reveals details of her treatment during her captivity, her rescue, the ensuing years of medical treatment and the special role Fisher House played (and continues to play) in her recovery. 
“AUDA.” Audacy says, “The NYSE’s determination has no impact on Audacy’s business strategy or operations. Audacy continues to focus on growing and enhancing its capabilities as a leading, multi-platform audio content and entertainment company, and continues to engage in discussions with its lenders to deleverage its balance sheet and improve its capital structure to position Audacy for long-term growth.”
advertising. In 2016 and 2017, direct response represented the vast majority of podcast advertising. From 2018 to 2021, the proportion of podcast ad spend was equally split between brand and direct response.” The post says there are four major implications of the shift to podcast brand advertising: 1) Targeting will become much broader: Wide campaign reach will become the priority with a goal of “being known before you’re needed”; 2) Creative will shift to become more entertaining and emotion based: The objective will be to stir passions and create positive feelings and associations with ads that people find interesting and enjoyable; 3) Brand safety and suitability measurement will become more crucial: Firms like Barometer will become powerful resources to help marketers find the right context for their campaigns with nuanced data; and 4) Measurement will focus on how well campaigns build memories to ensure brands are “easy to mind and easy to find”: Key performance indicators are brand awareness, brand consideration, and brand preference. 
the achievement of the market’s total sales goal. Mems comes to Audacy from his most recent post as president of the Central Illinois Media group. Audacy St. Louis SVP of sales Becky Domyan states, “We are happy to add Charles and his vast experience of media sales and client support to our team. I have no doubt that he will drive exceptional results for our collection of brands.”
to 8:00 am show will be simulcast on the company’s KTOK-AM, Oklahoma City and KAKC-AM, Tulsa. iHeartMedia Nashville market president Dan Endom says, “We are thrilled to welcome Michael, a true broadcasting legend, to iHeartMedia Nashville. Michael’s extensive knowledge of the airwaves coupled with his innate ability to connect with audiences will elevate our programming to new heights.” DelGiorno served with Cumulus Media’s crosstown WWTN-FM, Nashville from 2007 through March of this year. He also previously hosted shows on KFAQ and KRMG in Tulsa.
by Liberty News Radio Network from its flagship station WMQM-AM/W227DQ, Memphis. The show says, “Danila has immigrated to America from Brazil to live the American Dream! And we couldn’t be happier! She has been featured in Moevir, Latinos Today and Pump magazines.” Rodrigues is the second female member on the show, joining special correspondent Heather Powers McBride.
a net loss of $19.8 million. Cumulus reports in segments, and for the Q3 period total broadcast radio revenue was $146 million, down 17.4% from a year ago. Spot revenue was down 15.2% while network revenue declined 22.8% from Q3 of 2022. Cumulus’ digital segment reports revenue of $37.2 million, an increase of 6.6%, year-over-year. Cumulus CEO Mary G. Berner states, “Third quarter revenue and Adjusted EBITDA finished in line with expectations with results reflecting the continued dichotomy between local 
and national business lines. Despite the challenging environment, we maximized performance by