iHeartMedia’s 2023 Third Quarter Revenue Falls 3.6%
iHeartMedia released its operating results for the third quarter of 2023 and reports revenue of $953 million, a decrease of 3.6% over the same period in 2022. The company reports operating income of $69 million compared to the operating loss of $211 million it reported in Q3 of 2022. iHeartMedia reports a net loss of $9 million during Q3 2023, down significantly from the net loss of $310 million it reported in Q3 2022. The company breaks down revenue into three segments – the Multiplatform Group (broadcast radio, networks, and sponsorship & events), the Digital Audio Group (digital excluding podcast, and
podcast), and Audio & Media Services Group. In the Multiplatform Group, broadcast radio revenue was $455 million, down 6.1% year-over-year, and networks revenue was $116 million, a decline of 8.6%. In the Digital Audio Group, digital excluding podcast revenue was $165 million, an increase of 1.1%, while podcast revenue was $103 million, an increase of 12.5%, year-over-year. iHeartMedia chairman and CEO Bob Pittman says, “We’re pleased to report that our third quarter results were at the high end of our Adjusted EBITDA and Revenue guidance ranges. Our Digital Audio Group’s performance reflects the strong flow-through characteristics of the business and Podcasting continues to be a strong growth engine for the Company; additionally, while the Multiplatform Group does continue to be impacted by advertising industry uncertainty, we’ve seen sequential gradual quarter to quarter improvement throughout the year and we remain confident that the Multiplatform Group will be an additional growth engine for the company as the advertising marketplace recovers.”
$145.7 million, down 7.1% year-over-year. Audacy president and CEO David J. Field states, “Audacy’s third quarter net revenues declined 5.6%, in-line with our quarterly guidance as ad market conditions have remained challenging, particularly on national business. Cash operating expenses were down 2%. We gained revenue share in the quarter, most significantly in radio in which we have achieved accelerating share growth since the start of the year. We also delivered solid gains in radio ratings share and digital audience metrics while making important progress on our tech roadmap and meaningful expense savings to improve our current and future business model. Fourth quarter is currently pacing down 9% on an as reported basis and down 4% on a same-station, ex-political basis. We expect Q4 total revenues to decline by high single digits and costs to decline by high single digits. As noted in our recent public filings, we remain in constructive conversations with our lenders to recapitalize the company’s balance sheet to establish a strong financial footing and position the company to capitalize effectively on our growth opportunities. Notwithstanding current challenges, Audacy has established a strong position as a scaled, leading multi-platform audio content and entertainment company distinguished by our exclusive premium content and top positions across the country’s largest markets. We salute our team for their strong work delivering solid growth against our key performance metrics and serving our listeners and customers with excellence.”
revenue of $54 million, a decline of 8.6% year-over-year. It’s Subscription Digital Marketing Solutions segment revenue was $20 million, down 12.6% from Q3 of 2022, and its Digital Advertising segment revenue was $39 million, up 5.5% year-over-year. Townsquare Media CEO Bill Wilson states, “The strong cash generation characteristics of our assets allowed us to produce $39 million of cash flow from operations in the first nine months of 2023, an increase of $7 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 and retire approximately $14 million of our Unsecured Senior Notes at a discount during the third quarter, bringing our year-to-date total bond repurchases to $27 million. In addition, we repurchased approximately 94,000 Class A shares in the third quarter (in total, we’ve repurchased 1.7 million shares in 2023), and continue to pay a high-yielding dividend while also investing in our business. We also ended the quarter with a strong cash balance of $38 million and net leverage of 4.49x, retaining financial flexibility moving forward.”
NPR’s “Up First” taking over the #2 spot from NBC News’ “Dateline NBC,” which falls to #3. Other commercial radio-related podcasts charting in the top 20 include The Daily Wire’s “The Ben Shapiro Show” at #6, Cumulus Podcast Network’s “The Dan Bongino Show” at #9, and iHeartPodcast’s “Stuff You Should Know” at #10. The ranker is based on Unique U.S. Monthly Audience for participating podcasts.
The Broadcasters Foundation of America announces that Jordan Wertlieb, executive vice president and chief operating officer of Hearst is the 2024 recipient of the Broadcasters Foundation of America Golden Mike Award. The award will be presented during a black-tie fundraiser on March 4, 2024, at the Plaza Hotel in New York City. Wertlieb says, “I am honored by this recognition from the Board of the Broadcasters Foundation. The Broadcasters Foundation’s mission is to provide financial aid to our colleagues whose lives have been impacted by illness, accident, or natural disaster. I am committed to helping those in need and grateful to all who support this important organization.”
Providence-based talk host, podcaster, journalist and musician Bill Bartholomew says, “In a world where social media influencers and podcasters supply information to millions of young consumers, news/talk radio should be able to effectively compete for the ears of younger generations in a comparable, if not expanded way.” In a piece written for TALKERS magazine. Bartholomew says, “Unlike many digital-first content producers, radio retains a unique quality: authority. By virtue of editorial standards, FCC regulation and brand – things that social media and podcasts often lack – radio has the unique ability to deliver credible, vetted, nuanced and universally trustworthy content that can instantaneously adapt to meet the needs of the moment. This is true in everything from natural disasters to rapidly evolving breaking news stories, providing a channel for immediate, reactionary insight and analysis.” To that end, he suggests four steps news/talk stations should pursue. 
conversations and connections on topics relevant to our local communities throughout the year.” The next “Audacy Conversations” explores the state of downtown. It says, “Over three years later, America’s cities are still grappling with challenges and unexpected fallout caused by the COVID-19 pandemic. WBBM Newsradio (WBBM-AM/WCFS-FM) in Chicago will host a live town hall on November 9 to explore those impacts in-depth and what’s at stake for businesses and community members as cities look to revitalize their downtowns.” The program will air on WBBM Newsradio, KRLD NewsRadio 1080 (KRLD-AM) in Dallas, WWJ News Radio 950 (WWJ-AM) in Detroit, KNX News 97.1 FM (KNX-FM) in Los Angeles, WCBS 880 (WCBS-AM) in New York, KYW Newsradio (103.9 FM/1060 AM) in Philadelphia and KCBS All News (106.9 FM/740 AM) in San Francisco on November 16 at 7:00 pm local time. It will also air on WBEN-AM, Buffalo; WCCO-AM, Minneapolis; WWL-AM/FM, New Orleans; KDKA-AM, Pittsburgh; and KMOX-AM, St. Louis. Throughout the week of November 13 to 17, the all-news stations will air special content catered to the town hall topics, including interviews, news stories and feature reporting.
on Gospel WPZZ-FM, Richmond to discuss the project and the referendum and lamented the amount of money they’d spent on the process, saying, “God has blessed me with enough to build the Richmond Grand. But $10 million is what the final [campaign] bill looks like. Such a waste. I am so mad at this opposition. Do you know how much good I could have done with $10 million? I had to pay the lawyers, the accountants, and the lobbyists… just to get the opportunity for you all to vote.” Casinos have already been approved in four Virginia cities, but the project was extremely controversial in Richmond.
video saying it violates its community guidelines that “prohibit linking to content containing manifestos from individuals who have committed violent attacks.” Crowder issued a notice on X regarding the removal of the content, saying, “YOU determine what matters. YOU determine the content. Not YouTube, not the rest of BigTech, not their lackies, and not a gaggle of sponsors who don’t have the b***s to stand behind the kind of content you actually want to see.” According to a report by Newsweek, “The Metro Nashville Police Department has not confirmed that the screenshots shared by Crowder are Hale’s manifesto. A department spokesperson told Newsweek Monday that police were ‘unable to confirm the authenticity of what has been released, although we are looking into that at this very moment.’” 
didn’t have a stroke or a heart attack and I don’t have a brain tumor or anything like it. Turns out it’s just one of those unexplained things that happen and very likely will never happen again. I’ve been cleared to return to work but have decided to call it a career. I’m 72, I’ve been in radio for 54 years, and for the past 42 years, I’ve been getting out of bed in the middle of the night to go to work. I just discovered I like sleeping in a bit. I will miss the daily enjoyment of the job and especially the people with whom I worked. And, thanks most of all to those of you who listened each morning and found some informational and entertainment value mornings on KLIF. Nothing lasts forever but I’m going to try. Stay well, y’all. Love your life. This is the month for giving thanks.” 
Midwest Communications’ news/talk KFGO, Fargo The Mighty 790 on November 2. He tells The Forum that he left the station due to a difference in programming philosophy with management. “We differed on the operation of the ‘Morning Crew,’ and so I decided to step away.” Michaels serves as the public address announcer for North Dakota State football and basketball games, a position he will continue to hold. 
promotions department at KNBR and was later hired at KNBR as a part-time board operator. In 2017, Copeland was promoted to full-time producer of “KNBR Tonight,” was then named host of “The Leadoff Spot,” and served as producer/board operator of the “
weekly podcast listeners age 13+. The top four shows in Q3 remain unchanged in rank from Q2: “The Joe Rogan Experience,” “Crime Junkie,” “The Daily,” and “This American Life.” Other radio related podcasts ranked on this chart include iHeartPodcasts’ “Something You Should Know” at #9, The Daily Wire’s “The Ben Shapiro Show” at #17, Ramsey Networks’ “The Ramsey Show” at #21, and Cumulus Podcast Networks’ “The Dan Bongino Show” at #29.
her new role later this month, replacing Grady Trimble who now serves as a Washington based correspondent for the network. Since 2021, Saberi has served as a reporter for “Good Day Austin” at FOX affiliate KTBC-TV, Austin. She got her start as a FOX News Media college associate in the summer of 2017 where she worked on “The Story with Martha MacCallum.”
Downs for a $562 million casino project that faces opposition from a group called No Means No Casino, led by Paul Goldman. While hosting a shot on The Box 99.9, Brown referred to Goldman as “a Jew who’s got the same trait as Judas,” and a “white Jew with the background of Judas.” WRIC-TV reports that Urban One regional VP Marsha Landess called Brown’s comments “horrible and offensive” and that Urban One CEO Alfred Liggins apologized directly to Goldman. 
company says, “The numbers don’t lie. America’s military heroes are struggling with money. A recent survey conducted by Wounded Warrior Project finds six in 10 veterans did not have enough money to make ends meet at some point in the past year. The survey also finds the rising cost of goods is the top-rated source of financial strain.” Dave Ramsey comments, “Veterans who’ve selflessly served to protect our freedom deserve to feel freedom for themselves and their families. It’s not just about financial education; it’s about transformation. Winning with money takes sacrifice, perseverance and determination — qualities veterans know all about. We’ll give them the tools, and they’ll get it done.” 
Fredericks says, “As our stations in Philadelphia have thrived and shown stunning growth, we thought it was critical to bookend the Commonwealth of Pennsylvania with Pittsburgh, giving us robust reach in both dense population centers. We offer listeners in Pittsburgh’s Westmoreland County and now Nashville, Tennessee an exciting news/talk alternative that breaths oxygen into a stale and boring ring of warmed-over RINO syndicated hosts on the conservative news/talk syndication circuit. Our Nashville acquisition gives us a base of operations in the Mid-South as we expand along the spine of the Atlantic Coast. Nashville is a high-growth city and an important cultural center of our movement. We will be competing there with the biggest talk station conglomerates in the nation, including Cumulus and iHeart. We will offer Nashville listeners a dynamic alternative choice.
We all need to learn how to fall back. This is not about daylight saving, retreating, or backpedaling. This is about learning from the most valuable brand in tech, the oracle, and the best practices all of us in sales and management must learn to apply.
“If you think radio has problems,” consultant Holland Cooke says, “Netflix et al are to television stations what Pandora et al are to music stations. So local news is TV stations’ silver bullet. And – like radio – their need to promote off-air exceeds their promotion budget.” In this week’s column, he outlines tactics for “partnering with a fellow broadcaster who’s also challenged.” 
The fourth of four rounds of ratings information from Nielsen Audio’s October 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. The survey period covers September 14 through October 11. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Austin, Waterloo Media’s news/talk KLBJ-AM adds 1.3 shares (weekly, 6+ AQH share) to finish with a 4.7 share that lifts it from the #10 rank to #5. In Milwaukee, iHeartMedia’s news/talk WISN adds one-tenth for a 9.7 share finish that’s good enough to lift it to the #1 rank, as Good Karma Brands’ news/talk WTMJ sheds two-tenths for a 9.6 share and the #2 rank. In West Palm Beach, Hubbard Broadcasting’s news/talk WFTL rises half a share to a 2.3 share and jumps to the #9 rank, as iHeartMedia’s talk WZZR loses one-tenth to finish with a 1.8 share good for the #13 rank and sister news/talk WJNO is up one-tenth to a 1.2 share and is ranked #14 for the fourth consecutive month. 
announce that I will be back on the air with my new show called ‘What’s On Tap?’ This hourlong show is set to air on most weeknights at 6: 00 pm barring conflicts with Bucks & Brewers games, featuring culture and creativity in Wisconsin and around the world.” The show launched last night and featured content from Maxx’s recent trip to England in which she interviewed Sue Harvey of The Beatles landmark Strawberry Field in Liverpool as well as an audio tour of the Beatles-themed Airbnb in Green Bay. Maxx most recently co-hosted the station’s late morning show with host Steve Scaffidi.