Urban One Averts NASDAQ Delisting After Reporting Q3 2023 Operating Results
On December 22, Urban One filed its Form 10-Q with the Securities and Exchange Commission for the third quarter of 2023. In it the company reports net revenue of $117.8 million for the period ended September 30, 2023, a decrease of 2.8% from the same period in 2022. It also reports a net loss of $53.7 million in Q3 2023 compared to the net income of $3.7 million it reported in Q3 of 2022. Urban One had received a delisting notice from Nasdaq Stock Market LLC for failing to file its quarterly reports with the SEC on time. As TALKERS has previously reported on this matter, the tardiness stems from the company dismissing its previous independent registered public accounting firm BDO USA, LLP and
hiring Ernst & Young LLP. Yesterday (1/4), Urban One filed the following with the SEC: “On January 4, 2024, Urban One, Inc. announced that it had received notice from the Nasdaq Stock Market, LLC confirming that it has regained compliance with Nasdaq Listing Rule 5250(c) (the “Periodic Filing Rule”) which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission… with the company in compliance with the Periodic Filing Rule, Nasdaq has ceased any action to delist the company’s securities… Nasdaq has informed the company that it will be subject to a Mandatory Panel Monitor for a period of one year, or until December 29, 2024. If, within the one-year monitoring period, the company again fails to comply with the Periodic Filing Rule, the company will not be permitted to provide the Nasdaq Staff with a plan of compliance with respect to that deficiency, nor will the company be afforded a cure period. Instead, upon the Nasdaq Staff issuing a delist determination letter, the company would then have an opportunity to request a new hearing with the initial Hearing Panel or a newly convened Hearing Panel if the initial Hearing Panel is unavailable.”
New York; KNX-AM/FM, Los Angeles; and KCBS-AM/KFRC-FM, San Francisco. As part of the deal, CBS News Radio provides its full news and programming to the Audacy stations, including top-of-the-hour newscasts, CBS WORLD NEWS ROUNDUP, breaking news, special events coverage, correspondent interviews, and audio. Paramount Global EVP of podcasting and audio Steve Raizes states, “This new agreement ensures listeners in the top markets continue to get CBS News Radio’s award-winning national and global news for years to come. This new agreement continues our long-running relationship with Audacy and its stations.”
recovering from prostate cancer surgery last month. DePetro openly discussed his medical condition with listeners, who have applauded him for the right attitude and shining a spotlight on a difficult subject. DePetro says, “I want to thank the incredible outpouring of prayers and support from listeners, and the tremendous team at Dana Farber Cancer Institute in Boston. Cancer-free in 2024 and it feels great.”
Longtime radio personality and voiceover performer Mark Wainwright writes today in a piece for TALKERS magazine about the 1958 NFL Championship between the Baltimore Colts and the New York Giants – historically billed as “the Greatest Game Ever Played.” Was it, really? Wainwright says, “On the field? Maybe. In its impact on pro football and sports broadcasting? Absolutely!” While the Colts won in “sudden death” overtime, as it used to be called, it’s important to remember that in 1958 the NFL was not the juggernaut that it is today. Major League Baseball and college football were way bigger in terms of fan interest. But this game is looked at by many as the one that began the NFL’s ascendance to its current place atop the American sports media hill. 
New York Times’ “The Daily” at #2 and NPR’s “Up First” at #3. News/talk radio-related podcasts finishing in the top 20 include DailyWire’s “The Ben Shapiro Show,” down one place to #9, Dan Bongino’s “The Dan Bongino Show” steady at #11, and FOX Audio Network’s “The FOX News Hourly Update” up one place to #15. 
success story and a perfect fit for this role. We look forward to watching him make America laugh on Saturday nights.” Failla comments, “‘FOX News Saturday Night’ is a show for everyone who realizes that our country doesn’t need more Republicans or more Democrats, it needs more comedy.” In addition, FOX Nation just released a one-hour special showcasing Failla’s recent standup comedy performance to a sold-out crowd on Long Island, titled, “Jimmy Failla: They’re Just Jokes.” Failla is also the latest author to be published by FOX News Books with Cancel Culture Dictionary being released on January 30. 
the blessing of the lenders, the company will be owned by those same lenders. Audacy’s debt is approximately $2 billion. It began talks with lenders in October after the company sought and received amendments to its credit facilities because it is unable to make interest payments due largely to the industry-wide downturn in advertising revenue. The 2017 acquisition of the CBS Radio assets is cited among industry watchers as the move that pushed Audacy into its currently precarious situation. 
last trading day of its common stock on the Nasdaq Global Market will be on or about January 18, 2024. Further, prior to March 29, 2024, the company intends to file a Form 15 with the SEC to suspend its reporting obligations under Sections 12(g) and 15(d) of the Exchange Act. In June of 2023, Salem lost compliance with NASDAQ as its stock price slipped below the minimum bid price and never regained compliance and consequently Salem’s board of directors determined that the voluntary delisting is in the best interests of the company and its stockholders. Salem says it anticipates significant financial savings because of this decision. Salem expects that its Class A Common Stock will be quoted on the OTCQX or other market operated by OTC Markets Group Inc.
New York City on Friday, March 1 and Saturday, March 2. Harrison’s address titled, “The Next 10 Years of Media and Popular Culture is…?,” is scheduled to take place between 11:00 am and 12:00 noon on Saturday (3/2). Harrison states, “I have always believed that the future of broadcasting, for better or worse, brews on the campuses of America and this observation is truer now than ever before. I am very excited to bring an array of provocative and pertinent observations, predictions and possibilities, born of my perspective as a future-minded immigrant from the 20th century, to such a vital and dynamic group of young communicators.” 
president she’ll continue to lead the sales efforts and is adding oversight of programming and general operations for iHeartMedia Madison, working closely with Dan Lenz, SVP of sales at iHeartMedia Milwaukee. She reports to Jeff Tyler, metro president for iHeartMedia Wisconsin. He says, “I have been nothing but impressed with Monica’s command of company goals and assets and the respect she has earned from every member of the iHeartMedia Madison team. She will be a valuable addition to the overall leadership team of iHeartMedia and a smart, creative partner for our advertising and vendor partners.”
sales. Castor served with then-Entercom Wichita in 2005. Most recently he served as VP of sales and marketing for the ECHL’s Wichita Thunder. Audacy Wichita SVP and market manager Becky Domyan states, “Tommy has an incredible knowledge of the digital space that will help take our revenue to the next level. He has an energy and enthusiasm that is contagious.” Castor who succeeds the recently retired Lisa Crider, also serves as co-host of the “Sports Daily” program on KFH, Wichita. 
million in personal income from the IRS. She has agreed to pay $2.5 million in restitution, plus interest, but is asking for probation or home confinement instead of prison, citing “ongoing health concerns.” But prosecutors say the government needs to send a message of deterrence consistent with the “median length of imprisonment for crimes like the one she committed,” which is 21 months. In pleading guilty, Susan Patrick said her husband and business partner Larry Patrick, and other business partners, were not aware of her actions. 
anchor of the “WBAP Morning News” with co-anchors Hal Jay and Ernie Brown. News pro James Parker also joins WBAP as afternoon host in the 2:00 pm to 5:00 pm daypart. He was most recently a television personality in Tyler, Texas. Laura Sadler joins the “KLIF-AM Morning News” as co-anchor with Clayton Neville, and Gabrielle Taite joins Cumulus Dallas-Fort Worth’s newsroom. She previously worked in Athens, Georgia in television news. Cumulus regional VP Dan Bennett comments, “As we move into a critical election year, these talent moves and an FM frequency for WBAP speak to our commitment to spoken-word radio. We will carry our stations on a variety of signals and streaming to improve accessibility of this outstanding news and talk content to our listeners. 2024 will be a great year for news/talk.”
Music, and it reached #1 in the Business category on Spotify in 2023. Program co-host Dave Ramsey says, “Thank you to everyone who works daily on our show. And thanks to all our listeners for choosing to spend your time with the Ramsey personalities and me. I’m honored.” On the program, Ramsey is joined each day by a rotating cast of co-hosts, including Rachel Cruze, Ken Coleman, Jade Warshaw, George Kamel and Dr. John Delony. The Ramsey Network says that in 2023, callers to the show paid off more than $36 million in debt, inspiring the millions of people that listen to the show on podcast and radio or watch on YouTube. 
What do your New Year’s resolutions look like?
Worth, news/talk WBAL, Baltimore to name a few. Beasley Media Group Philadelphia VP and market manager Joe Bell comments, “Scott is one of the premiere programmers in sports talk radio. I have been a fan for years and feel he’s the right person to continue developing the Fanatic brand.” Masteller says, “I am excited to partner with Beasley and the talented staff of ‘97.5 The Fanatic.’ Philadelphia is such a great sports town with some of the most passionate fans in the country!”
tomorrow (1/4). Audacy San Diego SVP and market manager Michael Valenzuela says, “We’re excited to kick off the next era of our station’s midday 
programming with the additions of two seasoned broadcasters in Annie and Craig. We have no doubt their vast knowledge of this city’s sports scene will add extraordinary value to our local content offering and can’t wait to see them get the ball rolling.” Heilbrunn says, “I’m so excited for this opportunity and eager to contribute to the impressive lineup already established at ‘97.3 The Fan.’” Elsten adds, “I couldn’t be more excited to be partnered with someone as talented and respected as Annie. To do so on ‘97.3 The Fan’ is the perfect pairing. I know we will work hard to make middays a fun place to hang out every day and a great place to talk Padres.”
director and operations manager Matt Fishman says, “Tim’s extensive background in the sports talk format is invaluable as we continue to grow ‘97.1 The Fan’ and ‘1460 ESPN’ here in Columbus. I look forward to watching Tim grow in this new role and seeing his impact on the team and the overall product.” Station manager Cody Welling adds, “For the last several months, Tim has expressed the interest and ability to grow as a broadcaster and as a programmer. As ‘97.1 The Fan’ continues to innovate as one of the elite sports radio properties in the United States, I’m excited to see the contributions that Tim will deliver for our station and the community.”
Over the Christmas and New Year’s holiday break, Nielsen Audio released data from the December 2023 ratings period for all 48 PPM markets that covered November 9 through December 6. TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from all PPM markets. Some of the notable ratings stories from the December 2023 period include in New York City, Red Apple Media’s news/talk WABC falls two-tenths to a 2.8 share (weekly, 6+ AQH share) good for the #11 rank, while iHeartMedia’s news/talk WOR also dips two-tenths to a 1.1 share and remains ranked #22. In Washington, Cumulus Media’s news/talk WMAL-FM, sheds 1.1 shares for a 3.5 share finish that leaves it ranked #9, while Hubbard Broadcasting’s all-news WTOP-FM falls a half share to a 6.9 share but remains ranked #3. In Seattle, Bonneville’s news/talk KIRO-FM loses six-tenths for a 4.1 share finish and falls to the #9 rank, while the company’s sister news/talk KTTH-AM is steady with a 1.6 share good for the #22 rank, and Lotus Communications’ talk KVI-AM, rises one-tenth to a 1.6 share and ties for the #22 rank. In San Antonio, iHeartMedia’s news/talk WOAI falls four-tenths to a 2.7 share but remains ranked #14, while Alpha Media’s news/talk dips two-tenths to a 2.0 share that leaves it ranked #19. In Orlando, iHeartMedia’s talk WTKS-FM loses three-tenths for a 3.6 share finish but remains ranked #10, while Cox Media Group’s news/talk WDBO-AM sheds four-tenths for a 3.2 share and stays locked in the #13 rank. And in Milwaukee, iHeartMedia’s news/talk WISN finishes its third month in a row at #1 even though it lost 1.1 shares to finish with a 9.6 share, while Good Karma Brands’ news/talk WTMJ-AM is down one-tenth for a 7.6 share that pushes its back to the #3 rank.