Gate City Withdraws Saga Board Nominees; Critical of Company’s Direction
In a filing with the Securities and Exchange Commission, Gate City Capital Management LLC revealed it is withdrawing its nominees to the board of Saga Communications as Saga requested. Founder and portfolio manager Michael Melby states, “The continued pursuit of our Nominees would not be in the best interest of Gate City or the Company’s shareholders at this time. Gate City appreciated the opportunity to
communicate directly with the Company’s management and directors regarding our views and concerns.” Gate City owns an almost 14% stake in Saga. Melby expresses Gate City’s concerns about Saga, saying, “Gate City’s decision to nominate directors was based on our belief that Saga was determined to pursue its Digital Transformation regardless of the negative impact the transformation could have on Saga’s profitability, cash flow, and share price. Our determination was made following careful analysis and nearly nine months of conversations with the Company’s senior leadership and Board. We repeatedly expressed our concerns 
that Saga lacked the expertise, and the competitive advantages required to succeed in the low-margin and highly competitive digital advertising space. The pursuit of the Digital Transformation would also divert time, attention, and resources away from the Saga’s core broadcast business, where Saga has competitive advantages and earns high incremental margins. Saga also failed to provide investors with any meaningful financial targets or metrics associated with the Digital Transformation including expectations for incremental revenues, costs, margins, and return on investment. Our recommendation that Saga partner with a digitally-savvy company with the capability and experience to execute Saga’s digital strategy without the added costs and risks associated with the transformation was also dismissed.” Melby’s criticism of Saga Communications’ business strategy continues, “In 2024, the Company’s station operating income fell 23.1% year-over-year to $21.1 million, the Company’s operating income fell 79% year-over-year to $2.4 million, and the Company’s operating profit margin fell to 2.1% in 2024 from 10.2% in 2023, a decline of over 800 bps. To make matters worse, this deterioration in financial results occurred during a presidential election year, when Saga should benefit from elevated levels of political spending. Our concern that the pursuit of the Digital Transformation strategy could detract from the Company’s highly profitable broadcast business also appears prescient. On Saga’s Q4 2024 earnings call, the Company noted that it generated $3.3 million in political revenue in 2024. Saga’s 2024 political advertising revenue declined 52% from the $6.9 million generated in 2020 (the last presidential election year) and also fell from the $3.6 million generated in the 2022 midterm election year. The Company’s two largest stations by revenue are located in the battleground states of Ohio and Wisconsin, calling into question the Company’s explanation that Saga’s stations were not in the correct markets. In addition to posting poor financial results, on March 18, 2025, Saga issued a financial filing stating that the Company would be unable to file its 10-K annual report in a timely fashion. This filing further highlights the potential challenges faced by the Company in executing the Digital Transformation.” You can find the full text of Gate City’s filing with the SEC here.
was co-host of the morning drive show with co-host Kevin Bowen. Cook was co-host of the midday “Query & Company” program with Jake Query. In the aftermath, Sweeney posted to X: “Let me say this… I loved covering your teams. The @Pacers are a class act organization and covering an NFL team @Colts was something I wanted. Also, it was great working with super dudes like @KBowen1070 and @MarcD1075. I wish them the best, but they won’t need it.” 
month: KFNX, Phoenix; KMZQ, Las Vegas; KERN, Bakersfield; KSMA, Santa Maria, and WNJD, Cape May, New Jersey. KFNX owner Bill Brady says, “‘Armstrong and Getty’ bring it all: They are funny, knowledgeable, insightful, and always play the hits. They are the prototype of the modern radio talk show. We are thrilled to have them on KFNX. They are a great addition to our lineup.”
sessions including The Fandom Phenomenon that looks at the listening habits of podcast “fans,” “The Business of the First Podcast Election” that analyzes the role that news podcasts played in last fall’s presidential election. Edison says that according to its research, news is the second most-listened-to podcast category after comedy at #1 and ahead of true crime at #3.
is being distributed in the same daypart – 12:00 noon to 3:00 pm ET – as Dan Bongino’s show prior to the latter’s giving up his media role to take on the deputy director at the FBI. Trump addressed the issue of Greenland and Vice President J.D. Vance’s trip there this week, saying, “We have to have that land because it’s not possible to properly defend a large section of this Earth – not just the United States – without it.” The president also addressed the Signal group chat matter, telling Coglianese that it was possibly an innocent error made by a lower-level staffer for national security advisor Mike Waltz. He noted that it did not impact the success of the attack, but that they would determine how the error happened so it would not happen in the future.
stint, effective May 9. In a memo to fellow staffers, Abernethy says, “It has been a privilege to work alongside you during the past 10-plus years with the company, and for some, my 36 years in the industry. Each market, team and person I have had the pleasure to work with has made a lasting impression on me. I am incredibly proud of what we accomplished together and confident in your continued success.” 
election, its reporting on the origins of the coronavirus in China, and the investigation into Trump’s ties to Russia during his first term. U.S. Rep. Jim Jordan (R-OH) told Maher, “You guys were 0-for-3 on three of the biggest stories in the country.” Maher was also pressed by U.S. Rep. William Timmons (R-SC) about comments she made before she was CEO of NPR in which she called Donald Trump a sociopath, a racist and deranged and asked how she could helm a news organization with that kind of inherent bias. She replied, “There is strong firewall between me and the newsroom,” and said her political thinking and personal worldview have changed in recent years, adding, “I regret those tweets; I would not tweet them again today.” The story notes that Maher said she “respected” the lawmakers’ concerns and promised NPR is doing more under her watch to “beef up our editorial standards” and “make sure we have more points of view reflected in every story.” 
operating income was approximately $38.6 million, an increase of 1.7% from the same period in 2023. Net loss was approximately $35.7 million for the quarter, compared to net loss of $11.0 million for the same period in 2023. Urban One CEO and president Alfred C. Liggins, III states, “Our Adjusted EBITDA of $103.5 million came in at the mid-point of guidance, helped by strong political advertising revenues in the radio division. The radio outperformance was offset by declines in both advertising and affiliate revenues at the cable TV segment, as audience delivery continued to underperform expectations. We are however seeing some stabilization in the first quarter cable TV delivery, which should help to mitigate the continuing decline of linear TV subscribers. First quarter core radio revenue demand weakened, with pacings down 13.6%, although the second quarter is showing signs of improvement, with core pacings currently down 1.7%.” 
making companies think twice about the way they describe internal diversity programs. They’re afraid the government may retaliate against them simply because of actions that are responsive to how consumers use their services or choose to buy their products. Sadly, the hard-fought lessons of the civil rights movement are being erased – or worse, distorted – to claim that fairness for all requires discrimination against some. That could not be further from the truth.” Gomez says she’s concerned about the Commission weaponizing “its regulatory authority to enforce government mandates that seek to eliminate voluntary efforts by private companies to increase fair and equal employment opportunities.” 
Broadcasting’s budget in its sights. NPR.org reports Maher says of the hearing, “This could be a perfect storm. That’s why this moment does feel different. It feels as if this is a time that we really do need to step up and make as clear a case as possible.” U.S. Rep. Marjorie Taylor Greene chairs the Subcommittee on Delivering On Government Efficiency and she’s quoted saying, “I want to hear why NPR and PBS think they should ever again receive a single cent from the American taxpayer. These partisan, so-called ‘media’ stations dropped the ball on Hunter Biden’s laptop, downplayed COVID-19 origins, and failed to properly report the Russian collusion hoax. Now, it is time for their CEOs to publicly explain this biased coverage.” 
establishment in 1970, the RTDNA Foundation has provided more than $1 million in scholarships and fellowships to about 600 aspiring journalists, fulfilling its role as the educational and charitable wing of the Radio Television Digital News Association. Some have gone on to become reporters, producers and news directors, covering local and national issues that matter to their communities. Others have ventured into related professions, such as White House speechwriters, media regulatory attorneys and journalism educators. Several former recipients have also contributed to RTDNA’s leadership by serving as board members, while many have been honored with prestigious Murrow Awards.” 
NAB says, “Local radio stations provide trusted news, sports and entertainment to their communities free of charge, but stations’ ability to do so would be greatly threatened if faced with a new performance tax, on top of the hundreds of millions of dollars local stations already pay each year in copyright and streaming fees.” The second resolution calls on legislators to support the AM Radio for Every Vehicle Act that would ensure the continued availability of AM in all newly manufactured vehicles. NAB president and CEO Curtis LeGeyt comments, “On the heels of an incredibly successful State Leadership Conference, where over 560 local TV and radio broadcasters traveled to Washington, DC to meet with lawmakers on Capitol Hill, congressional support for local radio is strong. State broadcaster associations play a pivotal role in our advocacy efforts, and I am proud to see the collective unity behind these resolutions.”
had a storied career in Chicago media. First at newspapers, he moved to television in 1963 working at WBBM as a news writer, reporter and political editor. From 1973 to 1982, Jacobson co-anchored WBBM-TV’s “The 10 O’Clock News” with Bill Kurtis and the two dominated the ratings for nine years. His “Perspective” pieces date to those newscasts when Jacobson would deliver them live from his office. WGN Radio VP and general manager Mary Sandberg Boyle comments, “I ‘knew’ Walter Jacobson mostly for his TV news work virtually all my life. He and Bill Kurtis revolutionized the look and feel of television news broadcasts in Chicago at CBS 2 and it’s still talked about by those who watched them in the 70s. Working with him at WGN Radio and getting to know him in-person has been an honor. After seeing firsthand his uncompromising devotion to his craft, it’s easy to see why he is the media legend that he is. Walter’s personality, contributions and ever unique ‘Perspective’ will be greatly missed.”
Podcasting is no longer a niche platform lacking scale. Podcasts deserve a larger role in media plans as opposed to “test and learn” experimental buys. 158 million Americans, 55% of persons 12+, are reached monthly. Among persons 18-34, 18-49, and 25-54, monthly reach is now 65% to 73%; 2) It is feasible to consider shifting TV budgets to podcasting given that podcast 18-34 weekly reach (52%) is as big as TV’s (52%); 3) Brands targeting women should give podcasts a starring role in media plans: Podcast female audiences have hit record highs in habituation and reach; 4) Among male demographics, monthly reach is now in the low 70% range; and 5) Adopt agency media legend Arnie Semsky’s “5% solution” to podcasts: Allocate 5% of digital ad budgets to podcasts. 
include: Megan Thee Stallion, Mayim Bialik, Kathy Bates, Angela Yee, Keke Palmer, Rita Cosby, Jill Schlesinger, Kristin Klingshirn, Letty Peniche and more. They will be honored at the Gracie Awards Gala on May 20, 2025, at the Beverly Wilshire in Los Angeles, which will be hosted by actress, comedian, and podcaster, Fortune Feimster. Local and student award recipients will be recognized at the Gracie Awards Luncheon on June 18 at Cipriani’s in New York City. AWMF president Becky Brooks says, “For 50 years, the Gracie Awards have honored the storytellers who push boundaries and redefine what’s possible. This is more than an awards show – it is a movement that has championed inclusion, representation, and truth in the media. The women we celebrate today are shaping the next 50 years, ensuring that our narratives are not just seen or heard, but felt and remembered. And we are excited to have Fortune Feimster join us as the host for our Golden Anniversary Gala in Los Angeles, bringing her incredible wit and energy to this unforgettable celebration.” 
by Brandon Contes for Awful Announcing, he writes that Bernstein was taken off of his regular afternoon show with co-host Marshall Harris after threatening to reveal the identities of a follower’s children as retaliation for that person accusing Bernstein of lying about releasing a fish that he had caught and posted a picture of. Bernstein write on social media, “I never respond to trolls, but questioning my sportsmanship and conservation awareness sets me off. Wanna fight? I’m a bad enemy. Want your kids involved?” 
in Texas and several other conservative talk personalities, Federal Communications Commission Chairman Brendan Carr posted the following to his X account, “The recent surge in ‘swatting’ attacks against conservatives is a dangerous form of political violence. I’ve been in touch with law enforcement to ensure they have access to the trace back resources that locate a call’s originating point. Bad actors will face accountability.” So far, no one has been hurt in these swatting incidents. If you missed Joe Pags’ account of what happened to him, 
Thank you, TALKERS for placing me on two panels at the IBSNYC conference. All student conferences have one underlying goal: Attendees want to know how to land a starter job in media. Here’s the information I shared with the eager crowd.
employing an investment bank to see if there might be a buyer for the 40 radio and 12 television stations that make up Cox Media Group. Bloomberg reports that other TV groups, including Nexstar Media Group and Gray Media, might be interested in the television stations. 
streamed via the Audacy app within the Royals broadcast territory. Audacy Kansas City SVP and market manager Roxanne Marati says, “We’re thrilled to extend our longstanding partnership with the Royals and, for the first time ever, bring every pitch, hit, and home run to fans on crystal-clear FM. As the premier home for everything Kansas City sports, we’re proud to be the go-to destination for Royals fans and keep them connected to their favorite team throughout the year.”
Beasley CEO Caroline Beasley says, “2024 was a transformative year for Beasley as we took decisive actions to strengthen our balance sheet, streamline our operations, and position the company for long-term success. Through disciplined cost management and strategic capital initiatives, we achieved approximately $20.0 million in annualized expense reductions, improved our leverage profile, 
and enhanced our financial flexibility. These efforts, combined with the continued momentum of our digital business—now representing nearly 20% of total revenue—have reinforced our ability to navigate industry challenges while capitalizing on new growth opportunities in audio and digital media. As we enter 2025, we remain focused on executing our strategy to drive sustainable revenue growth, expand our digital offerings, and optimize our sales approach. We see substantial opportunities in harnessing data-driven insights, enhancing direct-to-consumer engagement, and providing our advertisers with cutting-edge marketing solutions. With a refined portfolio of premium brands, a leaner and more agile cost structure, and a strengthened financial foundation, Beasley is well-positioned to accelerate our digital evolution and deliver long-term value for our shareholders, audiences, and partners.”
key findings of this edition of the study include that podcast consumption has reached an all-time high with 70% of Americans age 12+ having listened to a podcast; 51% of those Americans age 12+ having watched a podcast; 73% of Americans age 12+ having consumed a podcast in either audio or video format, representing an estimated 210 million people; and 55% of Americans age 12+ now being monthly consumers. The study also looked at in-car audio use and finds that among americans age 18+ who have driven or ridden in a car in the past month (88%), 40% have Apple CarPlay or Android Auto, and 33% actively use one of these systems. 
November after a fall in his home in which he suffered a spinal cord injury. Prager is going through extensive rehabilitation. Charlie Kirk has been hosting his show live in the same 12:00 noon to 3:00 pm ET daypart as Prager since October of 2020 and SRN says this will be an easy transition for most stations. Prager and 
Salem have agreed to his return for one hour a day, airing 2:00 pm to 3:00 pm ET, starting Tuesday, June 3. Salem SVP of spoken word Phil Boyce says, “Dennis may have some physical limitations at the moment, but his wit, wisdom, insights and passion are as strong and as clear as ever and we are delighted at his spirit and resolve to return to his audience. We want Dennis to remain a part of the Salem family and want his millions of loyal fans to continue to hear his voice. Affiliates of Charlie will continue to get the Kirk show with no interruption, and affiliates of Dennis will soon get Charlie Kirk as a strong and able replacement.”