Industry Views

Monday Memo: Apple Heaven and Hell

By Holland Cooke
Consultant

imEver lost your phone? It’s an instant sick, sinking feeling. It’s quaint to even call it a “phone,” because it’s…everything. Including us. Like the transistor radio Boomers toted in our youth, it’s audio in your pocket.

For broadcasters and podcasters, a smartphone can be the whole toolbox. MOVIES are being shot on the newest iPhone. The cameras and editing apps are that good. TV and radio can go live, anywhere there’s a signal. And, like Alexa, Siri is conversant. Dictation isn’t just a convenient voice-to-text appliance. It makes lots of apps lots handier, and safer while driving. So, when, suddenly, my phone couldn’t hear me anymore, I went Code Red.

“Testing…testing…”

First triage: Google. But when I satisfied myself that all my settings were as they should be, I needed a person. As expected, the patient expert on Apple’s Support line had a thick foreign accent and great people skills. She had me repeating all the steps Google recommended, and told me I had to update my OS. When repeated attempts failed, I needed in-person handholding, a/k/a The Genius Bar.

Just TRY calling an Apple Store. The local number for the Providence Place Mall location rings in Texas I was told, after I cheated by reaching out to a friend who works for Apple and got me in the door. The irony is painful: They sell telephones but can’t answer one.

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Antiques Roadshow

I’ll seem my age if it’s 2023, and I’m still toting iPhone 8. Hey, it worked…until it didn’t. And the Genius Bar person explained that it had missed too many OS updates to ever catch-up. And when she ran diagnostics, enough other issues warranted the handoff to sales.

Dazzling as the latest-greatest are, I went with SE, same size/shape/appearance as the 8 being retired. It snapped right into the decorative Block Island cover case that had saved the old phone from so many drops. In the survey Apple emailed later that day, I couldn’t say enough about Matty, the sales guy who walked me through setting-up the new phone. All better now, and although it’s now sans SIM card, the retired 8 phone is a spare tire. If I want to talk to it, I’ll need earbuds. But it’s an otherwise functional iPod that will Facetime, Email, you-name-it, via WiFi.

So then?

With most AM/FM broadcast hours now automated or syndicated, stations that make local human connections will be conspicuous; and niche-topic podcasts will ooze “community.”

I write lots of commercials, and – where pertinent – we assure that “you won’t land in voicemail.” And we’ll emphasize one-on-one support. Here’s how one client – the voice you hear is the owner, whose stations are 100 miles from Dallas – sells expensive cameras, at a store in Dallas: http://getonthenet.com/CompetitiveCameras.mp3

Holland Cooke (HollandCooke.com) is a consultant working at the intersection of broadcasting and the Internet. He is the author of “Multiply Your Podcast Subscribers, Without Buying Clicks,” available from Talkers books; and “Spot-On: Commercial Copy Points That Earned The Benjamins,” a FREE download; and the E-book and FREE on-air radio features Inflation Hacks: Save Those Benjamins.” Follow HC on Twitter @HollandCooke

Industry News

WPEN, Philadelphia AM Host John Kincade Announces Cancer Diagnosis

On Friday (5/12), WPEN, Philadelphia “97.5 The Fanatic” morning host John Kincade told his listeners he’s been diagnosed with colon cancer. He posted the following statement on the station’s website: “Unfortunately, my relatives have a PHD in dealing with cancer as it has ravaged the Kincade family over the years. It’s one of the reasons that I am so proud to partner with the AACR, the American Association of Cancer Research, since the start of ‘The John Kincade Show.’ Earlier in my career, my 20-year association helping to raise moneyim for the Leukemia and Lymphoma Society was also an important endeavor. I knew personally how cancer affects the lives of the patient and their families. It has been a passion and I’ve been blessed with many years of good health. I didn’t expect in 2023 that we would be having this conversation. After feeling lethargic, exhausted and experiencing some strange weight gain I had blamed it on a recent change of medication. Instead my blood work showed tremendous blood loss and levels of iron and hemoglobin that were dangerously low. We still believed that it would reveal an ulcer or a stomach tear that was being irritated by the new medication causing the bleed. We scheduled a short hospital stay to have all my tests in one day. It’s 76ers playoffs and I needed to get back to work quickly! The colonoscopy revealed the cancer and a subsequent CT Scan has given us some optimism that this cancer journey will end successfully. I have a great support system within the walls of Beasley Broadcasting from the Executive Suite to the interns. I feel blessed that everyone has already rallied behind me at ‘The Fanatic’ to make sure I succeed in this battle. My sponsors have always shown me such loyalty and support. I’m going to do my best to continue to deliver for them. I work with an excellent team on ‘The John Kincade Show’ and I’ve asked them to do everything possible to keep things as normal as possible. With our crew, normal is of course up to interpretation.”

Industry News

Cumulus Announces Modified Dutch Auction to Purchase Class A Common Stock

Cumulus Media Inc reveals in a filing with the Securities Exchange Commission that it is commencing a “modified Dutch auction” tender offer to purchase up to $10 million of shares of its Class A common stock, or such lesser number of shares of its Class A common stock as are properly tendered and not properly withdrawn, at a price not greater than $3.25 and not less than $2.85 per share of Class A common stock, to the tendering shareholder in cash, less any applicable withholding taxes and without interest (the “Offer”). Theim Offer will expire at Midnight, New York City time, at the end of the day, on June 9, 2023 (the “Expiration Date”), unless extended or earlier terminated by Cumulus. The “modified Dutch auction” allows shareholders to select the price, within a price range specified by Cumulus, and the number of shares they are willing to sell at that price (or, should a higher price be determined as the “purchase price,” such higher price). The Offer is being made under Cumulus’s previously announced $50 million share repurchase program. The purchase price will be the lowest price per share (in increments of $0.05) of not greater than $3.25 and not less than $2.85 per share, at which shares have been properly tendered and not properly withdrawn, that will enable Cumulus to purchase the maximum number of shares having an aggregate purchase price not exceeding $10 million (or, if the Offer is not fully subscribed, all shares properly tendered and not properly withdrawn). Promptly after the Expiration Date, Cumulus will, on the terms and subject to the conditions described in the offer to purchase, determine the single per-share purchase price that Cumulus will pay, subject to proration and conditional tender provisions, for shares properly tendered at or below the purchase price in the Offer and not properly withdrawn, and accepted for payment, taking into account the number of shares tendered pursuant to the Offer and the prices specified, or deemed specified, by the tendering shareholders.

Industry News

WRVA’s Jeff Katz is Grand Marshall for VA Parade

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WRVA, Richmond afternoon drive talk host Jeff Katz (pictured above at right) served as Grand Marshal of the Bon Air Victorian Day Parade in Old Bon Air, Virginia on Saturday (5/13). Katz made history as he became the only person to serve as the parade’s Grand Marshal more than once. Katz agreed to return as the Grand Marshal on one condition – he would share the parade duties with his friend Emily Morrissey (above left) – a 24-year-old with a variety of special needs and disabilities who makes beautiful bracelets which raise money for Special Olympics of Virginia via her website www.emilysbracelets.com.

Industry News

Top News/Talk Media Stories Over the Weekend

The migrant surge at the U.S.-Mexico border and the expiration of Title 42; former President Donald Trump’s legal battles; the 2024 presidential race; the negotiations between congressional leaders and the White House over the debt ceiling; Turkish President Recep Tayyip Erdogan faces potential runoff after Turkey’s election; the aftermath of the Jordan Neely chokehold death; the Russia-Ukraine war; and North Carolina abortion battle were some of the most-talked-about stories in news/talk media over the weekend, according to ongoing research from TALKERS magazine.

Industry Views

Attracting Younger Demos

By Walter Sabo
Consultant, Sabo Media
A.K.A. Walter Sterling
Radio Host, Sterling on Sunday

Reaching younger listeners requires a combination of topics, pacing, and production values. As a consultant, when launching talk stations the client had an opportunity to identify the target demo.  Based on their target, the station was built to own that demo.  To attract a specific target, they followed these steps:

— Identify the target listener: sex, age, preferences and which stations are they currently listening to?

— Commit to attract the specific listener 24/7. A music station can’t win if it plays Taylor Swift in the morning and Pavarotti at night. Consistency of all format elements delivers a consistent audience profile.

— Topics. From experience, younger listeners have no time for theoretical discussions of politics or the contents of the op-ed page. Any op-ed page. Topics must be based on urgent, current eye-level aspects of a younger person’s life in order to attract them to a radio show. On “Sterling On Sunday” I mentioned that my 14-year-old daughter was going into the slime business. That was followed by 10 lines lit of 30-year-old fathers who were coaching their 14-year-olds on managing a – slime business!

Respect that whatever topic the target listener cares about is an important, serious topic. 

— Production. The competition for younger listeners are music stations. The production on your station should be as good or better than any music station. That means, no stale promos, they have to be freshened every day, or every hour.

— Pace. Match the pace of the life of your target listener. If you want to reach a 30-year-old (and you can), remember that they have to drop off the kids at school, get milk, take the back way to get to work on time and make that call to the dentist – all between a given moment and your next weather report. Kudos to Bill Wills morning host on WTAM, Cleveland who delivers a fast-fast-paced show – worth a listen.

When taking phone calls, screen them for age. Let the caller say one thing and then bye. The more calls you take the more calls you’ll get. The shorter the calls, the younger the callers will be. And PLEASE do not thank callers for “holding on.”

Walter Sabo was the youngest Executive Vice President in the history of NBC. The youngest VP in the history of ABC. He was a consultant to RKO General longer than Bill Drake. Walter was the in house consultant to Sirius for eight years. He has never written a resume. Contact him at walter@sabomedia.com. or mobile 646-678-1110. Hear Walter Sterling at www.waltersterlingshow.comMeet Walter Sabo at TALKERS 2023 on Friday, June 2.

Industry News

Missouri Man Charged with Threats Against KMBZ’s Dana Wright

According to the Kansas City Star, 49-year-old John D. Gribble of Independence, Missouri has been charged with making a felony criminal threat against KMBZ-FM, Kansas City talk host Dana Wright. In March, Gribble allegedly texted the station in which he “called Wright a sexual profanity and a ‘stupid libtard’ who ‘needs to beim publicly killed. Someday I’ll find that stupid bitch and fix that problem. Scott is the only voice of reason on that show.” The message references Wright’s co-host Scott Parks. Wright posted the text so her listeners could see it and wrote, “This particular threat is not the first— BY FAR — we have received, and I know that it will not be the last. I am sharing this — because I am done being quiet about it.” Wright tells the Star, “What concerns me about cases like this is the level of violence we are seeing against people in all different forms of media. And a lot of those people who lash out blame their rage on things like alcohol and other problems they might be having in their lives or some warped sense that the political landscape is responsible for every problem they’ve ever had.” Read the Star story here.

Industry News

Fred Toucher Returns to “98.5 The Sports Hub”

WBZ-FM, Boston “98.5 The Sports Hub” morning drive personality Fred Toucher returned to the program on Thursday after a medical leave of absence to deal with a throat problem that was affecting his voice. Co-hostim Rich Shertenleib had taken a sick day, so the two haven’t worked together since Toucher accused his co-workers of not reaching out to him while he dealt with what was thought to be a cancer scare. He was ultimately diagnosed with leukoplakia, something that can be caused by smoking. Toucher told his listeners, “I have two pieces of advice: Do not smoke and get a second opinion. They thought that I had cancer. If you saw pictures of the original thing they took of my throat, there was a big lump on my vocal cord, like a big lump. I wasn’t supposed to talk for two weeks. And now it just turns out to be Leukoplakia.”

Industry News

Phil Paleologos to Retire from WBSM, New Bedford

Longtime New Bedford, Massachusetts morning personality Phil Paleologos is retiring from his role as morning drive host at Townsquare Media’s news/talk WBSM-AM. Station director of content Michael Rockim says in a memo to staffers, “Phil has been in broadcasting for more than 50 years, most of those years on morning radio, and many years feeding the people of New Bedford next to his bride, Celeste, at their Shawmut Diner. As much as Phil has to offer our community, at some point a man deserves to sleep in without worrying about pancakes or interviews. That time has come for Phil. The Morning Mayor has decided to make this Friday [5/12] his last day on the WBSM morning show… Thankfully, Phil’s WBSM story doesn’t end on Friday. He has agreed to ‘Phil’ in during vacations, and I’m trying to talk him into taking on a regular weekend shift. All in time.”

Industry News

CONFERENCE CLOSER: John Catsimatidis to Tackle AM Car Radio Issue

WABC, New York/Red Apple Media CEO, John Catsimatidis is set to deliver the closing keynote address at TALKERS 2023 on Friday, June 2 at Hofstra University on Long Island. The speech, titled, “AM Radio and the Automobile Industry,” will be the highlight of the event’s closing reception and tackle the existential issue facingim the industry as a number of car manufacturers unveiled controversial intentions to eliminate AM radios from the dashboard of electric and even gas vehicles going forward. In making the announcement about this additional agenda element, TALKERS publisher Michael Harrison stated, “The automobile issue is rocking the industry and John Catsimatidis has been stepping up to the plate in defense of both radio and good sense. He brings his formidable influence into the arena and we are delighted that he will be delivering a major address to that effect on June 2 at the conference. He has become a radio hero, and this will be another key moment in his growing legacy… and hopefully in prolonging the valuable life of both the AM and FM bands.”

Historic conference nearing sellout

The 26th annual installment of the talk media industry’s longest running and most important gathering set for Friday, June 2 at Hofstra University on Long Island is nearing an advance sellout. Conference organizers estimate it will reach that point at any time within the next two weeks. Thus 5:00 pm ET on Tuesday, May 23 has been set as the absolute cutoff point – although it could reach the limit any time before that. According to TALKERS VP/executive editor Kevin Casey, “Industry professionals who have attended the TALKERS conference in the past enjoy it and find it to be a valuable experience for a number of reasons beyond the remarkable quality of the speakers and pertinence of the agenda. They appreciate the intimacy of the environment and outstanding ‘who’s who’ in talk media makeup of their fellow attendees. We work very diligently to keep this event within those parameters. Thus, it is only open to people who work within or are associated in some way with the media industry – there is no online open registration – and it all happens within one power-packed day with absolutely no down time.” More than 60 luminaries from the talk media industry are set to speak at a power-packed day of fireside chats, solo addresses, panel discussions, workshops, award presentations, new equipment showcases and endless networking opportunities. All in a beautiful indoor/outdoor state-of-the-art environment conducive to one-on-one conversations. The time to register is now. See more about the agenda, registration, sponsorship and hotel information here.

Industry News

Our American Stories Offers Memorial Day Special

America Private Radio’s “Our American Stories” is again offering a Memorial Day tribute special to stations to air during the upcoming Memorial Day Weekend. The three-hour program will feature a Gold Star father’s storyim of his son who gave his life in Afghanistan trying to save a fellow soldier, an event that became the inspiration for the popular country song, “I Drive Your Truck,” plus the story of the USS Indianapolis, America’s worst naval disaster. Also, host Lee Habeeb shares a personal story of his uncle who was killed by Nazis after D-Day. The program is available on a market-exclusive basis with barter. The show is available via FTP delivery. “Our American Stories” is distributed by Premiere Networks and is heard in over 310 radio markets across the U.S. For more information contact: 855-276-8020 or affiliates@ouramericanstories.com or LGay@PremiereNetworks.com

Industry News

Edison Research: Moms Flocking to TikTok

Edison Research releases its latest Moms and Media 2023 report and concludes that American moms “are spending more time on the Internet, increasingly embracing digital devices, and using TikTok more.” The report states that U.S. moms self-reported using the Internet 15 minutes more per day than they did in 2022, for aim total of four hours and 15 minutes per day. Ninety percent of moms access the internet from their mobile phones. It also says that TikTok is used by 50% of U.S. moms, up from 42% in 2022, while Facebook is used by 83% of U.S. moms, down from 88% in 2022. Edison Research VP Melissa DeCesare says, “U.S. moms are heavily engaged with social media and online audio, and their time on the Internet continues to increase with the ease of mobile phone access. They are busy with children and are taking advantage of the convenience offered by wireless headphones and smart watches.” Download the report here.

Industry News

WOSH, Oshkosh Wins Honor from WBA

Cumulus Media’s news/talk WOSH-AM/W230DB, Oshkosh, Wisconsin was honored by the Wisconsin Broadcasters Association with first place for Best Continuing Coverage for 2022 in the Medium Market Radioim – News & Talk category, for its coverage of Old Glory Honor Flight #59. “WOSH Morning News” host Phil Cianciola traveled with nearly 100 U.S. military veterans (including one WWII vet) to the D.C. memorials and submitted 19 featurettes aired throughout the one-day broadcast event on WOSH. WOSH also claimed second place honors in the Best On-Scene Reporting category for Phil Cianciola’s first-hand coverage of the aftermath of Hurricane Ian from Sanibel Island, Florida. The honors were bestowed at the 2023 Wisconsin Broadcasters Association Awards Gala on May 6.

Industry News

Premiere Networks Personalities Named to BWIR’s Inaugural 30

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Black Women In Radio (BWIR), an organization committed to the historical preservation of America’s Black female broadcasters and their contributions to Black radio culture and digital media, revealed its Black Women in Radio Historic Collection and Oral History Project with the distinguished “Inaugural 30,” highlighting the impactful careers of 39 radio professionals, including Premiere Networks personalities Angela Yee, host of “Way Up with Angela Yee,” Shirley Strawberry, co-host of “The Steve Harvey Morning Show,” and Carla Ferrell, program director/co-host of “The Steve Harvey Morning Show” and program director of “The Sweat Hotel with Keith Sweat.” BWIR revealed the collection and “The Inaugural 30” during the Radio Preservation Task Force Conference April 27-29, 2023 at the Library of Congress on Capitol Hill in Washington, D.C.  During the conference, attendees including Carla Ferrell met with Karine Jean-Pierre, the first Black woman to serve as White House Press Secretary, and White House Public Engagement Director Steve Benjamin. The “Inaugural 30” are pictured above with Jean-Pierre (at center).

Industry News

Top News/Talk Stories for Week of May 8-12

The migrant problem at the U.S.-Mexico border was the most-talked-about story in news/talk media this week, landing atop the Talkers TenTM. At #2 this week was former President Donald Trump’s legal battles and his CNN Town Hall appearance, followed by the debate in Washington over expanding the debt ceiling to allow the U.S. to borrow more at #3. The Talkers TenTM is a weekly chart of the top stories and people discussed in 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

IAB: 2022 Podcast Revenue Rises 26%

At this year’s IAB Podcast Upfront, the IAB released the results of its U.S. Podcast Advertising 2022 Revenue & 2023-2025 Growth Projections study and concludes that “podcasting continues to be one of the fastest growing digital channels, growing two times faster than digital advertising overall.” The report, byim PricewaterhouseCoopers LLP, “quantifies annual podcast advertising revenues generated over the past year, analyzes revenue share by ad category and content genre, and forecasts future revenues through 2025.” The study says the top revenue-generating content genres are Sports (15%), Society & Culture (14%), and Comedy (14%) and have taken the lead from News and Political Opinion content (down from 19% to 12%). IAB VP, media center Eric John says, “In-person sports, lifestyle events, and in-store shopping have come back in a big way, taking the lead from news which held the top revenue genre spot since 2018. Podcasting revenue naturally reflects that shift in consumer behavior and it will be interesting to watch how the balance changes going forward.” He adds, “Both mass and niche advertisers like the audiences, targeting, and ROI along with the brand-safe and suitable environments that podcasting offers.” See the complete report here.

Industry News

iHeartMedia Expands Branded Podcast Studio

iHeartMedia announces that it is launching Ruby, the first dedicated team of its kind from a major media company committed entirely to the production, sales and marketing of branded podcasts. The company says it has “built one of the fastest-growing slate of branded podcasts globally with 30 original series from major brands such as T-Mobile, IBM, Intuit QuickBooks and Mattress Firm,” and that the “launch of Rubyim represents an expanded commitment to one of iHeartMedia’s most premium products allowing advertisers to engage audiences with creative, longform native content.” iHeartMedia goes on to say, “Ruby’s branded podcasts allow advertisers and their brand partners to spend upwards of 30-45 minutes with their target audience in a unique environment, with opportunities for storytelling that are not possible anywhere else in their media mix including social video. With distribution across the iHeartRadio app and all other major platforms, native podcasts from Ruby connect brands to audiences by translating brand messaging, products and services into original and engaging stories that audiences love.” See more about Ruby here.

Industry News

Audacy: Writers Guild Strike is Opportunity for Audio

Audacy SVP of research and insights Idil Cakim says in a blog post, “For the foreseeable future, some 24 million “Late Night Show” viewers will not be able to watch any new episodes – and that’s no joke.” She saysim this drives people to look for alternative forms of entertainment, and an Audacy study reveals that a “majority of late-night viewers (84%) whose shows are on pause due to the Writers Guild strike are excited to try new shows, especially on Audio. And a whopping 70% are excited to catch up on their podcast shows.” She adds that for media planners this represents an opportunity to “pivot.” “Given the scale and variety of audiences Audio programs attract, it is possible to meet these people during moments when they are actually super engaged and receptive to advertising.” Read the post here.

Industry News

“The Bettor Angle” Joins BetQL Network

Audacy announces the launch of “The Bettor Angle,” a new show that “takes fans of BetQL Network behind the numbers and uncovers the stories that shape the games.” The program is hosted by Kate Constable andim Camron Smith and airs Saturdays from 4:00 pm to 7:00 pm ET via the Audacy app and Twitch beginning May 13. BetQL Network brand manager Andrew Williams says, “‘The Bettor Angle’ is the latest example of the BetQL Network’s dedication to delivering top-quality Wagertainment to our listeners and viewers, seven days a week. Kate and Camron will take listeners behind the numbers and uncover the stories that shape the games. From injury reports to coaching strategies, they’ll help listeners understand the factors that can make or break their bets.”

Industry News

Facebook Postings: Rock Radio Legend Mary Turner Has Died

At the time of this publication’s posting of the story, reactions from a number of her radio colleagues on Facebook indicate that just a half-year after the death of her husband, Westwood One and PodcastOne founder Norm Pattiz, legendary radio personality and dedicated substance abuse counselor Mary Turner has died. Turner was one of the top personalities at the iconic album rock powerhouse KMET, Los Angeles, where she served on-air between 1972 and 1982. She later achieved national radio prominence hosting theim Westwood One syndicated series “Off The Record With Mary Turner” in which she presented interviews with and personality profiles of some of the biggest musical stars of the day. Turner and Pattiz were married in the early 80s and the two shared what friends described as a happy relationship until his death this past December at 79 due to throat cancer. Turner had her own health issue battling substance abuse in the early 90s, which she bravely overcame. She became a UCLA-certified drug and alcohol counselor and received a Ph.D. in clinical psychology. She went on to be appointed chairwoman of the Betty Ford Center at Eisenhower Hospital in Rancho Mirage. TALKERS publisher Michael Harrison, who worked with Turner at both KMET and Westwood One says, “Mary Turner was one of the main pillars upon which the great KMET was built.  Nicknamed ‘The Burner,’ she was a pioneer in album rock radio and an iconic role model for women in the industry.  She was solid on the air – providing music fans a panoramic window into the culture.  She related to artists with an authenticity that engendered trust and they really opened up to her.”  As of press time, further details on this story are not available.

Industry News

NBA & MBA Launch The High School Radio Project

The Nebraska Broadcasters Association and the Massachusetts Broadcasters Association have partnered to create The High School Radio Project (HSRP). The two broadcasters associations say, “Theim HSRP brings real-world radio skills to high school media students in each state, allowing students to curate and schedule music, record radio breaks, produce news and sports stories, interviews, and PSAs, all aired on a streaming radio station heard around the world, 24-hours a day on HighSchoolRadioProject.org, Live365, and Amazon Alexa.” They have recruited industry vendors to assist the students in their radio projects, allowing them to “closely mimic an actual radio station, developing critical communication skills and giving a head start to those who wish to further their radio journey by bolstering college applications and adding valuable skills to their work resumé.”

Industry News

Urban One Unable to File First Quarter Operating Results

Urban One files a notification of late filing with the Securities Exchange Commission explaining the reason it has not filed its 2022 year-end 10-K (and other forms), as well as its first quarter 2023 10-K. The company says, “On April 7, 2023, Urban One, Inc. (the “Company”) announced that in connection with the preparation of its financial statements for the year ended December 31, 2022, the Company’s management, in consultationim with its independent registered public accounting firm, re-evaluated the Company’s accounting for the valuation of its investment interest in MGM National Harbor (the “MGM Interest”), which the Company sold for cash proceeds of approximately $136.8 million on April 21, 2023. After further review of the Company’s accounting for its MGM Interest, it was determined that adjustments are required to the Company’s financial statements as of January 1, 2021 and for each of the annual and interim periods ended December 31, 2021 and September 30, 2022 (the “Affected Periods”), due to understatements in the value of the MGM Interest… The Company’s management concluded that in light of the error described above, a material weakness exists in the Company’s internal control over financial reporting for the Affected Periods. The Company’s remediation plan with respect to such material weakness will be described in more detail in the 2022 Form 10-K. Due to the Company’s continued efforts in connection with the Restatement, preparation of the 2022 Form10-K and 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 March 31, 2023 (“2023 Q1 Form 10-Q”). Accordingly, the Company is unable to file its 2023 Q1 Form 10-Q within the prescribed time period.”

Industry News

Yesterday’s (5/10) Top News/Talk Media Stories

New York Congressman George Santos pleads not guilty to federal charges of wire fraud, money laundering, theft of public funds and lying on House financial forms; the legal battles facing former President Donald Trump and his CNN Town Hall; the large number of asylum-seeking migrants at the U.S.-Mexico border as Title 42 expires; the debt ceiling negotiations between President Joe Biden and congressional leaders; Tucker Carlson’s planned return via Twitter; House Oversight chair James Comer’s investigation in to Biden family finances; and the ongoing Russia-Ukraine war were some of the most-talked-about stories in news/talk media yesterday, according to ongoing research from TALKERS magazine.

Industry News

WPHT Hosts On-Air Philadelphia Democratic Party Mayoral Debate

WPHT noon to 3:00 pm midday host Dom Giordano continues to live up to his well-deserved reputation as the “Dean of Philadelphia Talk Radio” moderating an exclusive on-air debate between the candidates running for mayor in the City of Brotherly Love (5/8). He also furthered his emerging reputation as a diplomatic bridge-builder considering the history of Philadelphia Democrats traditionally avoiding appearing as guests or speakers on conservative news/talk radio. Pictured (l-r) are State Rep. Amen Brown; former City Councilperson Cherelle Parker; and former City Councilperson Allan Domb. Giordano tells TALKERS, “I designed the debate to match the natural flow of talk radio versus buzzing the candidates in and out in restrictive 60-second blocks.”  Giordano will be displaying his skills as a facilitator at the forthcoming TALKERS 2023 conference set for Hofstra University on June 2 as moderator of the panel, “Navigating a Radio Talk Show Hosting Career.”

Industry News

Audacy First Quarter Revenue Falls 5.7%

The company reports net revenue for the first quarter of 2023 was $259.6 million, a decrease of 5.7% over Q1 of 2022. Audacy reports that total operating expenses increased 1.9% and it is reporting an operating loss of $12.2 million compared to the operating income of $8.5 million it reported in the first quarter of 2022. Theim company posts a Q1 2023 net loss of $35.9 million, an increase of 225% compared to Q1 of 2022. Audacy chairman, president and CEO David J. Field states, “First quarter revenues were down 5.7% with local sales significantly outperforming national as challenging ad market conditions persisted. Cash operating expenses were up 3% during the quarter but are expected to be below prior-year levels for the remainder of 2023. Notwithstanding the difficult economic headwinds, we remain steadfastly focused on delivering significantly higher future levels of Adjusted EBITDA, capitalizing on our multiple growth drivers and our differentiated premium competitive position in the dynamic audio market. We are making progress on each of our drivers, including our podcasting and digital marketing solutions businesses, our reinvented streaming audio platform, our emerging ad tech and ad products, and our enhanced national enterprise business development efforts. In addition, we are encouraged to see some positive signs in our auto business as we continue our vigorous work to weather the storm and await future improvements in market conditions.”

Industry News

Townsquare Media Q1 Revenue Rises 3%

Releasing its operating results for the first quarter of 2023, Townsquare Media reports net revenue of $103 million, an increase of 3% over the same period in 2022. The company reports in three segments – Subscription Digital Marketing Solutions, Digital Advertising, and Broadcast Advertising. The company says Digital Advertising revenue was $33.7 million (an increase of 15.4% over the same period in 2022), whileim Broadcast Advertising revenue was $45.9 million (down 4.8% over Q1 of 2022), and Subscription Digital Marketing Solutions revenue was $21.5 million (down 1.3% over Q1 of 2022). Townsquare Media CEO Bill Wilson says, “I am pleased to share that Townsquare’s first quarter results exceeded our previously issued guidance for both net revenue and Adjusted EBITDA, due primarily to the continued strength of our digital and local advertising platform and solutions… In the first quarter, we grew cash flow from operations to $9 million, due to the strong cash generation of many of our assets, and opportunistically repurchased more than $12 million of our Unsecured Senior Notes at a discount. We ended the quarter with a strong cash balance of $42 million and maintained our all-time low net leverage multiple of 4.29x. Our growth engine has been and will continue to be our digital solutions. We believe that our Digital First business model and strategy position us to navigate the current macro-economic environment better than most, and that our revenue, profit and cash flow results will be among the best in the local media industry, particularly when compared to 2019 pre-COVID financials given our growth in revenue and profit since 2019. Our confidence is directly tied to the Townsquare team’s efforts and talent, as well as our large, growing, and profitable digital platform which contributes more than half of Townsquare’s total net revenue and profit.”

Industry News

Salem Media Group First Quarter Revenue Up 1.4%

Salem Media Group reports its operating results for the first quarter of 2023 and reveals consolidated revenue was $63.5 million, an increase of 1.4% over the first quarter of 2022. The company’s total operating expensesim increased 17.4% to $67.7 million leading to an operating loss of $4.2 million as compared to operating income of $5 million posted in Q1 of 2022. Salem reports a net loss of $5.2 million, compared to Q1 2022’s net income of $1.7 million. Salem reports in three segments – Broadcast, Digital Media, and Publishing. Broadcast revenue for the quarter was $48.3 million (down 0.2%), Digital Media was $10.5 million (up 2%), and Publishing revenue was $4.6 million (up 19.7%). Looking ahead, the company is projecting total revenue to decline between 5% and 7% from the second quarter 2022 total revenue of $68.7 million and expects operating expenses to increase between 3% and 6% compared to Q2 of 2022.

Industry News

TALKERS 2023 Conference Nearing Advance Sellout

The 26th annual installment of the talk media industry’s longest running and most important gathering set for Friday, June 2 at Hofstra University on Long Island is nearing an advance sellout. Conference organizers estimate it will reach that point at any time within the next two weeks. Thus 5:00 pm ET on Tuesday, May 23 has been set as the absolute cutoff point – although it could reach the limit any time before that. According to TALKERS VP/executive editor Kevin Casey, “Industry professionals who have attended the TALKERS conference in the past enjoy it and find it to be a valuable experience for a number of reasons beyond the remarkable quality of the speakers and pertinence of the agenda. They appreciate the intimacy of the environment and outstanding ‘who’s who’ in talk media makeup of their fellow attendees. We work very diligently to keep this event within those parameters. Thus, it is only open to people who work within or are associated in some way with the media industry – there is no online open registration – and it all happens within one power-packed day with absolutely no down time.” More than 60 luminaries from the talk media industry are set to speak at a power-packed day of fireside chats, solo addresses, panel discussions, workshops, award presentations, new equipment showcases and endless networking opportunities. All in a beautiful indoor/outdoor state-of-the-art environment conducive to one-on-one conversations. The time to register is now. See more about the agenda, registration, sponsorship and hotel information here

Industry News

DraftKings Launches Channel on Samsung TV Plus

DraftKings strikes a deal with Samsung TV Plus to put the DraftKings Network channel on the service. DraftKings VP of content Stacie McCollum says, “In bringing together some of the most authentic sports andim entertainment voices under one umbrella, DraftKings Network is the destination for ‘In on the Action’ sports fans and content they love. We look forward to reaching fans with our deep roster of independent, credible and relatable voices that resonate with sports fans and the sports betting community.” At launch, the DraftKings Network programming lineup will feature original shows anchored by “The Dan Le Batard Show with Stugotz,” Jared Carrabis, “Golic and Smetty with Mike Golic Sr and Jessica Smetana, and more.

Industry News

Yesterday’s (5/9) Top News/Talk Media Stories

The influx of migrants into the U.S., the end of Title 42, and President Joe Biden’s sending 1,500 troops to the Mexican border; E. Jean Carroll wins her sexual abuse and defamation civil suit against former President Donald Trump; former FOX News Channel star Tucker Carlson announces new Twitter show; New York Republican Congressman George Santos faces criminal charges from federal prosecutors; Biden to meet with congressional leaders on Friday over debt ceiling issue; the aftermath of the deadly weekend shooting in Texas; and Congressman James Comer’s allegations the Biden family is operating in the best interest of China were some of the most-talked-about stories in news/talk media yesterday, according to ongoing research from TALKERS magazine.

Industry News

Howie Carr “Doing Better” After Fainting

Boston-based, syndicated talk radio host Howie Carr required medical attention after fainting during his daily, afternoon drive talk radio program. According to Patch.com, Carr had said at the beginning of his show thatim he’d undergone a medical procedure earlier in the day and was not feeling well. Carr’s family tweeted, “Thank you for all your thoughts and prayers for Howie. During his show today, he fainted. He is getting care now and doing better.” Carr’s flagship station is iHeartMedia’s WRKO, Boston and he’s heard throughout the Northeast via The Howie Carr Radio Network. Read the Patch.com account here.

Industry News

Jayne Miller to Host Weekend Show on WBAL-AM

Baltimore investigative reporter Jayne Miller – who retired from WBAL-TV, Baltimore last year after 40 years – is hosting a talk show on Hearst Television’s WBAL “NewsRadio 1090 AM and 101.5 FM.” The Saturday 11:00im am to 1:00 pm program will “take a closer look at a variety of issues important to the greater Baltimore area, leaning on her extensive network to bring Saturday listeners interviews with key newsmakers.” WBAL director of programming Jeff Wade states, “Jayne brings a wealth of knowledge to the microphone built on decades of experience asking the tough questions and holding those in power accountable. I’m excited for her to bring that same tenacity, inquisitive nature and passion to WBAL’s Saturday lineup.”